The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-09
STOCK MARKET
SHOWS STRENGTH
Demand Well Distributed and
the Upward Movement
Is Steady.
ACTIVITY OF SPECTATORS
PRICES HELD WELL AT THE
CLOSE.

New York, May S--The stock market
made striking and comprehensive show
of strength today. The movement of
prices was much less spasmodic than in
the first violent rebound from last week S
extreme depression. The demand was
much more broadly distributed and the
movement showed a elaboration and
steadiness that has been lacking for some
time. 1t was considered likely that the
requirements OF the more persistent eie-
menJ on the bear side still had much to
90 with the advancing tendency OF prices,
but was obvious that speculative organi-
cations and marked pools committed to
the long side OF the market were showing
more confidence and grea ter Willingness
10 Fe-embark on market operations than
for some time. There was no special
news to account for the more aggressive
tendency of the recovery in prices and
IL was based TO large extent on the feel
ing that the unIaVOrable developments
which had carried prices downward might
be considered to be escaped.
This was particularly true of the money
SITUATION Relief OF anxiety on that score
was due, more than to any other cause,
to the decided relaxation in the rates for
time loans. Brokers in that market re-
ported much more liberal offerings of
funds and a willingness to cOncede rates
which made the tone soft even at the
lower quotations. There is no fear of any
further large drain to San Francisco, al
though small remittanceS continue to be
made to that destination through the sub
treasury each day. An early return of
large sums of money from San Francisco
is expected as soon as banking operations
are resumed and the dimensions of the
demand upon deposits are defined In this
connection, however, there was interested
discussion of reports of over projects for
financing the proposed rebuilding of San
Francisco by means of organizing Syndi-
Gates. The course of the foreign exchange
carried an intimatiOn of the probable ter
miuation of the inward flow of gold to
New York, Discounts hardened further in
London and sterling exchange moved in
favor of that center both in Paris and
here.
London was a seller of stocks here and
this made a demand for exchange in this
market which helped to advance the rate.
This selling is attributed to the immi-
hence of a stock exchange settlement in
London and to the re-tranSfer of stock
holdings to this market which were sent
over to London during the money 'strin-
gency here to take advantage of the cheap
money rate there. The stock market
seemed indifferent to the prospect of a
check to the inflow of gold as the action
of the money market indicated that our
needs had been sufficiently supplied for
the present. Reports were current, how
ever that the Bank OF France would re
lease an additional large sum of gold to
New York
The action of the whole market sug-
gested some uneaSineSS over the cold
weather in the crop regions but the stock
market was Indifferent also to that Con-
flicting reports of the outlook for set
Element a prOlongauon or the late
freight handlers strike, the prospect in
that matter somewhat obscure. The ac-
ttaI factors in the day Of the stock mar
Lxet are thus seen to have somewhat mixed
bat speculative sentiment was undeniabIy
encouraged and the active demand at ad-
Vancing prices was well sustained. Many
of the high priced stocks which suffered
most acuteIy in the recent forced Hqui-
dation by reason of the unstable height
to which they had been pushed made not
able progress today in retracing their
heavy decline. Reading, Union Pacific
and Amalgamated Copper retained their
position well in the forefront of the spec
iIIative movement. The demand fell off
to some extent late in the day, but prices
1nga1r Nfga1V al in
tone was strong.
Bonds were firm. Total sales, par value.
So $50. 600
m "a