The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-06
MAKING A SMALL
PROFIT EACH DAY
Professionals Manipulate the
Stock Market for a Little
Quick Money.
UPWARD MOVEMENT is DUE
PUBLIC THEN EXPECTED TO
COME IN.

New York. June 5-The added breadt'-
to the stock market caused by yeste
days accession to speculative activiti
was still in evidence today in the sus-
tanned volume Of trading compared with
last weeks small daily average. The re-
suits Of the larger operations were how
ever, somewhat mixed. 1t was easy to
see that some of the principal stocks in
yesterdays market were being fed out
TO take profits on the higher level Eff
feet was seen in the holding back of the
price OF these stocks while other stocks
were advancing As the conviction re-
NAMED general that the market was in
the hands of the professional operators
SuH the success Of the profit taking
seemed dependent upon the transfer of
holdings to new professional hands with
the sole purpose continued Of diSpOSing
of them at a profit to a new set Of buy
ers- So long as confidence in the minds
Of spectators is maintained this process
IS capable of being carried on for a pro-
l0nged period without extending beyond
the ranks Of professional operators.
IL IS recognized fact that such pro-
teSSlonaI movements are the invariable
preliminary of an extended rise in the
market, the public TefTaining without ex-
CepuOn from entering the market in the
earlier stages of the advance 1t is the
hope Of an ultimate outcome Of this sort
with public demand to carry stocks out
Of the market which encourages perSis-
tence IN campaign in the full recOg-
milton Of its phOlly professional Imita-
tons. The confidence of the present pro-
fessiOnal moves in the market is ayOw-
edly based on the prospect that money
is in course of accumulation in bank re-
serves, where its enforced idleneSS is
likely to force il to stocks for employ
ment- In addition the news from the
crops is regarded as satisfactory and a
warrantlng an assumption Of prosperous
harvests in the event Of conditions con-
tinuing as favorable as at present.
Further large transfers of currency
through the sUb-tTeasUTy TO New York
also continued in force, and this is the
principal factor relied upon for the cas-
ing of the local money market. The
fact that the series of holidays in Cali
fOrnia expired on Monday and left COM
mercial affairs free to resume their nor
caused by the further REIMBURSEMENT Of
accumulated funds from the Pacific coast
Foreign exchange also reacted from yes
terday's show Of strength and discounts
I'm London were lower. The sterling rate
at Paris, however fell sharply, and some
demand for TemittdnCeS from here to
Paris was the consequence making Par
is exchange strong Bearing in mind
these general considerations for the spec
uIative attempt in the stock market, the
movement of individual stocks offers lit
tie Of special interest. These movements
TODAY were irregular throughout by rea-
son Of a series Of sustaining advances
accompa MED by simultaneous realizing at
different points. The sustaining meas
vanced and sHneral reaction set in,
making the closing easy
Bonds were steady Total sales, par
value S325TO00-
United States bonds were unchanged on
call