The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-11-25
STOCKS IN THE EAST
Market Is Fairly Dull, But
BuOyant.
SHORTS ARE LOSERS
MANY FORCED TO COVER DUR
ING PAST WEEK.

New York, Nov. 2t.--The most sUrik-
ing point in today's market was its
duTness compared with the recent level
of activity. Neither the public or large
operators seemed to be taking any part
in the market, and prices lifted rather
aimlessly and hesitatipgly. The con-
tiuued weakness in some stocks. espe-
cially Steel & Wire, at the opening
was offset by the aggressive strength
of others. Northern Pacific opened
over a point higher, and extended the
advance lated 10 over two points.
There was Independent strength
shown at different times by Union Pa
cific and by the Southern railway stocks
which lifted them 1d11a points each.
There seemed TO be some inkling Of
the favorable character of the bank
statement before its appearance on the
tape The bear traders have circulated
rumors since yesterday that some mys-
terious influence was at work which
would spoil the good features Of the
statement. Shorts covered heavily IN
advance of the statement and gen
eFal rally occurred, which lifted the
whole market well over last night,
many stocks rising a point or more.
The bears were much struck by the
failure of any large buying demand 20
develop with the easy mony conditions
indicated. and they put out fresh short
lines in the last few minutes of trad
ticuiaF strength has been shown. The
market at no time showed the urgent
Humiliation which was the feat uTe yes
terday. but new buying was equally
lacking, even when the technical ques-
tion became distinctly fIvorable.
Week Was Active.
stock market activity has been fully
maintained during the past week, bus
the digestion of profits has made IN
roads upon prices at many points, ana
the opinion that the advance was IN
danger Of oVereXtending itself has
gained force. The notable strength of
"a few stocks has been due to some eN-
tent, at least, to special causes, and
has served as "a strong sustaining IN
fuence. The reaCtiOnary tendency
would undoubtedly have been more
marked had it not been for this sus-
tanning influences. Opinion regarding
the prosperous outlook for business
has not been changed, and no unfaFOr-
able factors have developed The only
uneasiness was lest the outlook is being
over discounted and prices inflated by
purely speculative demand fer stocks,
thus inviting cOrrespondngiy violent
Collapses. Professional operators ia
stocks have 1een keenly alert for the
turning point in the market and have
taken the short side many times since
Nov. = only to be driven to cover with
matter of course that the further the
market advances the more vulnerable
il becomes, and tire nearer il ap-
prOaches to the period of reaction. The
bears have had better success in max
ing Impressions on prices during the
latter part of the week than at any
time since the election. But While the
desires of a break short on the market
are all fer lower prices, his needs are
powerful influence for advance
Forced buying from ClOsed-Out shorts
mas helped the advance more than once
in the last two weeks.
London Brokers Deceived.
y conspicuous instance of this char
acter was offered by the London mar
ket London brokers sold privileges 81
buy American stocks on very large
scale before election, which are sub
ject 10 redemption at the periodical
stock exchange settlements. one o
which occurs Oh next Tuesday Whel
prices began to advance here. LondOT
continued 90 sell with confidence, 81
with the hope of choosing the advance
But the London operators apparently
decided 10 take their losses this Wee'
and not take the risk OF seeing then
grow by a further advance. WedneS
day London bought more stocks Il
New York than on any previous day
the total being estimated at 10000
shares
The European short interest wa
largest in Northern Pacific and TIL
covering had not d little To do viii
that stocks sensational advance. Tn
effect of the summer and autumn pc
Rod OF disCOUTagemen from the -prac
teal failure of the spring wheat cToi
Convcrged on this stock, and was az
sravated by the action of the director
in refTaiuinE from declaring the e&trj
I per cent dividend at the time the,
declared the regular ] per cent for tn
haIf-year. Sept. % the stock sold a
4525. Wednesday of this week it sol
at al The changes in the condition
of this company and its policy and tn
sentiment toward its stock are typlca
Of tEC changes in the whole SpecuiauN
situation. Not only has there bee
buOvant confidence in renewing bust
ness by buying and by making con
tracts to buy. based ON the assuranc
that prices could go no lower, bat Their
has been an astonishing unlOOsenin
of credits in the money market IN
continued digestion of profits in tn
stock market was another element q
the prolonged stTeRst IN.
Active business has been done i
bonds. but il has at no time approache
the hi@h record volume of the marke
of January. 1899 Prices are general
higher on the week.
United States new Is advanced 3.
the refuuding ., when issued, and oil
Is II and 5s 4 per cent over the ruin
call price OF a week ago.
Bond Quotations.