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Show Financial Currents of the Week 9 MONDAY Tho demand for stocks proved disappointing to thoso who organized or-ganized tho upward movement of prices last week. Events over which tho weekend week-end brought In somo soiling orders through commission houses, leaving small opportunity for tho buyers of lust week to distribute their holdings to tho expected ex-pected new buyers. An exception was found in the Hill and Gould stocks, which advanced In the early dealings on the strength of reports that a working agreement had boon mado by which traffic traf-fic from tho Hill roads would bo shipped over the Gould roads west of Denver. The wintry weather In tho west slnco tho stock market closed on Saturday was mado the ground for fear of damage to , fruit and vegetables in thoso regions. , There was some selling of stocks on that account. Assurances that no serious harm had been dono to the grain crop mitigated miti-gated tho effect of the news. TUESDAY There was a lack of dc-, dc-, cisive tone in the stock market which re-, re-, tlected a good deal of uncertainty in tho speculation. The market wan not ootlvo, but importanco was attached to eomo largo Individual transactions, especially In United States Steel. The selling of this stock by tho stock exchange firm, which was revealed as the largest owner of record of tho company's shares of any of Its class by tho statement given out by tho operation itself Monday, gavo rise to much comment. Tho Inlluonco was duo to tho widespread belief that the firm's holdings represent the Interest of somo of tho so-called Insiders in the corporation. corpora-tion. The source of tho selling was regarded re-garded none tho less ominous. The effect ef-fect was to give rise to doubts of the ac-curacv ac-curacv of previous predictions of a coming com-ing increase In the dividend. The rumor ru-mor was given currency also that tho quarterly statemonl of earnings, to be published next Tuesday, would provo disappointing. dis-appointing. WEDNESDAY Specific causes were not clearly perceptible for tho weakness of stocks. The demand was apathetic. Occasional buying from the bears to realize real-ize protlU? by covering shorts constituted tho principal demand, but prices ended at tho lowest. Tho persistent selling of United States Stoel was of notable sentimental senti-mental effect on the general market. These dealings In Steel mado up a largo proportion of the aggregate. Estimates of the earnings for tho first quarter to bo reported at tho directors' meeting next Tuesday accompanied tho selling. Assertions Asser-tions that the total would fall below the 540,000.000 total of tho December quarter seemed lo discourage stockholders, although al-though tho lull In trade has been well known. The coppers were evon weaker than steel and were affected also by the falling price of the metal. Tho movement to reduce the output of pig Iron, coupled with tho advocacy of curtailment of copper cop-per production, Implies an unhealthy condition con-dition in these trades. THURSDAY Tho stack market was rollover! ro-llover! to somo extent from tho active weakness which sent prices rapidly downward down-ward the day before. Tlie profound dullness dull-ness which overcame tho dealings at the advanced level 'Of prices was a more striking feature than the recovery Itself and had Its effect in begetting distrust of the recuperative powers of tho market. mar-ket. The demand which carried prices upward was ascribed to tho bear element In speculation, which had boon selling stockB freely since the opening of the week and which saw protlts accrued on tho short side by buying to cover. There was no more positive factor discoverable in the buying. The rubber craze in London Lon-don nnd tho Inflation of credits presum-ablj presum-ablj accompanying It are believed to be related to tho solicitude manifested by tho Rank of England to continue tho accumulation ac-cumulation of gold .rcsorve. Tho greatly strengthened position rovoalcd by the bank In tho weekly return today was accomplished by a drawing in of open market resources as well aa by Imports of gold by payment of a premium over tho markot price. FRIDAY Speculative operators In stocks started tho day in so gloomy a frame of mind over tho commercial and llnanclnl prospects that some excess was to be looked for In tho steps taken to express ex-press that. view, tho late demand to cover shorts being the consoqucnee. Tlie sentiment sen-timent was duo lo the cumulative effect of various reactors at work for several days, and to which was added tho news overnight that a reorganization was necessary nec-essary of the old and prominent Teft-Weller Teft-Weller Dry Goods company. The strong influence on speculative sentiment ivas duo to the watchful .spirit which has been aroused by the admitted difficulties growing grow-ing out of tho high price of cotton. The cotton market was tlie object of anxious attention, owing to tho extonded speculative specu-lative position' and the precarious situation situa-tion for speculators which may result from a prccipltato fall in prices or from tho intervention of government authorities authori-ties In tho affairs of tho market pool in cotton. SATURDAY Opening changes In prices of stocks wero mostly to eighths and quarters quar-ters and tho transactions wero mostly where thoro was no stock offered at ruling rul-ing prices and brokors had to bid higher to fill ordors, causing a rise of about one-half In Reading, Union Pacific, Southern South-ern Pacific Pennsylvania, United States Steel. Amalgamated Copper and American Ameri-can Smelting. The higher prices brought out morc stock and there was a slight recession. Buffalo, Rochester and Pittsburg Pitts-burg preferred fell S: Iowa Central ig and Pacific Coast 1. Tho market closed easy. |