The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-30
MUCH HESITATION
IN STOCK MARKET
Play of Conflicting Opinions
Has Tendency to Cause Wide
Variation of Prices.
BOOSTING NOT DIFFICULT,
BUT BUYERS DON'T FOLLOW
Business Now Largely in Hands
of Professional Manipulators
Of Securities.

NEW YORK, Nov .29.-The play Of
contending opinions reflected in the
action Of The securities market last
week had to do with the effort to
adjust the relative forco of the un-
diminished confidence over the COM
morcia1 and industrial outlook and the
question Of how far that outlook had
been discounted in the speculation.
Restoration of the previous week 8 de.
elmo in prices was quickly and easily
effected, aided by the requirements of
the short interest left uncovered on
that decline. The tone of hesitation
and uncertainty appeared after tho re-
covery and indicated degree of re-
luctance OF buyers IN following prices
to new high stages.
Transactions underwent a decided
shrlnkagc in volume. no single days
dealings rising to a full million shares.
The decrease was attributed IN large
part TO subsistence Of the general out
sido participation in tho market and
operations lapsed into professional
hands.
Extreme Fluctuations,
In these hands skilful uso was made
of an occasional incident to push the
price fluctuations to an extreme, but
the continual changes in the current
indicated the superficial character of
some of these influences The falling
tendency of the week before was made
the most Of when the week opened by
protessed uncasIness over the effects in
pending revision of import duties of
tho magazine article on the subject by
Andrew Carnegie, The stand taken by
the former iron master IN favor Of
glAn1N Af 4
feared would give a new turn to tho
proposed tariff revision such as the
financial district has been inclined to
assume had been avertcd Political dis
cusSlon bearing on n reported diverg-
ance of view on this subject between
the incoming administration and the
leaders of the house of representatives
was calculated TO emphasize the effect
of this influence. There was also some
discussion OF the tone of the market
for steel products which indicated a
slackcnlng of the rate of expansion
in that industry indicated by the in
rush of orders released by the passing
of the elections. The reaction which
has occurred in the price Of copper
metal was another index of failure
of maintenance of the full rate OF re
cuperatlon of consumptive demand or
of speculative excess in anticipating
that demand. \ heavy tone in the
metal Industrials was a consequence,
and this persisted to some extent even
in the periods of recovery in the gen
cral line of the stock market.
Pacifcs Factor.
A prime factor in the rebound Of
prices was the listing at the stock cx-
change of new Southern Pacific stock
according to the privilege vested ia
that stock. The reaction was perfume
tory in itself, but the speculative Gle
mcnt viewed ii as a preliminary to put
ting into operation some important gen
eral financial plan dealing with South
ern Pacific and Lossibly Union Pa
cific. The head ot those systems has
been credited In the estimation of the
habitual speculative element with Il
large share in the fostering measures
which have sustained and advanced
prices all through the late summer. Be
| lief that further measures calculated
10 stimulate speculative buying were
in prospect from that source, awakened
| lively apprehension among the pro
| fessional bears and a substantial snort
| interest was driven to cover
On tho side of conservatism IN spcc
ulation has been the opening prospect
| of demands for fresh capital in the
| form of new issues. The succ assful
sale Of $12, 900 of New York City
! corporate stock was regarded as a sign
! of tho good appetite of capital f)r In
vestment whilc offerings in foreign
markets indicate similarly favorable
| coGdiuon.