The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-06-03
UNCERTAINTY RULES
THE STOCK MARKET
Fluctuations Have Taken Place
Only in the Special
Issues.
DULLNESS CAUSED
BY FINANCIAL HOLIDAYS
Crop Prospects Have Much In
huence on Course of
Market.

NEW YORK, juno 2-The narrow pro-
fessional limits of tho dull stock market
this week has been attributed partly to
the discouraSing effect or holiday inter-
ruptlon upon tho disposition in Wall
street TO speculate, 1t is believed how
ever that doubts OF the ulterior pros
poets In the money market are u sub
stentlal influence on the lethargy OF the
present speculative demand. Immediate
conditions In money grow easier with the
large reflux OF cash from San Francisco
ana with the completion of tho weeks
largo special transactions In tho New
York money market. The firm tone at
advancing rates for loans carrying over
the end OF the year indicate a degree of
anNlety over the suniciency of money re-
sources TO carry through tho fall crop
moving period without stringency
lie interruption of the mld-weck holl-
day and the prospective Saturday and
honaay holidays in London have been Of
IeIed as nominal causes for the extreme
oullness ruling In the stock market this
"tek, speculative operators dreading n
season OF closed markets owing to tho
lack OF opportunity at such times TO act
promptly on sudden developments. Conn
mission houses complain of an almost
thtlFe lack OF interest In the market upon
The part OF the outside general public
DeallnSS have been made up of profess
slonal ventures, and tho resulting move
inentS We're not convincing as Il reflcc-
tion OF any genuine changes in tho own
ershlp or securities These professional
HLefntifons nave been congested in
handful of issues, ana the wide and rapid
movements In these have had little ef-
dSct nT os sympathy on the general body
Oh the market Prices have dritted list
leSsly ana with constant fluctuations
outside OF these special stocks and were
not carried far from the pre-exIstlng
of the week were OF important bcarinS
on financial conditions, but they were
oil NO effect In stimulating stock market
activity. and the causes of the hesitatIon
aud uncertainty OF the speculative senti-
deeper.
turn flow OF currency from San Fran
cisco was accepted as significant OF the
passing Of the financial crisis following
the successful reopcning of tho banks
there. Tho release OF the piled up cash
reserves there TO provide for the emer-
gency caused by the enormous property
losses due to the FIRE is expected TO have
u material effect in easing the money
situation In the whole country. At tho
same time tho resumption OF normal
business conditions Will not be complete
until the extra holidays, which have been
made consecutive by proclamation OF the
Governor ever since the earthquake, shall
cease: which VIII be on Juno This
period is awaited for more exact IndIca-
tions OF the business situation The date
for proving insurance losses has also
been extended to sixty days beyond June
q,
be necessary to define exactly the flnan-
clal status not only OF the claimants, but
OF the insurance companies. A good deal
OF Importance Is attached to the outcome
of the insurance adjustment to determine
the final financial loss Of the great dis
aster, In the same way the easier con-
ditions In the money market which are
expected this month. are obscure in their
influence on the stock market by the ul-
terior prospect which is uncertain The
large payments this week. including the
N d. IL
June. l settlements and the Chicago &c
Northwestern stock subscriptions have
been concluded without damaging dis
turbancc In the money market. partly
proceeds of Pennsylvania notes left on
deposit with the banks. With the con-
cluson OF these large transactions, the
immediate outlook is for ease In the
money market. But the tone of the time
money market for loans which will sup
ply resources through the fall and into
the year. reflects n desire TO keep
resources In hand for the period OF the
moving OF the crops and an uncertainty
of sufficient supplies to maintain case In
the money market through that period.
Much depends. In tho opinion OF bankers,
on the command OF foreign money re-
sources during that period.
money markets for American securities
Is of parallel importance. owing to the
large volume OF these which arc known
to be in contemplation The letharey OF
the present investment demand for bonds
and newly-issued securities Is a weight
upon the prospect Current reports OF
a loan in Paris to the insurance COM
panies to finance their San Francisco
losses and OF an extensive note Issue
there of St Paul pledges TO finance that
roads Pacific coast extension have failed
OF authoritative confirmation
The prospect for the crops Will be of
Increasing influence upon stocks from this
time forward, whether for Improvement
or depression The crop promise has not
been unfanvornblo to stock values up to
this time.
The prospect OF a Congressional cam
paign this fall Is not left out of the ac-
count In estimating the speculative out
look in stocks. Owing to the prominence
of the questions Of corporation abuses
and the prevalent disposition toward agi-
tation against these and against COR
poration privileges somo anxiety is felt
for the possible directions which may be
taken by these forces and for the pos
Sble damage which may result to mar
ket values OF corporation securities.
Bonds have been dull and for tho most
part heavy.
limited States old As advanced IL per
cont on call on the week.