Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-09
NEW YORK STOCKS AND BONDS
Market Makes Striking and OOmprs-
hensivs Show Of Strength,
DEMAND is BROADLY DISTRIBUTED
Movement shows Deliberation aud
SteRdiness that Has Beeh
Lacking for some
Time.

NEW YORK. May S-The stock market
made a striking and comprehensive show OF
strength today. The movement of prices
was much less spasmodic than In the first
violent rebound from last weeks extreme
depression. The demand was much more
broadly distributed and the movement
showed elaboration and steadiness that
has been lacking for some time. 1t was
considered likely that the requirements Of
the more. persistent element on the bear
side still had much to do with the advanc-
ing tendency of prices, but IT was obvious
that speculative orga nizat lions and market
pools committed to the long side of the
market were showing much more confidence
and greater willingness to re-embark In
market operations than for some time.
the more aggressive tendency OF the re-
coVery in prices, and II was based to
large extent on the feeling that the unfa.
Vorable developments which had carried
prices downward might be considered to
escape. This was particularly true OF the
money situation. 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 reported
much more liberal offerings OF funds and
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, although small remit
tances continue to be made TO that destna-
tlon through the subtreasury 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 projects for financing the proposed re-
building of San Francisco by means of or
ganlzing syndiCates. The course OF the for
eign exchange carried an intimation Of the
probable termination 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 seller of
stocks here, and this made a demand for
exchange in this market which helped to
advance the rate.
The action of the whole market suggested
some uneasiness over the cold weather In
the crop regions, but the stock market was
Indifferent also to that. Conflicting reports
of the outlook for a settlement or a pro-
longation of the lake freight handlers
strike left the prospect in that matter
somewhat obscure. The actual factors in
| the days stock market are thus seen to
have been somewhat mixed, but specula-
| tive sentiment was undeniably encouraged
and the active demand at advancing prices
was we'll sustained. Many Of the high
| priced stocks which suffered most acutely
| in the recent forced liquidation by reason
| of the unstable height to which they had
\ been pushed made notable progress today
/ in retracing their heavy decline. Reading,
| Union Pacific, Smelling and malgamated
! Copper retained their position well in the
! forefront of the speculative movement.
/ The activity Of the demand fell on to some
| extent late in the day, but prices were
firmly maintained and the closing tone was
strong
Bonds were firm. Total sales, par value,
| s.. $50, 900. United states bonds were all I'M
| changed on call.
The following was the range of prices on
| the New York Stock exchange: