The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-02-26
EXCITEMENT IN
STOCK MARKET
Violent Speculation in Pacific Rail
road Stocks.
REVIVAL OF ENTHUSIASM
REVIEW OF THE WEEKS PRICE
MOVEMENTS.

New YORK, Feb. 20.-The stock mar
ket was thrown into excitement again
today by the violent speculation in the
t. unk lines and Pacific railroad stocks
and there was a full revival of the
speculative enthusiasm of the earlier
part of the week which was chilled by
the break of Thursday consequent upon
TIE sfeverish movement in the southern
iron stocks. A glance at today's sales
list viii disclose how highly congested
were the opera tons in the few specu-
lative leaders of the day and a study
of the days net changes reveals that
emotional phase of the trading was not
SO overwhelming as to preclude a
thrifty disposition to take profits on a
very large scale in numerous stocks.
RumOrs and intimations have circu-
lated for many weeks in Wall street
that the control of the New York Cen
trail. Chicago & Northwestern and
Union Pacific was being worked out
10 condition of perfect harmony, if not
of identity.
The belief in the substantial base of
the centray project pointed to by this
cloud of rumors was the professed ba-
SIS for the excited buying today of the
stocks concerned. The new variation
of the story was the inclusion of Penn
sylvania in the benefits of the project
by an agreement with New York Cen
trail for the division of spheres of op-
general lines this report follows exist
ing relations among the properties
concerned. The consequence of the
movement was a price during today's
trading of 1909 for New York Central.
1443s for Pennsylvania, 1878 for Union
Pacific and 249 for Chicago & North
western. There are gains elsewhere in
the list reaching a point in some cases
but there are also small declines as
the result of the heavy realizing of the
day and Union Pacific itself closed un-
changed from last night. The bank
settlement was regarded as favorable
and rallied the market from its con-
siderable reaction, but the closing was
irregular.
The total sales of bonds today, par
value, $3,410,000.
Review of the Week.
The speculative spirit has run high
during the week. Notwithstanding the
Interruption of the mid-week holiday.
/ The buoyant close on Tuesday was
taken up on Thursday morning and the
market showed many signs of the
growing share in the trading by the
outside public. Hopes were lifted of
speculative boom such as is brought
about by a widespread craze among
the population at large, infected by an
enthusiasm to buy. Ordinary consid-
eratiOnS of intrinsic values and calcu-
I
conditions based on preceding rise in
prices maks for little when such a
spirit is thoroughly aroused and the
stock market world enjoys a harvest
period. The STRINGS of this spirit in
the weeks dealings have been sug-
gested by the lack of avctual news of
F! the ignoring of -unfavorable news
which has characterized some of it.
! The violence and extravaganza of some
Of the movements reached such pro-
| portions as to beget suspicion and un-
| easineSs and the result was a check
| and q setback on Thursday which has
/ the effect of quoting the excitement
and inducing a more rational state in
/ the market Attention has centered
| largely on the group of southern iron
/ and steel stocks. The conVulsiVe move
/ ments in these stocks have. been
/ caused by the working of &. plan to Sc
| cure control of the properties and TO
merge them.
The actual details of this plan and
| the steps toward'r9its accomplishment
/ have been obscure and subject to much
| conflicting rumor. The counter claims
| put out from time TO time led to the
| fear that they were based on purchases
| from sellers who We're not in posses
| sion of holdings to be delivered; in
| other words, that a corner had resulted
with a large uncovered short interest
| in the stocks. With the vivid 'recollec-
lions of the effects upon the market of
| the Northern Pacific corner it was nat
| uraI that this fear should weigh on
! the market. Other centers of special
attention were Union Pacific, Ontario
| & Western, both of which were sub
| jects of vague rumors of important de-
| velopmentS TO come. These rumors
were not confirmed. The improved po-
sition of the banks caused by last