The San Francisco call., 1906-06-03
STOCK PRICES
ARE IRREGULAR
Market Is Unsatisfactory
to Certain Glass
of Investors.
Much Importance Is At
tached to Insurance
Adjustments.

NEW YORK, June 2.-The stock mar
ket had a better tone today, with an
aggressive advance of nearly four
points in S. Paul as the backbone OF
the movement There was realizing on
the appearance of the bank statement L
which caused part Of the advance. The
closing tone was irregular. The mar
ket was spotty. and for that reason
unsatisfactory 10 those watching for
evidence Of a general rising tendency.
The bank statement showed only ST.
.I26.000 cash gain. compared with pre-
liminary estimates of between $4,000
600 and $1O.0e0.oo0 and with a loan in
crease OF S2.152 400 included in the de-
posits the surplus item received only a
nominal benefit. The holiday in London
left this market without initiative from
abroad. Expectation OF easier money
conditions next week with the June /
requirements out Of the way was a
factor in the market
Total sales OF bonds, par value, ST.
4S5oOO.
The inauguration in force of the re-
turn now Of currency from San Fran
cisco was accepted as Significant OF the
passing of ne financial crisis follow
ing the successful rropening of the
banks there. The release OF the piled
Nd cash reserves there 10 provide for
the emergency caused by the enormous
property losses due 10 the fire is ex-
pected 10 have a material effect in cas-
ing the money situation in the whole
country. At the same time the re-
sumption of normal business conditions
will not be complete until the extra
holidays which have been made con-
secut4ve by proclamation of the Gov
ernor SINCE the earthquake shall cease.
which will be on June 1. This period
L. ra.7 exact indications
Of the t.~sirt SIS situation.
The GATE for proving insurance losses
has also been extended TO sixty days
beyond June Is. and the adjustments in
this hsld will be necessary to define ex
actly the financial status not only Of
the claimants. but of the insurance
companies A good deal Of Importance
is attached 10 the outcome of the in
sSSranoe adjustment to determine the
fnSl financial effect of the great disas-
ter in the same way the easier condi-
items in the money market which are
expected this month are obscure in
their influence on the stock market by
the Interior prospect which is uneer-
tain.
The tone of the time money for loans
which will supply resources through
the fall and into the new year reflects
q desire 10 keep resources in hand for
the period of the moving of the crops
and an uncertainty OF sufficient sup
plies TO maintain ease in the money
market through that period. Much de-
penss in the opinion OF bankers, on
the command OF foreign money re-
sources during that period. The ques-
tion OF an outlet into foreign money
markets for American securities is of
Rreat Importance owing TO the large
volume OF these which are known to be
in-contemplation. The lethargy Of the
present investment demand for bonds
and newly issued securities is a weight
upon the prospects Current reports
OF a loan in Paris TO the insurance
companies to finance their San Fran
cisco losses and of an extensive note
issue there of St Paul pledges 10
hnerce that roads Pacific Coast ex-
tension have failed of authoritative
confirmation.
The prospect for the crops will be of
increasing influence upon stocks from
this time forward.
The prospect Of a congressional cam
paign this fall is not left out of the
account in estimating the speculative
outlook in stocks. Owing to the
prominence of the questions of corpor-
alton abuses and the prevalent disposi-
tien toward agitation against these
and against corporation privileges
some anxiety is felt for the possible e
damage. which may result TO market
values of corporation securities
Bonds have been dull and for the
most part heavy
United States old Is advanced Il per
cent on call en- the week