The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-20
FURTHER DROP
WAS PREVENTED
Capital Came to the Support of the
Stock Market With Bene-
fetal Results.
MONEY NO LONGER SCARCE
DEMAND HELPED BY UNCOV
Erred SHORT INTEREST.

new 1OEk. req. lS--Inere was some
further contest to sustain prices in the
stock market today which proved success
full after irregular movements and was
followed by a rally from the low points
of last week. There was a renewed show
Of strength in some of the stocks which
are still the subject of rumors Of import
ant projects yet to be announced and
there was the announcement of the valu-
able stock subscriptions previous to the
proposed new issue of Chicago & North
western stock. These proved sustaining
Factors In the market and helped to check
the disposition to Hquidate which was
running to extremes in the latter part
OF last week. The action of the money
market gave no occasion for fears that
an acute change was imminent and there
was some relaxation from the tension of
anxiety on that subject, which depressed
the stock market last week. The SIG, 267 400
Chicago & Northwestern stock issue and
the action towards the issue of S14,OOO, 600
Delaware & Hudson convertible bonds
showed that the flotatiOn of new capital
was not yet completed. But this rate OF
increase compared with last weeks total
OF nearly &J0,0000O was regarded as a
moderating tendency in this process.
The preservation Of the surplus of the
Danks disclosed by Saturdays statement
in the fact Of the large capital require
mentS filled during the week was taken
as a hopeful indication Of the ability of
the money market to meet the strain
foreign exchange market also showed re-
sources still open In that quarter for Sc
curing capital to meet requirements in
this market. The weakness of the ex-
change market encouraged some discus
sion in some circles of an importation of
gold. The rate of exchange, however is
still considerable distance from the
level which would make good imports
profitable. The rate for call loans was
appreciably easier today 1t was sug-
eested that some effect might have been
produced by an accumulation of cash by
the trust companies in view of the con-
SITUATIONS between trust company and
banking officials over the question of
trust companies reserves. Such accumuIa-
market
There was hopeful sentiment preva-
lent over the prospects for a settlement
Of the labor dispute in the anthracite
trade. Discounts in London were a shade
easier although this weeks stock ex-
change settlements there was reported to
De the cause OF some anxiety The impe-
rial bank Of Germany showed a noticea BILE
Improvement in conditions The treasury
operations have turned in favor of the
banks this week and have yielded a mil
hon dollars since the bank statement
compared with a loss for the same period
last week of S2.5O0,O00. The extraordinary
rate OF expansion in gross earnings of
railroads reported for the second week
OF Eeoruary vas OF favorable effect on
sentiment The percentage Of increase
over the corresponding week of last wear
in the case of the Canadian Pacific and
Denver & Rio Grande reached 70 per
cent; Louisville & Nashville. Sc per cent:
Missouri Pacific and Central of Georgia
"a per cent; Iowa, Central and MinncaDOlis
& St Louis, 80 per cent; Southern, q per
cent; Texas & Pacific and Missouri. Kan
sas d Texas, . per cent; and ST. Louis.
southwestern, 2 per cent. Traffic Officials
OF railroads reported the volume of shin
ments well maintained and operating con
dluons not materially impaired by last
weeks stormy weather.
Support Of the market was manifest st
the opening, but was met by the selling
caused inevitably by last weeks drop in
prices and the calls for additional margin
which went out in consequence. The sun
port In the market persisted and the ar
rest of the decline in itself Iightened the
pressure to sell An uncovered short in
terest added to the demand for stocks
Except in a few stocks the strength did
Lot become aggressive and Welded on a
number of reactions. The market raIIia !
at the last, however, and closed firm.
Bonds were irregular. Total sales. par
value, 81 $4,000
United States IS advanced Il per cent
on call