The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-05-26

TONE OF MONEY MARKET
Is GENERALLY IMPROVED
WEAKNESS Shown Later in the
Day, and Closing Is Some
what Easy.

NEW YORK, May &.-Stocks under
went comprehensive recovery In prices
today on dealings which at times showed
great animation, There were one or two
conspicuous exceptions TO the sweep of
the upward movement and a select few
stocks led the movement agSressively,
with a heavy congestion of activity In
them. The undou6ted strength of the
market was nevertheless fairly general.
There was notable unanlmity OF opln-
lon that the strength OF the advance
was largely due to the necessities or an
uncovered bear account The dimensions
OF the short interest were quite unsus-
pected on the part OF inc speculative
element generally, but the campaign
against II was evidently founded on ac-
curate Information OF It's position.
At the same time reports were cur
rent OF an absorption OF some of the
days Iayorite stocks on account Of
banking interests closely affiliated with
tne companies and entrusted with their
actual control or the properties. The be-
lieG i'll buying OF this KIND was particu-
larry enectiye in intimidatlng the bears
anG In driving them into shorts.
Reading was stilI the conspicuous lead
er OF the advance and the upward rush
in the price carried the price higher
tnan that ruling when the news or the
san Francisc earthquake was first re
csiYod III New York Erie shared pretty
fully In the strength OF Reading but out
side OF these the coalers did not fully
keep pace with the movement. The sup
position that the anthracite carriers were
considering project 10 diVest them
selves OF ownership OF the coal COM
panieS by Il division OF these assets
among stockholders was the main In
tiucnCe In the movement. The HUI stocks
made characteristic upward flight
without any news TO explain the move
ment.
Tho 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
part of the week. The speculative element
is fostering a superstition that banking
negotiations with foreign money centers
have been going on which promise
supply OF money resources for tho use
OF the New York money market which
Will insure IL against strlngency during
bond sale In Paris Is the concrete fact
on which this Suppositlon Is based. Be
yond that authoritative information on
the subject Is not not TO be had in bank
ing quarters. The lack of other eXplana-
ton for the days revival OF speculative
activity in stocks caused some credence
10 be given to these reports.
The money market was firm today both
for call and time loans, the latter partly
In sympathy with the former. Syndicate
requirements account for the rise In call
loan rates y 20 per cent installmept on
Baltimore & Ohio STOCK subscriptions
called for s. .5O0.O 600 today and n 80 per
cent installment on Delaware & Hudson
convertible DOEu SUBSCRIPTIONS CdlltI LOT
100000
Next Tuesday the subscriptions TO the
so. coo 900 Pennsylvania note Issue are
payable and later in the week comes the
payment on Chicago & Northwestern
stock subscriptions The sentiment of
relief caused by any promise OF replen-
ishment OF the money market under these
conditions and with large new capital Is
sues in prospect beyond is understand
able London discounts were harder to-
day, but tho impression prevailed in
Wall street that there might be some
early renewal of the gold Import move
ment.
The currency movement OF the week
indicates a slight change In the cash
Item, but syndicate operations may have
an influence on the loan Item OF the
banks.
The stock market showed some slgns
of weallncss late In the day and prices
receded considerably, with the closing
tono easy.
Bonds convertible Into stocks We're
strong rose In sympathy. and there was
heavy buying of Wabash debenture
bonds.
Total sales. par value. 50, ,72o0J0.
United States bonds were unchanged
on call.