The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-14
PRICES MOVED
BACK AND FORTH
Dealings in Wall Street Went Over
the Million-Share Mark
Again Yesterday.
MOVEMENT WAS IRREGULAR
UPWARD FLIGHT OF SOME OF
THE LEADERS.
MOVEMENT WAS IRREGULAR

New York. Feb. 1s.-The violent move
ments in a few stocks today were made
TO seem like a frOth upon the surface ow-
ing to the comparative sluggishness of
the general level OF the market. The
irregular movement varied from slow
hardening to a heavy yielding, without
any large activity to account for either
tendency Dealings, however, rose 10
over q million shares for the first time
in over a week, The effervescence of
the now active stock had some effect in
holding the general list, which showed
signs that It would have been heavy
otherwise The buoyant outbreaks were
In much the same quarters in which
they were attributed and had no addi-
tons to those advanced In explanation
for some time past. The conviction
amongst spectators seemed to have
gained force over the Sunday and holi-
day interval that merger Of the cop
per properties was imminent and there
seemed to be a distressed short interest
whose necessities added to the facility
with which the prices in that group were
rushed up. Anaconda reached the 300
mark. and recovered to that level the
second time after the reaction, thus
verifying the most extravagant predic-
tons of the spectators in the stock.
The Hill PacifIcs and Chicago &
Northwestern took another upward flight
on reiteration of former rumors regard
ing the developments occurring in these
properties, especially that pointing TO
disposition OF the Burlington which
would involve the retirement Of the joint
collateral bonds issued against its stock,
leaving that stock a free asset for the
controlling companies. Reading again
company. The movement in New York
Central was less impressive, and SO with
others in increasing degree
1t was not difficult to discern that
the growing volume of new bond and
capital issues was the principal effect
upon the spirit moving in the specula-
ton. The interval since Saturday de-
veloped new proposals or confirmed those
previously reported for many millions OF
new issues, as the $1O0O00,000 convertible
bonds sold by the American Telephone
company. the $4,000 900 convertible bonds
offered by the AtchiSOn company, the
expected issue by the Lake Shore of
$35, 100000 bonds, rumored offering, by
the Southern Pacific of S75,C00000, a
Louisville & Nashville issue still vaguely
defined as large, and the reported In
tention Of the New Jersey public service
corporation to issue its 81, 1000 of treas
ury stock. This makes q noteworthy
supplement to the heavy new issues al
ready announced last week and the week
before
with the New York bank surplus down
to less than S6,0O0,OOO, and with inroads
still making upon the cash reserves OF
the banks. it could not he otherwise than
that notice should be taken by specu-
latOrs of the outlook thus indicated.
Money rates were appreciably frmer all
around. Renewed anxiety over the Mo
roccan conference and the legislative
measures both in pennsylvania and
Washington looking to inquiry into the
coal carrying railroads was not helpfuI
to the speculation. An incident Of the
day was a rise in the price of silver. to
a level higher than had yet been touched
upon the present advance. There were
some extraordinary favorable statements
Of gross earnings by railroads for the
first week in February, ranging from an
increase Of IS per cent by Wabash up to
Sc per cent for Northern Pacific, Cana
dian Pacific and Missouri Pacific The
tendency towards reaction became pretty
general late in the day, but there were
a few final rallies, and the closing was
fairly steady
Bonds were heavy. Total sales, par
value. So 425,0G0.
United States 2s, the IS registered and
the old As advanced Il per cent on call.