The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-31
NEWS OF EASTERN
STOCK MARKETS
Heavy Realizing in Burlington
and Northern Pacific.
STEEL SHARES LIVELY
SPECULATION ANIMATED AND
VARIED DURING THE WEEK.


feverish tone in the stock market
throughout todays two hours session
and violent manipulation was in evil
dence from time to time to check re-
dictionary tendency. Heavy realizing
was manifest in the opening dealings,
especially in Burlington, Northern Pa
cific and United States Steel stocks.
These stocks maintained their recent
prominence in the trading so that their
downward course had a corresponding
y large effect on the general market.
Burlington was bid up suddenly to IL
Over last night, about midway of the
session. touching a record price at
1865. but it quickly fell back under
the flood Of realizing offerings and
closed with only a fractional net gain.
There was a violent rise at the same
time in the local traction stocks, Lake
Erie & Western and tennessee Coal
Realizing had already AFFECTED these
advances before the appearance of the
bank statement. The bears sold the
market on the large inrOad made upon
the surplus reserves of the banks and
caused declines running to "A point in
some cases. Supporting orders were
met and the rally was made effective
by sudden and violent rise in Rock Is
land to 1876. an advance over last night
OF Ga points. AtChiSOn was marked up
ia at the same time. a revival of old
rumOrs of a combination between the
two systems accompanied the advance.
Rock Island fell back sharply on real
izing and the closing of the market
was feyer.sh and irregular with profit
taking ia force at some points in tne
list.
The United Steel stocks did not huc-
tuate more than a fraction. but the
dealings in them was very large. There
were vide advances in lumber OF
high grade and usually inactive stocks,
including LackaWaDna, Morris & Essex.
Pullman and Colorado Fuel prefer. ed
running from ga 10 10 points. the latter
figure for Colorado Fuel preferred. The
decline in the cash reserves of the
banks was less than had been estimat-
ed, but the loan expansion of SG,110, 500
made additional reserve requirements
and so en"roached on the surplus.
Another eVentfUl week has passed in
the stock market with a very animated
and varied speculation in full swing.
The daily average of transactions has
run well over 100000 shares of stock
and OF $1,000 900 in par value of bonds.
There has been constant digestion of
speculative profits on a very large scale
and this has encouraged the bear party
70 go short OF the market occasionally
in the confidence that the elimination
of the rise had been reached and that
they would have good opportunity 10
cover their short contracts later on in
lit GADGfteu DeflOQ OF active SDeGula-
tive liquidation. but the continued large
demand for stocks and -the recurrence
OF rumo~s regarding plans for the bet
terment of individual properties have
as often driven the bears to cover and
have absorbed the SELF - TO take prof
its with only slight damage to prices.
The conviction remained strong. in
spite of official disclaimers and down
right denials. that plans were ripe for
the absorption of the Chicas go, Burling-
ton & Quincy system in the interests
OF the Hiil-MOrgan cOmbina ton, look
ing 20 transcontinental system in
Guiding the Erie. the Burlington the
Northern Pacific and the Great North
ern. RumorS of the terms of the deal
have been numerous and divergent in
Guiding assertions OF st-lease with guar
anteed dividends. a cash payment for
the stocks and an exchange guarantee
FOR the bonds.
The admission for trading I'm the I'M
listed department of the exchange of
me United States Steel stocks CHhen
tssued). proved an Indictment To the
general speculation. The prices 20
which these stocks had risen in the mar
row trading on the curb offered hand
some profits for the socks of the con-
stituent companies which We're ex-
changed, compared with the prices of
those stocks before the merger. There
was an apprehension that, with the
greater facilities for trading offered on
NtlN SWIM tAN iAHlSts LEEfE WOULD DC
such heavy realizing in the new stocks
as 10 force them downward with re-
Sulting bad effect on the general mar
ket. but it became manifest very
promptly that these stocks We're not to
be left without support. There was or
gained and skilful support from the
outset and the real1zing was largely
absorbed and prices revived. This gave
renewed confidence to the whole spec
Glation and the trading in the Steel
stocks formed an important element
IN the market during the latter part
OF the week.
The belief that plans were working
out for general combination OF South
western railroads made another center
OF speculative activity. 1fisSuuri Pa
cific continued the leading figure in this
movement and the Colorado railroads
were very conspicuous and strong. The
market was hiCh'y professional and
speculative during the whole week. as
shown by the volume of transactions in
individual stocks which were sufficient
10 have Effected change of control IN
many stocks mad they represented any
proportion of actual transfers.
The GOOD reports of business in naosf
lines all through the country and the
continued level of railroad earnings
formed an effective underlying Support
for the whole speculation
Tie strength OF the bond market has
not been so conspicuous ard So CEN
eral this week. but points of strength
have continued to develop. United
states refunding 2s. coupon, advanced
y and the Is, old, y, and new As D
per cent over the closing call OF last
week.
Bond Quotations.