The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-10-21
STOCKS IN THE EAST
Bull Contingent Has Things Its
Own Way.
BUT GAINS ARE SMALL
FIRM TONE HAS RULED FOR a
WEEK


New York. oct 20-The tentative oppO-
sitiou which has been offered to the up
ward course OF prices for two days past
bv a considerable bearish element Of pro-
fcssi1Hal traders, was wholly abandoned
toaaay. Prices moved upwards, without
important exception and almost without
Interruption. Considering the very large
volume of the dealings, TIE movement OF
prices Of the majority of stocks was sur
nrisIHgly small The larger and eager
demand from outside sources was. in fact,
.-t,.Iflx- Tod nv tho otrf=ida geaIr,-
ers who were taking their profits But
the undertOne of firmnesS Was shown BY
fue prompt decline in the offerings when
there was the slightest yielding in prices.
There were few stocks also in which
there We're striking upward movements,
notably in the steel ana IRON group Am
ericau Hoop was then leader and was
strong from the outset. Federal Steel en-
cuuuttrsd some opposition TO the advance
fu the early dealings, but ultimately be-
came very buoyant in tone The whole
group came into the movement under this
leadership and advanced from to 612,
The latter figure for American Hoop. The
feature was an essential factor III the
buoydut tone of the whole market at the
close. Pacific Mail was marked up )
points without any news 10 account for
the rise. The buying was attributed TO
the hopes of BENEFIT TO the pTepeFty from
ths passage Of ship subsidy bfli at the
coming session Of congress.
ID is evident that the weeks receipts Of
gold came 100 late 40 affect the bank
Statement, but Will have a resulting and
L4rEer effect on next weeks showing The
mfT-NGfk receipts were supplemented DN
81 10000 in gold which arrived from Eu-
rope yesterday and today, and by s. So
0HI in SuVcreIgns which arrived at San
Francisco from Australia yesterday
Week Shows Gains.
The stock market during the past week
factors. part OF them technical in charaC-
ter and part of them growing out of
substantial Improvement IN financial con
diUJuS. The most important element IN
the advance IS the forcing 10 sell of a
large interest Professionals in stocks
vino are greatly prone 10 historical anal
uEi,S found themselves impressed with
tIr recollection OF what happened TO the
stock market at this time four years age,
and they argue that the tendency today
20 hold back from business engag ementS
until after election warranted the eXpec-
tatiun or d decline N prices before eieC-
ton such as occurred TOUR years ago, out
the sudden turn of circumstances last
week towards the relief Of threatened
striugency in the New York money mar
ket gave opportunity for the Watcnful bun
contingent in stocks to affect turn in
prices against their opponents, which
drove them TO cover in "a somewhat diSOT-
derby and hasiy manner. The powerful
and well-Orgdulzed bull party was aided
i'm thus wringing profits out Of the bears
by the development OF an outside buylng
interest which attained notable proper
tious and made itself felt TO degree also
by investment buying OF bonds.
Last weeks good bank statement and
the large engagements of gold for import,
which continued this week, gave general
tDFOuTtEf rIltnl- anu the nope was enter
tanned that the crucial strain or the mar
ket had been passed, aud that the reserve
would prove sufficient meet he uneN-
peoted heavy demands. This hope had
additional warrant from the falling off
during the week of the interior demand
for money and larger supply Of money
secured by the operations with the sub
treasury by reason of pension payments
ami the larger drafts payable against gold
DEPOSITS with the government at Pacific
coast points
Strike Settlement Helps.
The reports of Improvement in the iron
and steel trade, the settlement of the
coal miners strike and the fact that the
average gross earnings OF railroads for
crease again oVcC -2St year, after those
for the last week ia September had fall
en- off, all helped 10 stimulate the bullish
sentiment But the buoyant rise in prices
offered attractive profits To spectators
who had held stocks during the long pc
Rod Of inertuess and lethargy in the mar
ket. At the same time, the closing out
of a large short interest took out of the
market an important support 70 prices.
L'otlinS beyond the immediate present
conditions IN me money market. Specu-
latorS saw some cause tor renewed appre-
heusion of high rates for money. There
fore, by the latter part of the week there
bear party making itself evident in the
operations on the stock exchange. This
party's efforts TO work declines were by
10 means unODposed and the speculative
conflict thus Waged caused "a very unset
tied and irregular stock market until the
general upward movement of Friday.
There were widely divergent movements
In some OF the minor stocks, but where
q contest between speculative interests
conferred in one stock. as in Union Pa
CItir the effect was seen in an aStOnish-
iuglv marrow price movement on the enOr-
nous volume of dealings.
There is much uncertainty among the
best authorities regarding the further
movement of gold from abroad, and the
uHIoUbted ability of New York to force
sold homcward, if nccess ary, may upset
The European money market
business IN bonds has been COnSiderab Iv
larger and prices of many Issues have adj
EauDsd. L.. s. new As advanced p. and re-
funding 2s and old Is "a per cent over the
Call of = week aso.
Bond Quotations.