The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-10-28
STOCKS IN THE EAST
Lively Selling Makes Entire
List Give Way.
WEEK SHOWS ACTIVITY
PROFESSIONALS HAVE MANIPu.
LATED MARKET BOTH WAYS.

WV AoLhs OCI. Zf.-There was a
very manifest disposition to sell stocks
to take profits today. The appearance
of unexpectedly favorable bank state
ment gave momentary check To the
downward movement, but the raliv wa
taken advantage of to increase the sell
ing, and the whole list gave way. clos
ing weak and at the lowest price. Net
losses Of between one and two points
are recorded in not a few stocks. nv
industrial and railroads lists The for
mer department was the greater suf
ferer. Some stocks had a period of
strength after the opening notably
Sugar, Brooklyn Transit and MetroDoIi-
tan Street Railway, which same STOCKS
were mostly affected by the late selling
movement. The iron and steel stocks
as a group were weak, in SDite Of on
couraging reports of the industrv in
the weekly commercial reviews Sew
eral of them suffered to the extent
OF to Is per cent. In the railroad LIST
TIE most conspicuous selling was in
missouri Pacific as the latest stock to
be subjected to unwarranted rtInnors 10
advance 1t, followed by authoritative
denials. Southern Pacific Continued
aeavy, in spite of the decision upon the
new president. The Readings were
quiet. There was a dispOsitiOu about
the exchange to deprecate the excess
stVe tendency of the specuIa ton. and
the broadness Of the methods emDloyed
IN some quarters. The systematic and
periodical dissemination of bull canards
was teIt 20 endanger the stability of
a market where buying was based upon
such himsy grounds.
Week Has Been Active.
The week has been one of great
speculative activity in stocks, and has
afforded opportunity to market very
large holdings The DEVELOPMENT of an
outside demand has been accompanied
py manipulation of prices in the inter
est OF spectators long of stocks. The
succeSsfui efforts to get prices up have
resulted in handsome profits in the
selling TO outside buyers. That MANY
or the buyers had in view merely a
speculative operation, hoping for a con-
tlnued rise in prices which would offer
a profit on a resale, was evident from
the selling pressure which developed in
the advance, and which turned prices
backwards
But the bun interest on the exchanges
constantly shifted their opportunities
e, 10 new quarters of the stock list and
Kept the speculative interest awake by
ueNeloping new price movements
Nearly every day during the week
brought forth publications alleging far
reaching changes in control and in
plans Tor operation of great railroad
properties or allied or connecting svs-
TENS, with promises Of colossal results
in profits. Looking back over the week
II is noticeable that these stories have
tailed OF confirmation, and in many in
stances have been concIusively denied
so that after the first upward iunD of
the stock il has fallen back in price
ana become comparatively quiet in the
speculation, Il is an invariable Incl
dent of bull market that after the
professional operators have worked
through the list of stocks and exploited
All those available for a rise and sold
their holdings, they viii become as in
dustrious in sowing discOuraEing Opin-
ions regarding future values as they
were before in expressing confidence.
Much Gold Coming in.
The recent supplies of gold secured
at various points in Europe and in
London for import and which now
amount TO nearly 81. 600. 900 have been
the determining influence in relieving
apprehension over the money outlook.
IT had been feared that such a with
drawal of gold would have dangerous
consequences jim Europe, which is still
cut off from its former source of sup
ply in the Transvaal. That European
markets haze been undisturbed by this
movement is partly due to the skill
with which the exchange operations
have been handled. American agents
have secured all out of the way sources
for floating supplies of gold in order
AVl 10 eucIodcn on the supplies IN the
great central institutions abroad. The
weeks receipts Of gold in New York
nave kept the money rate down. though
the demand for credits incident to the
speculation have not been without eff
feet IN incident of the week has been
the continued advance of silver to the
highest level in four years and the ap-
parent elimination of the rise and
slight reaction.
Bonds as well as stocks have re-
sponded TO an awakened public in the
issues and have gained substantially in
prices. L. s. ref. 2s when issued ad-
vanced = and the IS new and old As
and the IS reg. and do. coupons q per
cent in view of the quotations yester-
day.