The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-10
FREE SELLING TO
TAKE PROFITS
Operators in Wall Street Quick
to Secure a Little Easy
Money.
MARKET HOLDS UP WELL
SOMEWHAT OF A SURPRISE TO
SPECTATORS.

New York, May 9.-The recovery in
prices in the stock market reached a
point today where it met very free sell
ing to take profits. 1t was apparent dur
ing the morning that the stock offerings
in the market were more than sufficient
to supply the demand from uncovered
shorts which continued quite an appre-
ciable factor and overbore the efforts Of
newly revived pools to continue the adj
vance The profit-taking was not with,
most active, but the market showed
degree of absorptive power which proved
surprise to professional speculative
opinion The rallying tendency of prices
late in the day after the extent to which
the realizing process had been carried re-
suited in much increasing speculative
confidence over the future of the market.
There was no evidence of any large new
demand from outside sources but COM
binations and pools amongst professional
operators or habitual operators of large
resources took a renewed position in the
market with increased confidence.
This was notably perceptible in the
metal induStrials, especially 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 state of their
operations in recent months and by the
enormous speculative profits for which
they are credited with having made. Any
signs of new speculative campaign by
this element attracts a large following
amongst the board room traders and of
outside operators of a smaller class.
Inc general speculative sentiment Is i'm
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 it and funds are obtainable with
comparative facility and at yielding rates
where a short time ago speculative Dor
rOwers had no resource but to sell out
their holdings of securities and to liqui-
date their obligations The banking view
of the future course of currency from
San Francisco does not fully bear out
the sangufne expectations of stock specu-
latOrS as to the pTOmptnesS with which
the return flow will set in. Transfers
through the sub-treasury to San Fran
cisco and to Denver rose to over $1.OO0OO0
today after having fallen to a nominal
level several days ago.
The revival of this movement had some
modifying effect upon the suppOsitiOn
that San Francisco would immedia tely re-
turn cash to New York or would find its
reserves in a more glutted condition than
before the banks had reOpened for bust
in the sterling exchange rate in this mar
ket 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
for London from that source. AS money
continued easy here, the New York mar
ket had reflected advantage from the
Improvement in the London stock market.
The relief of the money market, the ad-
iournment of the New York legislature
and the professed belief that the con-
gressional agitation against corporations
had eliminated formed the basis for the
attempt to extend the speculative inter-
est in stocks. This attempt met with no
renewed obstacles in the way of realiz-
ing sales at the recovered level of prices
late in the day and the market closed
rather easy
Bonds were steady Total sales. par
value. g. $50. 900. United States new As
declined II per cent on call.