The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-02
MARKET DOES NOT
RESPOND TO NEWS
Eastern Situation Is Difficult
Ono to Fathom, and Bears
Prevail.

According 10 sdvic-s from tho cast. the
big markets are ir a rather dcmoralizcJ
condition. This Nas emphasized Thurs
day BY the lack OF either public or pro
fcSslonHl support on the publication Of
what usually would be The signal for bull
ish activity. Tho coppcrs arc stronger
than tho rails and industriais, these iz-
sues still feeling the effects some what Of
The recent support given them during tho
new financing which occurred tho first OF
last month. The following market COM
mcnt Nas received yesterday over tho
Prime, Wcbhor &. Co. Letter Boston
Tho market tonight looks more discour-
aging than il has for some time. There
were two bullish factors this morning,
the reduction in the Bank OF England
rate and tho hopeful attitude OF tho steel
company. Neither OF these, however. bad
an effect in checking declines, and prices
sagSed lower all through the session, In
dependent steel companies arc confident
that steel prices must be lower. and arc
underselling the big company all the time.
CopperE showed more liquidation TODAY
than for some time past and the buying
power was very small. Lack OF public
speculation has caused most Of the floor
traders TO tako the bear side. and they
flnd It very easy to break prices. but VIC
do no, think they will hud many stocks
for sale when they try to cover. We feel
40 confident in the metal situation that
VIC have no hesitation 10 advise the pur-
chase OF all good coppers on thesc weak
days.
Logan & Bryan Stock Letter. New
York.--The market was very fevcrlsh
throughout the session. The recent
heavy selling OF the d, & II. G. issues.
In fact all the Gould stocks gave rise 10
the impression that the dividend OF tho
preferred stock OF the former company
was likely 10 be reduced. The dcclara-
tion OF the regular rate, however. when
announced in tho last hour, served TO im-
that on short covering prices recovered
from low levels, II was very apparent
however. that liquidation on a broad
scale was In progress during thc greater
lack OF aggressive support and outside
buying The street seemingly wns not
very much impressed by the developments
at the meeting OF steel representatives.
nor was the reduction in the English
bank rate. or higher range of London
prices. Discussion is rife in relation TO
the probable contents Of the presidents S
message, which Will he released the
conVcning OF congress next week and
the Same has afforded considerable food
for thought, particularly as a marked i'm
lines will probably hinge greatly on the
character of the agitation and legislation
within the next few months.
Gallagher says: Both inside and out
side markets weak again today. Selling
movement began on the curb during tho
first hours trading. when the lowest
prices OF the day were reached in Ray
Con, Chino and Inspiration. Balance of
list also weak. and without feature.
Hornblower Letter, Eoston.-Thc cop
por market was weak again today, In
sympathy with lower prices in the New
York market Stocks should be bought
for turn at least. The closing was
steady. at fractional rally from low
prices.
New York Sun says: After an active
selling movement in the first hour this
morning. stocks steadied and business
contracted. The professional element is
rather expecting a rally. but would not
work for Is, being more disposed 10 wait.