The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-08
PERATIONS BY
PROFESSIONALS
Rotation of Dealings From One
Quarter of the Market
to Another.
PRICES ABOUT STATIONARY
PRONOUNCED REALIZING Al
THE CLOSE.

New York. June 7.-Operations by pro-
fessional organization were still clearly
discernible in the stock market today and
made up the largest proportion Of the to-
tai dealings The character Of the trad
ing made itself manifest by the cOncen-
trated nature Of the orders in individual
stocks and by rotation of dealings of this
kind from one quarter Of the market to
another This accounted for the spotty
appearance Of the market and the inter
walls Of idleness between spurts of &C
tlVIty IN one stock or another It thus
happened that some of the most prOmi-
nent stocks in the list were not brought
into the movement at all, and the market
showed no comprehensive movement at
any time such as is evident when a stock
which held public interest is at work The
stocks which had come newly into IA
vOr late in the day are the ones generally
that ended nearest the top level while
the earlier favOrites were relegated to a
less conspicuous place or carried back
ward by the process of realization of
profits. The result Of the days pTOfes-
siOnal efforts to advance prices was re-
gaTded by its author with cOntentment
SO FAR as could be judged from their per-
siStence IN the attempt, and their eE-
pressed confidence in the success of the
campaign in bringing ultimately a public
demand to provide a medium for realizing
profits. Commission houses continue to
complain Of the absence Of any such
public demand and of dearth of orders
for execution in the market The move
ments Of individual stocks generally had
some item Of gossip to accompany them,
but these lacked official confirmation and
in some cases were clearly based on sur
mise. st. Paul was still bought on belief
IN coming stock subscription rights and
the known approach or new issue OF
New York Central stock already author
lied made the same explanation avail
able for the movement in that stock.
Union Pacific was the subject Of ru-
mors of d distribution on Southern Pa
cific from which it would benefit by its
large holdings Illinois Central was az
fected BY q belief in a dispute for con-
troll OF the property.
Reading and Amalgamated Copper
moved under the influence Of oft-repeated
rumOrs and lnfererces- San Francisco
sent another important consignment of
cash 60 New York by Geographic transfer
through sUb-treaSUry facilities, and for
eigu exchange rates made further pro-
gTess towards the gold export point, still
some distance away, however Bankers
admit that with continued flow Of money
to this center and easing of interest
rates. some of the recent large imports
Of gold are likely 10 be returned whence
they came The Bank Of England did not
meet the expectation that it would re-
duce its official discount rate, and the
report OF conditions sufficiently explained
why 1t did not. Sterling exchange at
Paris and Berlin also moved against
London and Paris markets was further
disturbed by the prospect of the enact
ment Of an income tax law
The further rise in wheat was assOCiat-
ed with reports Of bad weather conditions.
The price Of silver suffered a further
violent reaction from it's recent extreme
rise, thus demonstrating that the rise was
due to an OveTbOught condition Of the
market. The realizing which was more
or less in evidence all day became more
pronounced at the close of the day, and
the closing was heavier.
Bonds were irregular. Total sales, par
value, S3,650O00-
L. :. old IS advanced =, and the new IS
p per cent on call