The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-03-20
.BUOYANT AND AT
THE TOP LEVEL
Market Closed With Every In.
dication of Strength.
REVIVAL OF SPECULATION
NO FEAR OF FURTHER WAR
FARE ON TRUSTS.

New York, March 19.-Today's market
disclosed a lively revival of speculation
and closed animated and buOyant az the
top level Of the day Not only was yes
failure. more than wiped out. but net
gains were established Cor the principal
acJiFe stocks running from over a point
70 points St Paul, Reading and Sugar
We're the largest gamers. but there was a
very large absorption of Pennsylvania
ana the Pacifics on "A rising scale The
equanlmlty with which the market ac-
cepted the Suly failure was the~cause Of
the squirt of bullish enthusiasm. The rise
started in the face of the announcement
OF an additional failure on the cotton eN-
change and gained cumulative force after
brief periods Of hesitation which induced
no important reaction. Fears that the
failed cotton bull had extended his spec
uiduons in the stock market We're re-
HeNed. and no anxiety seemed TO be felt
that the speculative losses in cotton
would induce any realizing in the stock
market such as often results from large
losses elsewhere. The events in the cot
ton market were viewed. I'm fact with
some complaciency in the stock market
as promising a return to price level
iairiy representative of conditions of that
staple likely to renew demand from for
eIgn and domestic spinners. The decrease
IN cash reserves of the banks and the
decline in the surplus. which ordinarily
cause chill to speculative enthusiasm,
were also taken i'm good part. The con-
uuued ease In the money market leaves
upOppOsed the advance IN the foreign ex-
change rates. which continued today and
approached mead to the point at which
gold would go out to Paris Total sales
OF bonds, par value. sl.105,O00.
Review of the Week.
The long-expected Northern Securities
the rigid bonds which have held the stock
market IN state of stagnatiOn many
weeks past The volume OF dealings has
risen to more than double that of last
week. and prices for the principal active
stocks rose from to points over last
week IL Is the general conviction that
the larger part of the demand for stocks
has come from the short interest lett un-
covered although commission houses re-
port a slight revival of demand. Beside
the short covering there are to be counted
financial interests which were placed in
the market as "A protection against pos
sible break on the decision and the op-
eratious by professional traders against
the short interest and designed to make
profit cut of the necessities of the IN
covered bears On the whole therefore
II Is believed that the weeks rising mar
Ret has been little due TO any growth of
investment demand. The fact of rising
prices in itself has had the effect. al
ways inevitable Of producing q more
hopeful sentiment over the outlook for
values.
The quickly apparent fact that the
Northern Securities decision was not
throwing any large volume OF liquidation
on the market was a warning that pre-
cauuonary operations in the fear Of the
damaging effects of that result had been
completed II was evident also that some
important bear accounts were held open
in the face OF the first covering move
ment in the expectation that the up
ward movement would be shOrt-liV ed The
covering Of these was the sustaining in
fluence in the later advance. The situa-
ton has not been cleared Of all the I'M
certainties which have weighed on the
market But these have been under con-
slderation for some time past and may
be supposed to have had their due in
1luence in the speculation. With the
Northern Securities case out of the way
1t was felt that other continuing factors
could not be relied on TO cause further
decline in prices and the shorts were i'm
PEELED 10 cover. Besides these causes for
a natural rebound With the bad news
out, there have been factors Of a more
positive character TO further the reCOV-
ery