Show STOCKS IN THE EAST Markot Is Fairly Fl Dull Bull But Buoyant an t tI I SHORTS AJiE LOSERS 1 I I MANY TO o COVER CO DUR DURING DUt i ING PAST FAST WEEK 1 I r New York Nov The moet mo t strUt striking ing point in today market was wu its compared with the recent r nt level of f activity a Neither the public or large operators seemed to be taking any part partin I in the market and aad prices lifted rather aimless and The con continued continued weak in some stocks espe especially e pe peI dally Steel A Wire Ire at the opening I was vas offset by the aggressive strength I of ot others Northern Pacific opened f over oyer a point higher and extended the thead ad ance late to over ovet two points There was independent strength shoun at different times by Union Pa Pacific I and by the Southern railway stocks which lifted them 11 points each I There seemed to be some BOrne inkling of the favorable character of the bank statement before its appearance on the tape The bear traders have circulated rumors since inee yesterday y that some mysterious mys mysterious influence was waa at work which would spoil the good features of the I statement Shorts covered heavily he in advance of the statement and a gen genral ral 1 rally occurred which lifted Jilted the whole market well en over oer last night many stocks rising rl a point or more The 1 bears were much struck by the th failure of any large laaKe buying demand to toi i develop with the easy ea y mony conditions indicated and they put out fresh short I IUne lines Une in Ute the last t few minutes of trad trading ing me except for the stocks where par particular particular strength has haa been shown allon The market at no time Ume showed the urgent liquidation which was the feature yes ye yesterday but new ne buying was U equally lacking J even when the technical ques question question tion became distinctly favorable f Week Was Active Stock St ek market a has been fully funy maintained during the past week but digestion of profits has bas made in inroads Inroads roads upon prices at many points and the opinion that the advance was in danger of overextending itself has gained force fOI e The notable n table strength of ofa a few stocks has hu been due to some ex extent extent tent at least to special causes and I lias served as ae a strong sustaining in I i The reactionary tendency would undoubtedly have been more mOle marked had it not been for this sus sustaining I influences pinion Opinion O regarding the prosperous outlook for business has not been changed and no unfavorable II able factors have bave developed The only 1 uneasiness was lest the outlook is being over discounted and prices inflated by byj j purely speculative demand stocks stock 1 thus in a correspondingly violent collapses Professional Prote ional operators in stocks have n keenly alert for tor the I turning point in th U market and have taken tl the e short side ir many any times since Nov No 7 t only orlly to be driven to coyer cover with ith losses es at higher prices u But it is a matter of or course that the further I market advances ance the more vulnerable It becomes and the nearer It Jt ap approaches i to the period of reaction The t bears have had better hetter success in mak making II ing tn Impressions Impre ion on prices es during the latter part of the week than at any anytime an 1 time Ume since the election But hUe the of a break short on the market I are all an for tor lower prices his needs are area a powerful influence for tOI advance I Forced buying from clo shorts has helped the advance more than once on In the last two weeks London Brokers Deceived i A conspicuous instance ot of this char 4 acter was offered by th London mar m r K teL t London brokers sold Twy American stocks on a very large Kale cale before election which are sub I to redemption on at the periodical j stock exchange settlement one of j I Ii i which occurs on next Tuesday When l prices began be to advance here London continued to sell with confidence or 01 i with the bo houe of or cheating the advance i But the London OI apparently fj decided to take their losses thIs week Ii and aDd not take the risk riak of seeing them crow by a further advance Wednes Wednesday Ii 4 day London bought more stocks In New York than on any previous day c the total being estimated at I a The European short Interest was I largest t in Northern Pacific and the I rt covering had not a little to do with I that stocks sensational advance The Vj effect of the summer and autumn pe period of discouragement from failure of the spring wheat crop I converged on this stock and was ag aggravated by the action of the directors In ill refraining from declaring the extra i 1 3 1 per cent dividend end at the time they ft declared the 1 P per r te ent t for the I i Hi Se tt t the stock sold at 1 45 Ai Wednesday Kay of thi week it sold old soldat I g at 74 The changes in the conditions I et f this company com and its policy and the I 1 1 sentiment toward its stock are typical oi of the tl c changes In the whole speculative 1 situation Not only has there been Itt t buoyant confidence in renewing busi busl business 1 ness s by buying and by making con contracts coni tracts to buy on the assurance i 3 that prices could go no lower but there theren n F has bas been an astonishing a unloosening r f ot of credits credit in the money market The rhe ri continued digestion df of profits in th t stock market was another element of 5 the prolonged strength Active business busine has been l een done in Jt bonds but it has at no time approached f record volume e of or the market of January 1899 Prices are generally blither bibber on 00 the week United States new advanced tile the refunding a when issued and old olda 4 Mi a and nd is H 14 Per cent over the Ule ruling cull call price of a week ago |