The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-04
Result of An Effort to Squeeze the
Shorts.
LIST MOVED UPWARDS ON AMI
MATED DEALINGS.
Decline In Money Rates Also Induced
General Buying For Long Account
-Industrials Broke at f1e Open
ing, But Recoveries Were Made
Bond Market Was Easier.

New York. Oct 3.-Today's stock market
| furnished a striking exhibition of the
professional character of the trading. De-
velopments over Sunday did not invite a
change of tactics by the leaders and on
the resumption of business the raid
against the industrials was renewed. To-
bacco Consolidated Gas. New York Air
Brake and various other properties of
this class gave way rapidly and although
/ the reaction halted after the first half
hour declines in the meantime had been
affected, ranging up to points in New
| York Air Brake. Consolidated Gas lost
6 points and Tobacco 5 points, the latter
touching 113. The Tobacco shares were
singled as a lead of the market ana
the strength of this stock soon permeated
the market and the list moved steadily
upwards on animated dealings Inter
ests which had been responsible for the
late Generalization in speclaltles also
changed front and operated for the long
account. The action was taken in order
to shake off an undesirable following; the
market showing signs OF having pee1
oversold. This circumstance rendered
manipulative tactics profitable and Wig
orous efforts were made to squeeze the
shorts. The traders were quick TO take
advantage of the changed programme ana
any effort to cover large line was fol-
lowed by vigorous bidding, with sharp
changes between transactions. Contribu-
tory IaXOraDle QeN6iOp6u DIS lAAc
day progressed to strengthen the mar
ket.
Arbitrage houses executed heavy pur-
chaseS and a decline in money rates in
duced more general buying for the long
account The market in detail presented
many striking features and while reallza-
tions We're extensive as the rise assumed
headway the undercur. ent of strength was
not affected and final prices We're well
above Saturdays level Some heSit2ncy
was noted at the inception of the rise and
the market became Semi-stagnant, the
traders apparently holding aloof until the
disposition of the leaders became more
clearly defined.
Extreme recoveries from the low point
were 10 points in Tobacco to 123. in New
York Air Brake and in Consolidated
Gas. Sugar and Manhattan figured Tor
points and the balance of the list be-
tween l and 2.
The bond market opened with an easier
tendency, but an active demand for
Atchison adjustments. Wisconsin Gen.
trail lists and Union Pacific, Denver &
Gulf lists soon changed the current OF
prices and marked gains followed. The
reorganization plan of the latter com
treatment accorded the common stock
caused decline in its price TO 4. Total
sales 81, 100000
Government bonds showed heaviness,
the new As yielding \. per cent.
The total sales of stocks today were
ferred 4,425; Burlington, 1880; Manhat-
tan 80. SS4; Northern Pacific preferred,
7 $50; Rock Island 1928; Union Pacific,
Z $50; ST. Paul, IS, $50; Union Pacific pre-
ferred, S420; U. P. D. q G., 4,199; Tobacco,
1876, COO; Peoples Gas. TO- 20; Consolidated
$3.50; Rubber, $500; Southern preferred,
3 $50