The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-11
OFFERINGS ARE
ALL ABSORBED
Strength of the Stock Market Is
Again ForcibIy Demon
Strated.
MONEY CONTINUES EASY
PROFIT TAKING GOES ON UN-
ABATED.

New York. May 1O.-The stock market
today again demonstrated its power of
absorption of such offerings as came
upon it to realize profits The strength
of the market reasserted itself after this
process of digestion and advanced to
higher level The recession in prices at
one time during the forenoon was fairly
general and the professional trading ele-
ment DrOfessed itself suspicious of the
market and was disposed to make tests
to bring about reaction. This attltude
toward the market of professional trad
erS is not based on any development OF
actual conditions in trade or finance, but
purely on the technical viewpoint. eSpe-
cialiy the extent to which the recovery
has run from the low prices of last week
For instance, Reading has sold 1873 points
above last weeks lowest. American
Smelling 17% Delaware and Hudson 10.
Chicago & Northwestern 10, Chicago, Mil
waukee q ST Paul IA. American Locomo-
tive u, Brooklyn Rapid Transit lI12 New
York Central 1O1a and Northern PaclIlc
nearly 80 points. These are the extreme
points of the recovery, but the REBOUND IN
the whole market has been substantial
Where there is evidence of speculative
profit taking from day to day on the ad-
vance and some feeding out of stocks TAX
en- over by substantial banking interests
of the purpose of supporting the market
during the acute depression there IS no
sign of any renewal OF the kln9 OF IL
quidatiOn which undermined confidence III
the general situation after the San Fran
cisco calamity and which carried the SIN
lister import of the necessities of those
forced to sell Money also continues easy
and the general condition OF business ana
industry has yielded no sign that FORCES
of reaction were developing there, Such
as it was feared might be heralded by the
slump in the stock market. The work OF
recuperation in stocks therefore is stead
There was not much evidence today of
any added public interest in the stock
market. but the speculative organizations
operated with confidence and success in
the accumulation of stocks and in ad-
vancing prices. The method seemed TO
be to proceed from one stock or group
of stocks to another In some cases re
ports were circulated in consequence OF a
special bearing on the value OF stocks
concerned. The movement in New Y Ork
Central was coupled with 4 revival of the
old remainder Of a COmbiuat ton with
Chicago & Northwestern Union Pacific
was benefited by pTOfeSSed confidence in
the coming increase in the dividend rate.
Buving of the Hill stocks was alleged 10
come from inside sources and was inter
preted by the speculative tOlIOWinS as
evidence that the iron ore land deal with
the steel corporation was opened again.
These are types of the kind of reports
Foreign exchange continued to advance
here and an easier tone of discounts in
Paris was accompanied by the continued
rise of sterling exchange there. With this
evidence Of the cessation of New York )
demand upon the bank of England for
gold and with the assurance that upon
its RESUMPTION the requirement could be
shifted upon Paris. the official discount
rate of the Bank of England was left
The shade of unrest manifest in the
wheat market over the unreasonable cold
weather was without effect on stocks and
the monthly crop report of the agricul-
tural depart was regarded as favorable.
The settlement of the Lake lOngShore-
mems strike was helpful to the market
The special strength of the New York
local local fractions was due to the large
increase in street railway travel indicated
by the statistics of the state railroad
commission and by the reports of earn
ings Of the companies There was pretty
constant pressure of profit taking against
some of the stocks which have risen pre-
yious to today and others came under this
pressure as the day advanced after a
period of early strength. The market was
kept irregular in this way and closed still
under the mixed influences.
Bonds were steady Total sales, par
value. s.. 80. 600 United States bonds were
all unchanged on call