The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-25

Volume of Business Diminish
ing and Fluctuations
Are Constant.
OUTSIDERS NOT DAZZLING
PROFESSIONALS ALSO APPEAR
SKITTISH.

New York, May 24-Prices made re-
cOvery on the stock exchange today from
yesterdays decline on a diminished VOL
ume of business compared with that Of
yesterday. The narrow and constant
fluctuation in prices is convincing evil
dence of the highly professional nature
of the dealings, and the conviction is gen.
eTal in the Wall street district that there
is an almost total abstention from stock
operations by all but the professional ell
ement. Another significant indication Of
the professional character of the market
same facts as to their effect on market
conditions and as motives for buying or
selling stocks. Yesterday much of the
selling was accompanied by expressions
of uneasineSs over the effect upon the
feeling toward securities caused by the
inquiry into the coal carriers and the pos
sibility that further revelations of graft
ing practices will follow the extension of
the inquiry into other railroads and to
other lines of traffic. Today the stocks
Immediately affected by this investigation
were conspicuous in the rise and the view
was promulgated that the exposure of
graft amongst officials of these compa-
MES gives assurance Of abolishing the
abuse and of doing away with the losses
presumably involved for the corporations
through faVOritiSm to Individual ship
pers. An advantage to the stocks was al
legged to be promised in this way.
There was also considerable discussion
OF the expressed RTdU1T1catfOn by the pres
ident of the Reading that his company
was Undefiled by graft practices. Read
ing and the COdlerS were made the lever
for pTOpping the market and lifting prices
to a higher level The movement spread
to other points. however. and traders who
went short yesterday were generally in
Clined to cover today. There was general
satisfaction expressed over the tranquil
manner in which the resumption of bank
ing was effected in San Francisco. and
confidence was expressed that early re
turn of cash to New York banks would
follow.
The transfer through the suh-treasrrv
today Of nearly S1JO0 000 from San Fran
cisco to New York was not without ef-
feet on sentiment although that amount
of gold was received i'm San Francisco
yesterday from Australia and the largest
part of tOday's transfer was known def
initely to he in course Of remittance of
this gold to the bank here which en-
gagged il in Australia Some of the New
York banks had intended shipments from
there next week amounting to several
million dollars. Reports of a so. OOG 900
loan in prospect by Paris bankers to fire
insurance companies opened a new phase
of the resources opened in the Paris mon
ey market to American borrowers after
the example Of the Pennsylvania $50. 600 900
bond issue. Confirmation of the reported
insurance borrowing was lacking, how
ever.
Call money rose again during the day
with an effect Of admOnition of the re-
suits to be expected from occasional syn
dictate requirements. Installments of sub
scriDtiOns for Baltimore & Ohio new
stock and for Delaware & Hudson con-
vertibIe bonds due tomorrow were the
cases in point today. A good effect was
produced on sentiment by the report OF
wage advances to New England. cotton
operatives Prices reacted to some extent
during the afternoon. but rose again to
the highest Of the day under the infiu-
ence Of the Reading movement. and the
closing was strong and quite active
Bonds were irregular. Total sales, par
value. s. IL. 000.