Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-26
NEW YORK STOCKSAND BONDS
Market UndergOes a Comprehensive Re-
OOvery in Values on Active Demand
SHORT INTERESTS DRIVEN TO COVER
Buying OF Leading Issues by Banks
Affiliated with These Companies
Causes Excitement Among
Hears

NEW YORK, May B.-stocls underwent
comprehensive recovery In price today
on dealings which at times, showed great
spicuous exceptions to the sweep Of the
upward movement and select few stocks
led the market aggressively and a heavy
congestion of activity in them. The un-
doubted strength OF the market was, never
theless, fairly general. There was a nota-
of the advance was largely due to the
necessities of uncovered bear account
The dimensions Of the short interest
speculative element but the cam
paign against IL was evidently founded
on accurate Information Of its position. At
absorption of some of the days favorite
stocks on account OF banking interests
entrusted with their financial operations or
representing the actual control of the prop
critics The belief IN buying Of this kind
was particularly effective In intimidating
the bears and In driving them into cover
ing shorts. Reading was still the con-
spicuous leader of the advance and the
upward rush in the price carried. the price
higher than that ruling when the news Of
the San Francisco earthquake was first
fully in the strength of Reading. but out
side of these the coalers did not fully keep
pace with the movement The supposiuon
that the anthracite carriers were consider
ing q project to divest themselves of own
ership Of the coal companies by division
Of these assets amongst tockholders was
the main influence in the movement. The
Hill stocks made a characteristic upward
flight without any news to explain the
movement. The movement in general was
not based on any known development In
the situation to Justify the radical change
In the speculative temper since the early
The speculative element is fostering a
supposition that banking negotiations with
foreign money centers have been going on
which promise a supply Of money re-
sources for the use of the New York money
market, which will insure II against
Pennsylvania bond sale in Paris is the
concrete fact on which this supposition
Is based Beyond that authoritative In
in banking quarters The lack Of other
| explanation for the days revival OF spec
ulative activity in stock caused some
The money market was firm today both
| for call and time loans, the latter party
in sgPshy wish the for the rise IN cali
Baltimore & Ohio stock subscriptions
| instailment on Delaware & Hudson con-
vertible bond subscriptions called TOT
100000. Next Tuesday the subscriptions
are payable and later in the week comes
/ a payment on Chicago & Northwestern
subscriptions The sentiment OF Tehef
| the money market under these conditions
and with large new capital issues IN pros
| peet beyond is understandable. LONDON
| discounts were harder today. but the i'm
preston prevailed in Wall street that
| there might be some early renewal OF the
| gold import movement The currency
| movement of the week indicates small
| change In the cash item, but syndicate
| operations may have an influence on the
| loan item OF the banks. The stock mar
| ket showed some signs of WEAKNESS late
| in the day and prices receded considerably
with the closing tone easy, ,,arAs, stocks
| were strong, rose in sympathy and there
was heavy buying of wabash debentnIe
| bonds Total sales, par value, SiD'OOO,
| Tinted states bonds were unchanged on
| call.
The following was the range OF prices on
| the New York Stock exchange; c