The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-29
UPWARD TURN IN
STOCK MARKET
Professional Contingent on the Bull
Side and Striving for
Higher Prices.
CALL MONEY GOES UP ALSO
SLIGHT REACTION BEFORE THE
CLOSE.

New York, March S-Prices of stocks
took another upward turn today. The
level established on the advance was
rather higher than that on Mondays rise.
Ihis show of an increasing capacity TO
move upwards had the effect of improv-
ing speculative sentiment over the ont
ioOh: Inere was little to show that op-
ere lions have reached beyond strictly pro-
nSSS t HnltS- The traders who made
" Tue market, however, are of a some
what more influential class than in the
recent past and their operations are CON
quoted with more holiness and show more
Iorce- The movement is based upon the
assumption that the turn of the o11arter
with the expected relaxation in the mon
ey market Will bring in some outside de-
mand Tor stocks and inaugurate more
general speculative activity
Inc professional contingent in the mar
ket Is keenly alive to possible oDpor-
tInlty to secure the advantage of such a
revival in speculation. To obtain the adj
vantage of higher prices for the meeting
OF TINS demand, measures for lifting the
level OF the market are inaugurated at
this time The continued TRANQUILITY of
the money market with the near aDproach
OF the period for meeting the quarterly
requirement has quoted the fears of fur
RES IN the call money market during this
week interest rates on time loans are
distinctly declining and this adds to the
confidence over the money situation
Apparently the hope was INDUCED in
free from any disturbance in the money
market whatever. but the rise late in
the day in the call loan rate to per cent
proved rather a ddmper on this hone and
served as a check on the price movement,
which had gained considerable Roadway
and breadth by that time. The move
ment started in very spOtty manner the
general list remaining inert in spite of
the sharp advances in special stocks due
to individual causes The increased hold
ings of subsidiary stock by the Lake
Shore disclosed in its annual report was
the motive for some accumulation and
sharp bidding up Of the sO-called junior
Nanderb1ltS. The movement in Colorado
Fuel was based on an assumption of ad-
vantage to accrue to that company from
a soft coal strike from which it would
be exempt The rise in Reading seemed
to be on 2 revision of opinion over the
probable effects of the expected soft coal
strike on the anthracite industry. The
argument today was that if the soft coal
miners go out it will be considered adj
Visable to keep the anthracite miners In
employment.
Other sustaining movements were based
on similar special considerations. Lon
don sold stocks in this market, reversing
its course of yesterday. Discounts were
easier and the possibility of a reduction
in the Bank of England discount rate to-
morrow was discussed Sterling exchange
fell back. however, at Paris and the de-
cline here was arrested The sub-treas-
ury continues to take funds from the
banks of New York the absorption since
Friday having risen today to Sl,9O4G05,
with another credit balance for the gov
eminent at the clearing house this morn
ing. The aggressive rise in Union Pacific
late in the day revived the strength in
the market after 1t had ceased to drop
under the effect of a rise in the call
money rate. The sustaining effect of
TTEicn Pacific was felt to the last value,
though realizing made the close slightly
irregular.
Bonds were steady Total sales, par
value, $3.1OO,0O0. United States bonds
were all unchanged.