The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-17
NO DISPOSITION
TO RUSH THINGS
Spectators in Wall Street In
CIined to Go Slow in Spec
uIatiVe Matters.
.FLUCTUATI0N IN PRICES
MONEY RATE DOMINATES THE
MARKET,

New York, May 16.-Frequent fluCtUa-
tons in prices today indicated the unset
tied and hesitating condition Of specula-
tive sentiment. When it is added that
the fluctuations tended to be narrower
and the volume of the markets activity
to decrease, it will be seen that the eX-
pected period of dullneSS and SluggiShneSs
in the market is developing, according to
precedent, after the violent decline and
the sharp recovery which the market has
recently passed through. There was a
marked disposition to turn TO stocks OF
the class known as specialties for action
on the part of the professional contingent
which operates from day TO day IN the
stock market without regard to the pro-
pluOUSnesS Of general conditions of money
and industry. Stocks which are subject
to peculiar influences of their own trades
are selected at such periods
Often violent activity and wide fluc-
tuations can be effected in such securi-
ties when the body of the market is pro-
foundry inert and entirely neglected. Su-
gar was the old-time favOrite which was
made especially prominent today with a
degree Of activity which has not been
seen for many months. The parallel
movement in beet sugar was made to give
semblanCe of important developments
impending regarding trade relations but
no authentic information was given out
on the subject. There was a similar move
ment in Amalgamated Copper and the
copper group. This was professedly based
Mining company. The highly prosperous
conditions in the copper trade were duly
reflected in this report which was also
elaborated with financial and operating
details beyond precedent. Something was
made of this fact as a promise of a de-
parture in policy on the part of the group
of capitalists which the stock market ele-
ment designates as the Standard Oil
party
The money outlook was the subject of
earnest consideration in the light of the
borrowing by the Pennsylvania company
yesterday of SJ0000,O00 for eighteen months
on a basis of rather more than per cent
Funds in the time loan market were re-
ported abundant and not readily leudable
at 4at per cent for periods Up to six
months. For that maturity there were
some loans at 3 per cent and for over
the end Of the year periods , per cent was
reported strongly bid with 81 asked. Dis
counts hardened in all foreign markets
Some of the Exchange offering in this
market was said to be on account of for
eign purchases of the Pennsylvania notes.
The statement of the cOuntry's foreign
trade for April and for ten months indi-
Gated a strong position in the inteTna-
tionaI exchanges, the mercha ndise balance
in favor of this country for April being
So 164.S 81 as against S33, 465.OS6 for April
of last year. while for the ten. months of
the fiscal year the excessive value of ex-
ports over imports has risen to S467, 5l2 164,
compared with S339,074 200 for the CORE
spending period last year Attention was
attracted today 20 the discussion Of this
extra ordinary trade showing in the last
number of the London Economist at hand
This accepted authority offers an esti-
mate of the holdings of American finance
bills now held in England and France as
amounting to $500, 00O, 600 and expresses the
opinion that the meeting of the maturity
of these bills during the coming months
viii operate to maintain money rates in
New York in spite of the heavy volume
of merchandise export.
The influence of the Anaconda annual