The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-18
BULL MOVEMENT
WAS A FAILURE
Effort to Send Carisa Up Was Tn.
successful.
HOW A COMBINE WAS FORMED
STOCK BROKERS PREDICT BET
TER TIMES SOON.

Down went Carisa on the mining
stock exchange yesterday with even
greater celebrity than did the McGinty
famed in song. The bull poor quit.
The close Thursday. after the reaC-
ton had set in. was 6312 cents on the
open board. The top that day was 6S9s
cents. Yesterday the stock opened at
50 cents and went humping. tumbling
head downward until it nit 4912 cents.
There was slight reaction and the
close was at 522z cents.
The details of the working of this
bull poor are known accurately to
only the few who took part, but after
the elise Of business yesterday after
noon a number of brokers had a fairly
accurate idea of the inside of this deal,
which has involved something like
100000. This is the story of the deal
as it appears to some of the wisest
traders on the exchange:
Formed a Pool.
About a week ago some five or six
operators formed a combination to put
up the price of Carisa. They knew
that there was a substantial short in
terest in the stock and they believed
that the price would respond readily
to an organized buying movement.
t. ~ began to absorb stock quietly
and during the early part Of the week
| the stock was firm, showing gradually
! increasing strength.
! Wednesday there was an advance,
and Thursday came the climax The
/ operators in the pool began buying
! everything offered, with the apparent
( intention of putting up the price 70
a point where the public would rush
! in and they would have an opportunity
1 TO unload some Of the stock at higher
I prices.
] But the general impression appeared
/ 10 be thar the advance was purely
manipulative The story Of a strike in
/ Northern spy ground was discredited
/ A heavy order 10 buy came through q
/ prominent bank, but stock came out
/ from all sides TO supply this demand
/ The men in the pool" had brokers
/ selling to unload stock and buying JC
support the market.
Heavy Holder Unloads.
Presently il began to appear that q
! certain heavy holder was ladling OuI
/ stock ir sach quantities that it would
I be next 10 impossible for the pool tC
! absorb it without str8ining its r.
! sources TO the utmost. With the pub
/ JIG in the market 20 only limited eX
tend it became a straight out struggle
I between the observation-disclosures anC
/ bulls The bulls were worn out by tn,
| enormous quantities OF stock Offered
Z them and yesterday they seemed {,
! have laid down"
There is a general belief that th'
members Of the pool are loaded witt
q large amount of stock they Wer,
forced TO absorb. and that a NOR
propitious time may see a renewal o
the effort to put up the prize
Predict Better Times.
Despite this failure TO elevate price
by manipulation, the general opinion
Of brokers. including those who Tough
this bull movement, was that an in
creass in values is not Tar distant.
Money viii soon be easier" said
prominent broker yesterday. IAN,
there will be more public buying. Al
ready orders are coming in better.
look for an influx of eastern none.
BY the end of this month. There ar
move fasteners operating on this ex
change than one might think.
During this month the railroad
and Industrial corporations Of tn
United States Will distribute al
amount estimated at S265, 600 900 in divi
deals. This money viii be looking 70
investment, and some of It viii b
coming out to Utah, for the ore ship
,nentS and dividends Of Utah mine
| are going right along. and there ar
too many good things to be picked u
here for them TO be entirely over
looked by eastern capital