Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-10
NEW YORK STOCKS AND BONDS
Recovery in Prices Makes Il Profitable t.
Sell 10 Take Profits,
MARKET SHOWS ABsoRsTNt POWER
strong Rally After Extensive seIlinE
Greatly Increases Confidence
of Trad

NEW YORK. May 9l-The recovery in
prices I'm the stock market reached q point
today where II met very free selling 20
take profits II was apparent during the
morning the stock offerings In the market
were more than sufficient to supply the
demand from uncovered shorts. which con-
tinued quite an appreciable factor and over
bore the efforts OF newly revived pools to
continue the advance. The profit-taking
was not without effect on prices, while It
continued most active, but the market
showed a degree of absorptlve power, which
proved a surprise to professional specular
tive operators. The rallyng tendency Of
prices late in the day after the extent
to which the realizing process had been
carried resulted in much increasing specu.
lative confidence.
There was no evidence OF any large new
demand from outside sources, but combine
tons and pools amongst professional OPP
orators or habituai operators o. large re-
sources took a renewed position in the
market with increased confidence. This was
notably perceptible in the industrals. espe-
cially those having to do with copper and
lead. both In the mining and smelling
stages A group of operators in these
stocks has acquired very large prestige by
the success OF their operations in recent
months and by the enormous speculative
profits which they are credited with having
made. Any signs of new speculative
campaign by this element attracts large
following amongst the board room traders
and of outside operators of a smaller class.
The general speculative sentiment is Inn
proved also by the clearing away of some
of the dangerous factors which overhung
the market The money market is obvi-
ously much relieved from the late strain
upon IL and funds are obtainable with
comparative facility and at yielding rates,
where a short time ago speculative borrow
ers had no resource but to sell out their
holdings Of securities and to liquidate their
obligation. The banking review of the
future course of currency from San Fran
cisco does not fully bear out the sanguine
expectations OF stock spectators as to the
promptness with which the return flow will
set in. Transfers through the subtreasury
to San Francisco and to Denver rose to
over 81 900 ono today, after having fallen to
a nominal level several days ago. The re-
vival of this movement had some modify
ing effect upon the suppositiOn that San
Francisco would Immediately return cash
to New York or would find its reserves In
glutted condition, even before the banks
had reopened for business. There was
further strong advance in the sterling ex-
change rate in this market, which served to
clinch the growing conviction that the
movement of gold to New York has ceased
for the present This had a cheering effect
upon the London market which was helped
also by an advance in the sterling rate
at Paris, indicating a tendency towards
relief for London from that source As
money continued easy here, the New York
market had I reflected advantage from
the Improvement In the London stock mar
ket
journment Of the New York legislature and
the professed belief that the congressional
agitation against corporations had culmin-
ated formed the basis for the attempt to
extend the speculative interest i'm stocks
This attempt met with some renewed OBJ
stacles in the way of realizing sales at the
recovered level OF prices late in the day and
the market closed rather easy.
Bonds were steady. Total sales, par
value, R,63O,0O0 United States new Is de-
clined Il per cent on call
The following was the range of prices on
the New York Stock exchange:
CaNa TIfaA