Show SHORTS PINCHED IN N WALL STREET Recovery in Prices to Some Ex Extent Extent Extent tent Left the Bears in ina ina a aHole Hole MARKET SOMEWHAT DULL BOTH SIDES EAGER EAGER TO TAKE TAK PROFITS New York May 7 The course of to i days ays stock market demonstrated how largely the outstanding short interest had hadeen been een reduced in the course of the vio vie violent lent ent rebound from last weeks extreme depression In Reading the recovery from rom last lat weeks low point to toda high ligh point reached nearly 18 points point With the he satisfaction of the demand from the shorts horts short the market maket fell fel into a dull dun con eon dUon and showed a heavy tone until I the he irregularity Irr after a rally raly The ad advantage vantage vante against the bear party part was wa ex cx extended i tended ended considerably co by b the action acton of the miners convention on Saturday making a settlement without a strike practical practically II l ly y certain The influence e of or this fac factor facton ton tor or was carried over into mar ket and made Reading Rending strong and very active The he feverish fluctuations in this stock tock gave ample Indications of some sonic I very ery active manipulation which was di directed directed against the more persistent bear in the stock stock I The rhe advance in had a sustain sustin ing lug ng on the general general list while i it t lasted The sagging tendency was quite manifest however when Reading R ading I reacted A progressive subsidence of ac activity tivit and of ot the range of fluctuations in n prices is is the normal result of such sucha a a spasm spam of liquidation as that which culminated last week The bear lat opera operators tors ors overextend themselves while the liquidation Is In force and when the forced selling s is over they find them themselves themselves selves selve under the necessity of buying stocks stock to cover shorts on a a rapidly ris rising rising ing ng scale of prices Buyers at the bot bet bottom torn tom om then come in to take profits profit and the he process repeats Itself on a decreasing in ing ng scale scle until the operations in the mar marvet vet hot lapse laps into the hands of professional traders Ot 01 until some important new de dc development occurs to give a new I W impulse to speculation I Sentiment in the financial district at present is i f to a pause in speculative activity r for the clearing cearIng up of the te situation The Tin money mone market marJet shows evi evIdence dence lence of relief by bv reason of or the drastic liquidation effected effect d as a well wen as by the heavy leavy flow fow of gold to New York from abroad The rhe settlement of the coal coil la Ia labor labor bor dispute is regarded with wih emphatic satisfaction in its is bearing on the confirmation mation matlon maton of the soundness of oC the general g justness business ss situation Western railroad for fur forthe forthe the first frt time in many months month admitted a falling Caling off in traffic in spite spie of some sonic extra business ES on account of supplies for fOl forSan forSan San Francisco Reading after losing nearly nealy all al of its is gain gin rose ro e to the best b st stand and reasserted its influence in the mar market market market ket prices at some points joints rallying to the theop th top op But the recovery again gain 3 failed to lo hold lold and the market closed cosed irregular Bonds were irregular Total sales sae par value United States bonds were all al unchanged on call cB |