The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-19
STOCK MARKET
IS DEPRESSED
Decline at the Opening With a
Partial Recovery Later
in the Day.
NET CHANGES VERY SMALL
CLOSING TONE OF MARKET WAS
VERY HEAVY.

New York, May 1S.-The Inconsistency of
the tendency of prices in the dull rut of
professionalism into which the stock
market is relapsing was again we'll il
lustrated today, The early market
showed an extension Of the decline which
became pronounced late yesterday. Aft
erwards there was a slow and IRREGULAR
recovery with increasing duIIness amount
ing to practically idIeness late in the
day. The days movements were almost
entirely accounted for by the shifting
operations Of the room traders and their
InaDlllty TO move prices far in either d.
reCtiOn. News was unimpOrtant and with
out much influence Pennsylvania con-
tinued to be cOnspiCuOusly depressed IN
der the joint influence of the revelations
before the interstate commerce commits
sion and Of the heavy borrowings of the
company. The latter influence was ag-
gravated by the circulation of reports OF
additional loans in immediate prospect by
the company, for which no authority was
Obtainable.
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 D per cent is bid and the
asking rate is 81 per cent. Estimates
Of the completion Of the coming bank
statement based on the known movements
of currency pointed to only a small de-
crease in the cash item, although the sub
treasury account shows an absorption
from the banks Of over S15,000,000. This
is due in large part to the return Of gov
eminent 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 gold. There
have been very large receipts of imported
gold this week and these receipts 90 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
operation will enter into the week s
changes.
Transfers of currency to San Fran
cisco through the sub-treasury were light
again today The puzzle of this renewed
demand is increased to the banking mind
by reports that Chicago banks have re-
CeiVed large return shipments from the
Pacific coast within the last few days.
Foreign exchange rates were easy again
today, but the decline was not sufficiently
decisive to answer the question of q 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 improving tone Of
the stock market late in the day. Pro
fessional initiative on the recovery was
Ianguid and the trading showed an in
Creasing degree of lack of leadership and
a decline in the efforts to effect a move
ment of prices. Reading showed a firm
tone at times, but its movement was IN
important Reports of a dispute amongst
tials receiving some attention, but were
Of small effect on prices. The closing tone
was heavy at the recovery.
Bonds were steady. Total sales, par
United States Is declined 4 per cent on
call