The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-10
STOCKS SUFFER
AND GO LOWER
Various Causes Assigned for
Weakness of Market at
Close of Week.
CROP REPORT is BAD
RAIDS MADE ON NUMBER OF UN-
SUPPORTED STOCKS.

RAIDS MADE ON NUMBER OF UN-
SUPPORTED STOCKS.
New York. June 9-Stocks were pressed
for sale today and prices declined. The
speculative party which entered the mar
ket with the opening Of the week, on
tracking account Of the weeks results,
viii find little in the way Of price changes
in the summing up. There were some clos
Ng accounts today, induced by discour-
segment over the meageT princes dis
6iosed by this speculation Crop reports
~re not liked, and the effect Of stocks is
-S9red OF the government monthly esti-
mate Of conditions to be published on
Monday, and which IS generally expected
TO reflect the UnfavOrable weather con-
ditions of the preceding month The
prospect OF pTOlOngatiOn of the session
Of congress came IN for some discussion.
Complaint was heard from speculative
sources that the bidding up of prices
serves to bring about offerings of stocks
on selling orders fixed above the market
and these orders seem to offer a fOrmid-
able obstacle to efforts to advance prices.
Weak Stocks Suffer.
Speculative liquidation was evident in
some of the weeks favorite stocks, es-
Eances which were made quickly were as
quickly lost today. The weak and I'M
supported condition Of Consolidated Gas
had a bad effect on sentiment. The bank
statement justified the expectation that
the cash gain OF last week. which failed
to appear in last weeks statement. would
help the showing this week Beside the
SZ.S4Z- 100 cash increase there was a S1.619.-
40 loan expansion to figure in the deDos-
its, so that the increase in the reserve
requirement. left margin Of only S346,-
% Tor the benefit Of the surplus The
paying OF the foreign obligations is be
Heved to be responsible IN part for the
loan expansion The Bank Of Germa ny
failed TO reduce its discount rate and
made q poor weekly return, and sterling
exchange at Berlin fell with some vfO-
leuce, and at Paris with decision. threat
ening renewed pressure on LondOns gold
reserves. Incidents of the dav were the
report Of the first arrival of the season
Of Alaskan gold on the Pacific coast and
the official report of the gold output on
the Rand for the month of May showing
a production OF 45l.A2 fine ounces, the
greatest monthly OuttUrn on record The
stock market closed easy. Total sales Of
bonds, pa- value, $3.50 CO.,
Good Business of Week.
The volume Of business on the stock ex-
change expanded decidedly this week and
the market reflected clearly specula tive
operations on the long side of the mar
ket. The conditions relied upon to ad-
incentive for these operations are the as
suranCeS felt in the continued prosperous
state Of the country. both present and
prospective. including the promise of good
grain and cotton crops and the increase
in supply OF lOanable funds due to the
Accommodations at the reserve eenters. and
especially to the large return funds from
San Francisco to New York.
supplementary 10 these general COnsid-
eratfous much has been made Of reports
and rumors Of special developments con
been the cause of special activity and
sharp advances in these stocks with Svu-
pathetic effect in sustaining the general
list The operations have been admitted
y by organized parties of professional
operators almost altogether. and the gen
eTal investment public has not aDDea AIRED
IN the market. The conductors Of the
movement DTOfesSed confidence. however.
that the assertion Of a leadership In the
speculation is all that is needed to attract
a public demand for stocks, and that
active general market will. be created
which Will afford a medium for the sue
Cessful disposal of profitable terms Of
stocks now being accumulated
Interest Rates Go Lower.
The effect on the money situation Of
the large return flow Of cash from San
Francisco has been marked, and interest
rates DO. n for call and time loans, have
Nlelded DISTINCTLY Rates for periods car
TyInC over the end of the year were slow
est 10 WELD sn0 were least affected. The
demand for time loans is TspOrted light
and lenders are said to be dissatisfied
with present rates and to be holding their
resources for employment in the call loan
department prefeTTing TO await later de-
NeiopmentS i'm the time loan department
here are said 10 represent Geposits Of in
terror banking Institutions which kept
ihelr resources in hand in that way for
later needs for the crop movement period.
The San Francisco movement has reached
an amount equal roughly to oUe-thiFd of
the total shipped to San Francisco after
the great earthquake and fire losses The
movement IS expected to Fur further but
its extent is complicated with fha question
OF insurance losses. payment Of Vhic@ has
made little progress up to this time. Re
NiSed estimates Of the amount Of these
losses considers DIV increasing the figures
Rave come TO hand this week and serve to
comphcate mis- problem, the settlement OF
which Will have an important bearing on
the r1oney market. Foreign holders raised
the question whether a return movement
NJ gold to foreign markets whence il came
IN the crisis Of the San Franz cisco losses
may not be the consequence Of lower in
t>-cst rates here.
Foreigners Are Slow.
There has -hcen some. della. admittedly
IN the conclusion Of the Pennsylvania so
coOoo bond transaction IN Paris Much
reliance was placed on this operation to
effect a funding of some % the LARGE
floating Indebtedness or New York to
Paris. and thus to Cefer the necessity of
remittanCes. The outcome of the season {
harvests ana the available suppIv OF e,S-
pOrta HE commodities make n inDOrf9nt
element IN the foreign trade and mer-
Chandise balance in favor Of the United
States for the future. In this connection
Erowing attention is given TO the reported
falling off in the foreign demand for
canned mea- products on account OF the
agitation concerning packing house
buses An important portion of the
country's exports is affected under this
head. and the supply Of foreign exchange
may be expected TO be reduced in conse-
oIence Trade and Industrial advices gen
orally have been highly favora bic this
week.
Prices Of bonds have been well main
tanned. but the market is slow. United
States old Is advanced X and the neY Is
= Uer cent on call for the week
Stock Quotations.