The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-01-15
UNION PACIFIC
LED THE MARKET
Excited Buying Sent the Price
Up TO 119 ga.
RISE IN STEEL AND COPPER
NEW HIGH RECORD FOR NORTH
ERIN SECURITIES.
RISE IN STEEL AND COPPER

New York. Jan. 1.-THE sudden revival
of animation in Union Pacific which
stirred the late stock market yesterday.
was continued today. ascending the price
OF the stock to 119s+- Northern Securities
On the curb went TO a new high record
IN company There were floods of rumors
OF supposed plans for readjustment of
me Idllfoad situation growing out of the
oisintegrat1on of the Northern Securities
company. but the only actual news was
tie tip circulated from IN town SnecII-
LIVE quarters that Union Pacific was to
touch L2O today. There was a stropo
SgHlpdIhetic movement in Southern Pa
enc and St Paul There was large buy
ing of United States steel Dreferred and
Amalgamated Copper also
ELSEWHERE in the list the strength was
MOQefdte and there was some t1ressttr,.
- realize on the advance This was @
lecldiy manifest after the appearance of
IhS very strong bank statement Not
only was the large inflow of currency
rom the interior for the week reflected
IN the statement. but also that of last
week which failed 10 show in last week 5
Sldtement owing to local shifting of cash
holdings. As a consequence this weeks
slatement shows a growth of over SIS
WV-pV0 in cash holdings. There was at
me same time a contraction of s.. 4O5 900
IN the loan account The net result was
10 bring up the surplus over legal reserve
requirements by S12.S51.025. This accumu-
It-Clon coming on the extremely easy
money market. is likely to enhance the
outgo of gold TO which is soon to be
acQed refnlttances to Cuba for the final
lnstaliment on final subscriptions TO the
cuban loan. which may call for upwards
OF SlOVaoO Excited buying of Union
facitlc pulled up its related stocks 10 the
- lcNtl toward the end Of the session.
hut realizing at other points made the
ci'slng irregular and very active Total
safes OF ponds today. par value, S4,9l5,OOO.
Review of the Week.
stocks have backed and fiIed-this week
OIL small volume of dea hngS which has
comprised little more than The tsDtatiy,o
operators of professional traders to find
Ine course OF the market. There has been
TO real motive power in the market oU-inq-
L profound neglect by powerful trading
interests and the outside public Much
discussion OF the causes of the slack of
interest in the market has failed to bring
about any general agreement but a nun
Der Of contributory causes have been com
monty accepted The constituencies of
speculative sentiment to the settlement of
the legislative programme at WASHINGTON
cmerges with tOlerabIe clearness Thus
prices advanced with some decision on
MONDAY morning when ii was generally
reported that the Saturday conferences of
Pphtcdl leaders had resulted in an agree
Ineht tnat II would not be practicable 10
uIuTI take any prominent new measures
a. the present session Of congress
on the other hand. the most distinct
decline Of the week occurred ON T'bftrsfa,-
when the traders We're. CONFRONTED with
Lhe explicit report that the -.--sdeOt had
determined to press for prornDr action a.,
=
by federal authority. The financial dis
trict has its varieties Of settlement an
&c -ae e Of the measures proposed.
-4sloe. rom the effect on securities which
would be subject to special Influences bv
changes in tariff schedules. especially
curing the period of discussion uDoD
those changes. the establishments in bust
ness which go with changes in rates of
duties are expected To beget hesitation
Tor "A time Another feature of the out
lCok which causes uncertainty is the
measure of the future res EIrceS OF the
money market to the new caDital issues
= hich are believed 10 be forthcoming i'm
large volume.
The funding Of the large issues Of short
time notes made bv the railroads. last
year during the pcriOd Of indigestion"
Of securities is 60 Doe provided for. These
fundlng opera tons will not prOVide now
capital 10 tho railroads as the proceeds
o. the notes have been mostly expended
3nd additional issues are looked for to
provide resources for continuing outlay
The present easy condition Of the money
market seems to promise atIvanta e,eo1Isz
conditions for the coming flotati0ns. But
factors are at work which may modify
the usual accumulation of banking re
serves in New York in the first part Of
the year.
outgo of Gold.
There is no present limit I'M sight to the
outgO Of gold from New York which is
in progress toward Paris South America
and TO japan. 1t is urged that any de-
mand for loans which would raise the
money rate would promptly stop these
special Inducements in the way of al
lowance for interest. But the sentimeutai
effect Of exports Of gold is felt as IS
invariably the Case. Some weight must
be given 10 the course of recent events
IN the banking world. mt least in their
1rDuence upon the public mind This
weeks run on a bank doing business
amongst the foreign population on the
cast side Of the city was attributed h.
An official Of the bank 70 the sensation
~ interest attaching to the story Of Mrs.
IN 1r ion
- the alleged practice of OVer-CertifiCa-
ton of checks by the great downtown
banks which vas awakened by the tes-
TmOny in law suit growing out of the
exploiting OF a minlnS stock in the curb
market. II cannot be said that the finan-
c'al world itself IS in any state Of dis
Cuietude over banking practices over the
stock market. or the practice among ba nks
through the country. But the effect
which has bee1r urod1lcad on ruhIi,. se,,-
t'ment by the prominence given TO these
episodes is recognized as detrimental 10
the stock market The restriction of the
Influence of these factors 10 neglect of
tho market rather than TO any active
selling pressure is felt 10 he due to the
broad underlying strength Of the general
situat ion. Industries are reported To DC
expanding: railroad officials anticipated
more traffic offering than can he carried;
HE consumption of pig iron continues to
grow and various enlarged disbursements
10 stockholders OF important corporations
keep alive The faith in rumors Of other
Increases to come. There is a wide
spread conviction also that the advance
in certain securities are preliminary 70
The working out of comprehensive. plans
of new relations and INSCRIPTIONS looking
10 enhanced values The result is 10 in
dpce operators to refrain from activity
and await more light on the future.
Bonds have been in better demand than
stocks.
United States p declined = per cent,
and the new Is advanced X per cent on
call in the week
Stock Quotations.
Sales. High Low Close.
or