The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-02-12
COLORADO FUEL
ADVANCED TO So
Price Held Better Than Other Mem
bers of the Steel Group.
CLOSING TONE WAS WEAK
REVIEW OF RECENT MARKET
CONDITIONS.

New York, Feb. 1.-THE interest in
the United States Steel stocks which
was newly revived yesterday in re-
spouse to the activity of the minor steel
stocks. was carried over into the early
dealings today. After some heavy
Transactions the realizing in all of the
steel stocks Outwieghed the demand
and their prices were carried back
wards Colorado Fuel made the con-
spIcuous rise in the group with an adj
vance 10 %, and held better than the
other members of the group The at
tendance at the board was rather thin
on account of the departures to antici-
pate the Monday holiday, and the trad
ing was lacking in animation. The sell
ing movement seemed to be to close up
contracts for the holiday.
But some effect on sentisnent was pro-
uuced by the circulation of reports that
information had been received from
Washington of a determination reached
by the president to call an extra session
of congress for the consideration of the
question of freight rate control unless
some legislation was secured. at the
present session of congress. The first
reports of railroad gross earnings for
the hrst week of February showed some
uecllneS frOm the southwestern region
of the country. which were supposed to
De due TO the export grain rate war and
ofhclalS of western railroads were re-
ported as complaining that the reduced
rates were bringing little increase in
the shipments of grain. Prices har-
dened again during the latter part of
the session. apparently on account of
the covering of shorts put out earlier
and the days net changes are unimpor-
tant. The closing tone was irregular.
The bank returns, although weak. were
no worse than expected. and the great
ease of the money market detracts from
its serious consideration. Total sales
CT bonds. par value, $3.02O.O 900.
Review of the Week.
= The weeks stock market has given an
impression of strength that is not en-
tlrely borne out by a close analysis of
the price changes, which show a large
proportion of small declines mixed wiCh
striking gains in the active issues. The
deduction TO be drawn is that there has
been extensive realizing under cover of
the sustaining effect of the sudden ad-
VanceS in special stocks. Movements
have been fitful and uneven and senti-
ment amongst operators a good deal
mixed. General conditions have been
good according to reports from day to
day and some important developments
have been announced. while the easy
and abundant state of credits has been
undisturbed- The moderate response
of stocks to these conditions in itself
has given occasion for question about
market. "
Within two weeks past the United
States Steel corporation has published
its report of earnings for the December
quarter. showing an excess of the most
optOmistic previousi estimates, which
had been used TO stimulate the demand
for those securities. This week the
statistics of January iron production
show a rate OF output at the record
level and indicating a yearly production
of q, O0e, 600 tons, while consumption is
so we'll maintained as to have reduced
the amount of stocks on hand on Feb.
1 as compared with Jan l.
Such a showing for the mid-winter
period and with cold weather obstacles
to production and transportation to be
reckoned with, leaves no room for any
but a cheerful opinion of iron trade
stocks have been almost immovabBe
since these announcements We're made.
On Tuesday there were admitted TO the
AtchiSOn directorate two new repre-
SentatiVeS who are regarded as testify
ing TO an influential interest in that
property by the Union Pacific interest,
thus verifying the rumOrs of such ex-
tension of interest which became cur
rent many months ago. New life was
thus given to many rumOrS of other
plans for extension and combination in
the railroad world in contemplation by
the same influential group of capital
lists, which have been potent in the
market for many months past. New
representation on the Colorado e
Southern board on behalf of the Rock
Island interests has given color to sup
positions of new projects by another
financial party.
Yet the various securities most di-
rectIy affected by this news have been
conspicuously sluggish in the price
movement Of the week. Operators for
higher prices are inclined to argue
from this that the numerous develop
ments in railroad affairs which it is
expected have already exercised
large part of the influence on prices
which may be looked for from them.
Caution about operations based on
hopes of higher prices is thus enjOined
by the action of the market. But con-
fidence is induced by the absOTptive
power Of the market Where advances
have halted or prices have turned
backwards the reaction has been mod
crate. Demand has fallen off from the
rush of the period of speculative rise.
but no precipitate unloading of long
stock has been in evidence. such as
comes from weak and timid holders
doubtful of their resources on the Gull
mination of a rise
This technical condition of the mar
ket caused 1t to be described as firm
in undertone even in the occasional