The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-06-22
HEAVY FEELING
MARKS DEALINGS
IN MONEY WORLD
Dividends Are Passed and
Tone is Far From COndu-
Give to Activity.
POLITICS OVERSHADOWS
ALL TRADING INTEREST
REPUBLICAN CONVENTION RE-
SPONSlBLE FOR HESITANCY
IN THE MARKET.

New York. June 2l.-The prominence Of
political subjects last week kept attention
in the finacial district. as well as else
where. focused on that point. The most
notable effect perceptble in the securi-
ties market was the repression OF all
large and important activities and the
adoption of a waiting attitude on the
present larger capital interests. Dealings
were made up of personal operations. ana
these of the smaller class, and the price
movement in consequence was inclined TO
turn often within a restricted range IN
dicating the tentative nature of the trans
actions and their failure to bring out any
substantial response such as would give
them power OF extension.
Professional sentiment was sensitive 10
the hourly news from the transactions OF
the Republican convention at CmcagO anu
yacillated as the adVices We're deemed IN
dicative of the prevalence of policies of
aggressiYeness in pursuit OF corporation
abuses or Of restraint on more fadlcai
tendencies in that direction. The TRIVIAL
character of the dealings caused uOuDts
whether any deep founded views of sub
stantial property interests were uhulhs
reflection in the market ana the long list
Of absentees from the financial district
of prominent figures in the banking.
financial and railroad world helped to
keep alive this opinion. The demand Tor
securities was unimpOrtant at all umes'
nor was there any notable selling 10 give
light on the convictions OF securities
Policy of Waiting.
The waiting policy of the speculation
was confirmed by the balance of some
contending features in the general sltua-
ton OF affairs While some Of the lmme-
date conditions were of an uncheerIul
import, the undertOne was one OF cOhu-
dence in future improvement
Infavorable weather conditions IN a
part of the winter wheat belt were taken
due notice of, but the opinion OF author
tiles in the grain trade that the promise
of the Weld was not yet materially pre1u-
diced served as an offset Railroad tfai-
fic officials gave voice TO their confidence
in crop prospects and the ultimate IaNoI-
able influence to be expected on lle
freight movement and on general busl-
ness. even while admitting the present
contraction of their traffic,
Railroad earnings reports also gave
strong testimony 10 this CONTRACTION Inc
Baltimore 4 OhiO's shTinkage to less thah
half those for last year in its May net
earnings making a notable example
There were the passing OF dlNldehus Oh
the Cleveland. Cincinnati. Chicago a d.
Louis the Lake Erie x Western preferred
and the Republic Steel preferred stocks.
and the reduction of the LOulsVlle
Nashville dividend. which had TO De Ill
gestPd. Trade journals OF recognized au-
thoritv in the iron and steel trade gave
z
cut in prices of steel products had not
revived demand in those lines. Further
reductions were believed TO De proDdble
and wage adjustments are looked lot IN
consequence. The course Of rallroad
earnings the policy of dividend reductions
followed by some of the railroad com
panies and the opposition 10 proposed al
vances in freight rates awaken fears that
wage reductions are fOreshadoWed IN mat
field of industry as well.
Money Leaves New York.
There was a continued inpOur Of money
TO the banking reserve centers or the
world i'm which New York fully shared.
The reduction of the official discount rate
of the German Imperial bank marked the
extension. of this influence TO the point
where money stringency has persisted
longest This is a usual phenomenon fol-
lowing such a financial upheaval as that
of last fall. The variant from the usual
order is found in the persistent demand OF
Paris and Berlin for gold. about which
some mystery attaches.
The continued outgO of gold from New
York. however, has not altered the easy
tone of the money market and the conf
dence in its continuance as reflected IN
concessions in OVer-the-year interest
rates Special requirements, such as an
increase on July in the New York trust
companies reserve requirement which
will call for approximately SZOUJ0VyJ, ana
an expected further recall OF United
States treasury deposits with the banks
have equally failed to disturb confidence
in the money prospect. 1t is notable that
the bond market has flattened out in spite
of the redundancy of the money market
This is attributed to the recent large sup
ply of new issues which has been fed
into the bond market with the effect of
taking the edge off the investment de-
mand.
The action of the new Union Pacific
refunding bonds which were dealt in
when issued" is regarded as an accu-
rate index of this condition. Steady sup
port for the bonds serves TO hold the price
only at a shade below the subscription
price