The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-27
MARKET NARROW
AND SLUGGISH
Principal Movement in Wall STREE
Was in the Matter of Buying
Union Pacific.
SOME GUESSING GOING ON
MODERATE ADVANCE IN ANAL
GAMATED COPPER.

New York, Feb. 26.-This was auoth-
er dull and professional trading day
upon the stock exchange. Such ami
nation as appeared in the market was
congested in q few prominent stocks
which have held leading place in the
speculation for a long time past. The
strength shown by these had q sympa-
thetic effect on the rest of the mar
ket, but the general movement was ex-
tremely narrow and sluggish. The
basis Of the movement was the assump-
ton by professional operators that the
reactiOnary tendency in the mark It
had reached its limits and that prices
were therefore due for a rise Not
much else was heard of to explain the
movement. The withdrawal from the
dlrectOrates of railroad companies from
the members of one of the most prom
inent banking houses in the street was
the occasion for much discussion and
was made the basis for the superstition
that the expected important events N
Union Paclf1c affairs were to be forth
coming following upon these withdraw
ais. There was very large buying as
a matter of fact of Union Pa ,ific, but
there was nothing authentic TO show
that a distribution of surplus to stock
holders was any nearer than for an in
definite past period in which the stock
has been Influenced by this expectation
The dragging of the discussion over the
coal mining settlement was interpreted
IN favor of the operators and was SUD
posed to put Reading up again Last
weeks violent decline in Consolidated
Gas attracted some effective demand
at last today and checked the down
ward plunge on that stock after it had
gone considerably lower than last week.
So long as the demand was sufficient to
keep up Consolidated Gas it was of
beneficial effect on the general tone
When 1t gave way again late in the
day it affected the general tone of the
market Amalgamated Copper made a
moderate advance apparently in SYM
pathy with an extraordinary process of
marking up in the quotation for the
new Butte coalition in the curb mar
ket which was advanced rapidly from
z to 81 bid. The price of copper metal
advanced a fraction in this market.
but was weak in London. Gross earn
ngs of railroads reporting for the
third week in February showed the
very high ratio of increase over last
year, still maintained, owing te the
contrast of the open winter this year
and the favorable operating conditions
These reports seemed to be of little eff
feet in the case of St. Louis South
western which showed an increase In
gross earnings for that period of 81 per
cent, the common and preferred stocks
weakened sharply. Atchison got some
benefit from its As per cent increase in
net earnings for January. Money rates
were not changed to any important ex-
tent, but time loans were reported
firmly helped Sub-treasury operators
have already taken from the banks 81
437 900 upon the week and the govern
ment institution was a creditor at the
house today to the extent of
over $1,000 600. Foreign money mar
kets showed no signs of relaxation and
foreign exchange here was held at last
weeks level The condition of nation
al banks reported to the comptroller on
Jan. % shows for the country through
out a growth of cash holdings of some
thing like SAG, 000, 900 over the statement
for the precedin~ November. while the
growth in the loan account reaches the
moderate figures of S54-
900 900. The item due to national and
state banks and bankers has expanded
upward to S91 COG, 900 in the same period. |
Compared with a year ago, however, !
loans Of the banks have expanded near
" S343, 900 600, while the cash account /
shows actual shrinkage of something /
less than $1,000, 900. There was a reac-
ton on profit-taking but prices rose
again to about the best. The south /
western grangers became strong on re-
ports that the southwest was selling 1
wheat and stocks closed firm.
Bonds were easy. Total sales. par
value, S4S25,00
United States bonds were all IN
on call