The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-10
COMMERCIAL AND FINANCIAL.


2 few stocks and the contrary move
ment in these had the effect of confus-
ing the sentiment OF the room traders.
The public had rumcrs that the Penn
sylVania VIII lease the Chesapeake &
ONO Tor ninety-nine years with p
guaranteed dividend of 3 per cent per
CnnuIn, which caused an excited open-
ing in that stock, the first transactions
or $500 shares carrying the price 1Ss
over last night This proved to be the
highest price of the day as the recent
large advance in the stock offered
handsome profits for large speculative
holdings. Amalgamated Copper scored
q Violent recovery from yesterdays
weakness. rising more than three points
over last nights price in the first five
minutes of the trading. This also
proved to be the highest price of the
session.
A number Of low priced railroads
We're advanced in concert, including the
wabash stocks. Chicago Great We tern
st Louis & San Francisco stocks, and
Hooking Valley. There was realizing
gong on In other parts of the list and
the tone of the market turned heavy
al around before the bank statement
appeared. Prices OF some of the prin-
clpal active railroads were forced near
~ a point under last night. Sugar fell
an extreme Pa upon the announcement
OF the death in Paris of an official of
the company. The bank statement had
evidently been discounted and the
shorts bid Up prices on themselves in
their efforts 70 take profits. The clos
ing was irregular on renewed realizing
IN some stocks at the advance
The stock market has been active and
strong during the past week by reason
or we'll diversified demand for rail-
road securities, both stocks and bonds
and an anima' ed speculation in some
or the industrialS. In the latter class
The steel stocks have been a conspic-
d9uS exception and have been neglect
ed ana ratEer heavy, aside from the
stocks OF some of the companies not in
Guided in the United States steel cor
poration which a short interest has
been driven t. cover by an aggressive
bun interest
The buying of stocks has been at
tributed 90 further extension of the
community of interest policy and was
reported TO be for account of competing
ana connecting railroad systems The
grangers, especially Burlington the Pa
tlhcs, the Southwesterns an the Tide
water bituminOus coal carriers have all
been affected by this influence The
last named group was benefited by the
showing made in the annual report Of
Iae pennsylvania Railroad company.
Inc good results repOrtS in this dOCu-
Jnent of the better freight rates secured
Dy the companies pure base Of influen-
tiai holdings in competing lines espec-
1ally the rates for soft coal created
a strong 2nIand for Baltimore & Ohio
western 1t was the current belief In
wan street that part of the buying was
Ior account of the PENNSYLVANIA com
pany itself. The Pennsylvania annual
report mad a stimulating effect on the
whole railway list from its reflection
OF the prosperous condition of the
transportation industry in all the d.
Nersified branches represented by that
company The stock touched a record
price during the week and many other
railroad stocks sold at prices never be-
fore equaled
There were reports current of fur
ther great. consultations TO come in
the railroad world which were based
on the character of some OF this buv-
ing The activity of speculative DoOis
IN many stocks was responsible for
some - these reports and the exag-
SeraJOn of others. In the reslftfno
advances these pools unIoaded LARGE
holdings to take profits, causing much
lrreguiarity from time TO time in the
price movement.
me facility with which prices were
advanced where any nctive demand de-
Nefoped was evidence that the supply
OF stocks seeking a market was nor
large. the recent buying of competing
railroad interests. bankers and cant
talists, for purposes of Influencing CON
lrol, L2s evidently much reduced the
uoating supply of securities in many
directions. A feature of the market
has been the movement of stocks Of
any way available for absorption BY
the larger railroad systems
Inere mas been a furious speculation
IN Amalgamated Copper. which lifted
the price well over par for the first
tire since the stock was issued. Sugar
mas also had it's usual speculation in
cident to the dividend period. The neg
Iect of the steel stocks after the pub
hcatlon OF the official circular contain
ing the terms of the consolidation, has
caused much comment. The actual
prices OF exchange of securities ham
per operations in them in the market
GroTiSlOn mas been made for dealing in
the trust certificates issued for tba
STOCKS OF the steel and iron companies
deposited in assent to tho plan Rt1r
there is nothing in existence to reDre
sent the new United States steel stocks
beyond individual contracts to deliver
them when issued. Dealings in these
nave continued in the curb market on
q very moderate scale and their price
mas been held above that ruling for
the old securities.
opinion over the money market out
look is uncertain. The possibility of
closer money conditions is a factor in
the stock market for the present. ANY
decisive development in the South Az
rican war is bound to have an infu
ence on the money markets OF the
world, owing to the renewal of the gold
supply which wOuL' follow. Crop pTos-
poets viii have growing inheritance
from this time on. The question OF
wage adjustment among coal miners is
given attention by stock operators.
The bUyi.sg OF middle and low-grada
railroad bonds has been on a large
scale United States refundinc 2s de-
cltned a and As &c. The 5s advanced
4 over the closing bid of last week.
Bond Quotations.