The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-05-19

TRADERS SEEM UNABLE
TO MOVE THE PRICES
40 Important News Affecting
Quotations Received Dur
ing the Day.

NEW YORK. May ls.-Thc inconsis-
tency OF the tendency of prices in the dull
rut of professionalism into which the
stock market is rclapsing was again we'll
Illustrated today.
The enrly market showed an extension
of the decline which became pronounced
late yesterday. Afterwards there was a
slow and irregular recovery with increas-
ing dullness amounting to practically Idle
ness late In the day. The days move
ments were almost entirely accounted for
by the shifting operations of the room
traders and their inability to move prices
far In either direction.
News was unimportant and without
much influence. Pennsylvania continued
TO be conspicuously depressed under the
Joint influence of the revelations before
the Interstate Commerce Commission ana
OF the heavy borrowings OF the company
The latter influence was aggravated Dy
the circulation of reports or addltlonal
loans in immediate prospect by the com
pany for which no authority was ootolha-
BILE.
The money and exchange markets were
without notable incident. Call money and
loans on time up to six months continued
easy In tone and rates were even shaded
TO some extent but for periods over end
OF the year per cent Is strong bid, and
the asking rate Is 6l4 per cent Estimates
or the complexion of the coming bank
statement based on the known movements
of currency pointed to only small de-
crease In the cash item. although the sub
treasury account shows an absorption
from the banks OF over So,00O.OOO. This is
due In large part to the return OF Gov
crnment funds placed on deposit with the
banks when they were engaging gold In
Europe on condition that they should be
returned on receipt OF the goid Ihere
have been very large receipts OF imported
gold this week and these receipts go into
bank vaults to make good the return OF
Government deposits IN the cash showing.
The bank estimate also that the move
ment of cash with the interior by express
has been In favor OF New York on bal
ance to the extent OF several million dol
lars The loan item is subject to the
usual uncertainty and tho PennsylNania
loan operation VIII enter into the weeks
changes. Transfers OF currency to san
Francisco through the sub-trensury were
light again today, The puzzle OF this re-
newed demand is increased TO the bank
ing mind by reports that Chicago banks
have received large return shipments
from the Pacific coast within the last iew
days.
today, but the decline was not sufficiently
decisive to answer the question OF re-
sumption OF gold imports
The decline In the wheat market and
reports Of better weather conditions In the
wheat belt were co-incident with an I'M
proving tone OF the stock market late In
covcry was languid and the trading
showed an increasing degree of lack OF
leadership and a decline in the efforts TO
effect u movement of prices. Reading
showed firm tone at times. but its move
ment was unimportant. Reports or
dispute among trunk lines over passenger
rate dlfferentials received some attention.
but were OF small effect on prices,
Th closing tone was heavy at the re-
covery.
United States Is declined 4 per cent on
call.