The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-05-16
GREATEST STRENGTH
IN MONTHS NOW
BEHIND MARKET

NEW YORK, May 15.-The list OF
securities dealt in on the stock ex-
change had a more thorough exploit
alton today than on any other occa-
sion during the extended advance
that has occurred. This was done
by a process of rotation which passed
from one quarter of the list to an
other, using the sustaining effect OF
advances in stocks which we're newly
bought to sell stocks previously taken
on and advanced. The days turn
over was. consequently. larger than
on any day since the middle period
OF last year.
The regularity and precision of the
movements disclosed the skilled OPP
erations of professionals and habitual
speculative leaders. In fact, II was
manifest in the board room of the
stock exchange that many profession
ais of the large trading class, who
have determinedly fought the ad-
vance in prices through much of its
later stages, and who have viewed
the market with suspicion and dis
trust. had come over to the long side
of the market and were following the
obvious current for the time being.
Some large orders In individual
stocks executed by single brokerage
firms were believed to represent buy
ing of blocks by banking interests for
sustaining effect on the market. Lon
don also turned buyer in this market
for the first time in several days, and
relieved the situation from one of
the forces with which the advocates
of higher prices have had to contend.
Important digestion of profits was ef-
fected in the course of shifting OF
holdings from stock to stock and
from group to group. Profit taking
was notably heavy in the trans-conr
tinental group during the morning.
but 1t was cautiously pursued and
not allowed to make heavy inroads on
prices.
The market was resilient on reac-
tions. and closed at the top with
renewed outburst of buying orders.
Not much specific news was heard of
to explain most important movements
but the action of the market was
taken to express satisfaction on the
part Of the important financial inter-
ests with the prospect for ultimate
business revival and with the money
and political conditions. Reports
from the metal trades were more de-
finite as TO Improvement than from
other quarters and this by reason of
a natural process of falling prices
and resultant attraction of renewed
demand Sellers of iron have aban-
doned pretense of maintaining prices
at previously agreed level, and more
life. in consequence. is reported in
the demand for that metal The con-
dition in the copper trade is analo-
gous, and more confidence is express
ed of Improvement from the present
basis.
Rumors of deals continued TO play
a part in the speculation, today's
dealing with supposed acquisition
by the Reading of the control of the
Western Maryland Alleged Rookie
Teller control of American Smelling
was another. Yesterdays heavy gold
engagements, together with the pre-
vious repayments of government de-
posits by the banks, have produced a
withdrawal OF only $S,605, 900 cash
from the banks by the subtreasury
thus far this week. Evidently inte-
rior banks. In making payments to
the government. drew less on New
York deposits than is customary The
broadening of the bond market was
feature of the day Total sales,
par value. $4,264,000. United States
bonds were unchanged on call.