Salt Lake Telegram | 1920-11-26 | Page 15 | Position in Wall St. Favorable to Bulls

POSITION IN W WALL Alli SIF ST ST. FAVORABLE TO BULLS Stock Market Successfully Turns Corner but Shows I I Effect of Long Decline I I Furnished by Har Harold ld R. R Smoot Co NEW YORK Nov 26 The The market Ismore is ismore I more moio two-sided two than it tas has tas been at any anytime election There Thero are ale strong time limo since electon I and with the confused confused con con- people 0 01 both sides fused state state 0 o of prices after the the general genral decline usel ne we H think tha tho strategic position Is to rather mere favorable to bulls buls than beals bealE All Al 11 stocks h have have- vo declined in the of past st month but there are re a a number cot portions where di this fall fal have been favorable Among these we e group the high high-grado dividend paying railroad Flocks like Union Pacific Great Northern Norfolk Western New York Central C. C O O. O With Wih money tending to become e easier these sure sur income re returning returning returning re- re turning investments are destined to lok look more and more attractive we think The October earnings statements will w be ra- ra a- a Wednesdays stock market conformed In Ill every respect to the time honored precedent precedent pre pro of a market which has turned the corner after a prolonged decline but out which is n in no position to consider any ny Immediate forward movement The stage stare Immediate in such sucha a situation lon is the final check cheek like that given on Saturday to the panicky selling out of stocks The second sec eec ec- ec ond stage Is s a violent rebound d like lk that fd t 8 hV o oles les of Monday The third stage 1 Is a secondary see sec reaction in which prices slowly to conI constantly constantly con con- sag off but with a tendency of Increasing wih dullness It was this stage stanty which was reached yesterday and today I The trading element was generally pessimistic as business began They had of the gone short again on on the recovery previous day flay agin and started in promptly to experiment on the bear side The few weak spots were exposed among Individuals Indi Individuals Indi Indi- to prices as a result of ot these activities Texas Pacific was driven down sharply among the low priced rails rais Some of the oils ois were attacked because of ot the reported reduction In prices by one of the St Standard Oil 01 subsidiaries Taken altogether the bear party did not make the Impression upon prices that It had counted upon In some Instances like Mexican Petroleum the venture on the short side proved unprofitable as as' as was Indicated by the rapidity of the sub- sub upturn Steel shares gave gud ground reluctantly and Southern Pacific came back easily In the afternoon after a a point back or so loss early In the day clay These made up the principal incidents of an uninteresting day clay on the the stock stok exchange ex ex- change They seemed to mean that the market was settling down Into a period of lessened activity with a tendency to stabilize Itself around the present price prie e level Announcement ement of the regular dividend of 50 cents a share on Copper came clime cent as CS a surprise It I came on the heels of ot yesterdays yesterday's cut in the price prie of the metal to 14 cents a pound which is the lowest quotation 1 In five ve years The story about oil discoveries In ip Anacondas Anaconda's territory ter ten 01 had little influence on the stock In as much as is a largo large larg owner of Utah Uth Copper the declaration of the dividend on the forer former It was reasoned would hardly have occurred had the thc di director directors directors di- di rectors rector not felt fel sure sue of the usual divi dividend div div- on Utah Globe Standard Oil cash dividends dividends' in m 1920 Oi amount to a new high record record rec rec- ord which compares with in 1919 and with the previous pre high record for any ny year rear of in 1913 when the Standard Oil Oi company of New Jersey sey paid an extra dividend of ot according to statistics prepared by Jenks Gwyne and company Much of the 1920 payment is due to dividends on on various new issues of preferred stocks which amounted to more than Times Easy money is a powerful influence and will largely counteract from a speculative speculative standpoint and for a a while at least a lot lotof of t other adverse things Stocks do not look 1001 as attractive short sale in a a 5 per cent as they do in a 9 per cent money ploney market C. C C. C I. I Hudson Co Many Many of the better classes cases of both railroads and industrials are ae now selling at prices which look lok attractive if I present dividends are to be continued Hubbard Hubbard Hubbard Bros Co S SIn In the absence of buying power professionals pro pro- and floor foor traders are seeking for tor vulnerable spots spot In industrials I believe beleve good goo rails ris and public utilities sh should uld be b bought on or recessions Toomey Toomey