The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-28

SHARES ONLY ONE JUMP
FEARS OF MUNICIPAL INTERFER.
ENCE AFFECTED GAS STOCKS.

New York, Feb. 27.-The reversal in
the direction of prices today from that
| OF yesterday does not alter the fact
! that the stock market was closely sim
llar In character to that of yesterday
The dealings were highly professional
and limited in scope and developments
having any actual bearing on values
had very little to do with the opera
ton. Those developments in fact were
not changed in any essential particular
from those yesterday when prices
moved upward with some aggressive
ness. The retracing today Of the course
Of yesterday seemed due largely to the
fact that the available limits of the
upward movement were reached so far
as professional operators dared to carry
| them. There was some Turing ad-
Vances in the early dealings today, but
this was taken advantage of by yester-
days buyers to sell stocks. The prin-
cipal news of the day from a market
standpoint consisted in the surmiseS
to the identity of buyers and sellers and
| the fixing Of the supposed identity of
the sellers with the most demonstra-
tive buyers of yesterday awakened
suspicious of ruse to make a market
for stocks, Sentiment showed itself
more affected today by sympathy with
the depression of the New York public
utilities. The local traction group
Joined the recent declining tendency in
| Consolidated Gas.
Presumably on the apprehension that
the public service corporations might
be subjected to measures Of regulation
similar to the restriction of the price Of
gas in New Ork City to so cents, Con-
sOlidated Gas showed evidence Of sup
port at the further decline and rallied
with some strength, the demand from
an uncovered short interest helping to
that result. The news regarding pros
poets for the settlement of the labor
controversy in the coal trade was even
more hopeful than that of yesterday.
Reading, however, failed to hold its
advantage on that score and shared in
the general decline. Many rumors cir
culated of an alleged hitch in the much
discussed plan for the sale of ore lands
to the United States Steel corporation.
No authentic information on this al
legged plan has been forthcoming at any
time and today's rumOrs of it's failure
were equally without authoritative
warrant. The price Of copper was
raised another fraction in this market
without availing to hold Amalgamated
Copper against the downward tide of
the market. This may have been due
in part to the fact that the price of
copper yielded In London in spite Of the
marking up of the price here. The
in the London market had a disturbing
effect In various foreign markets
which was aggravated by the cOntin-
ued anxiety over the outcome of the
Algeciras conference. The course of
affairs in the money market offered
more substantial basis for the aban-
donment of yesterdays attempt to re-
vive the speculation in stocks. Sub
treasury absorption for the week rose
to s3,626,0 and the government in
stitUtion again showed a creditable
balance at the clearing house. Some
of the interior cities are said to be
Withdrawing funds from New York
and the continued advance in silver
makes shipments of gold to Mexico for
the purchase of silver coins a profitable
operation. Time loans were reported
firm and some higher, but the foreign
exchange market yielded
The closing was weak and at con-
spicuous losses for the day.
Bonds were irregular. Total sales
par value, $780, 900. United States IS
and old Is advanced Il per cent on
call, and the new As declined Il per
cent on call.