The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-29
ANIMATED FOR
THE FIRST HOUR
Then the Stock Market Suffer-
ed a Relapse and Dull
ness EnSued.
PRICES SOMEWHAT BETTER
INTERIOR BANKS HOLDING RE-
SERVES AT HIGH POINT.
PRICES SOMEWHAT BETTER

New York. Feb. 2S.-For an hour to-
day the stock market took on an APP
pearance of reviving animation. 1t
then relapsed into its recent condition
of lethargy and scarcely moved for the
rest of the day. The grounds advanced
for the operations which advanced
prices the first hour had to do with I'M
confirmed rumOrs for the most part,
and betrayed the professional origin of
most of the activity Copper mines in
Butte, it was said, were to be reopened
and an extensive combination was to
be effected among copper interests
which were still working independent
ly of each other Inquiry in official
quarters failed 10 verify these asser-
tions. The price of copper metal in the
London market suffered a reaction.
The published remarks of the head of
the American Smelling company per-
mitted the construction that a reduc-
ton i'm the dividend disbursement on
the shares is in contemplation. The in
fuence of the various rumOrs in circu-
lation showed some waning power,
therefore. as the day progressed.
The report of a large extra disburse-
ment by the Oregon Railway & Navi-
cation company, one Of the subsidiaries
of the Union Pacific, puzzled the trad
ing element at the stock exchange
greatly, owing TO the intricacy Of the
financial relations between the various
companies of that system. The opera
ticn in itself vas regarded as largely
one of change in book accounts, but
surmise was busy over a possible ulti-
mate bearing ON the plan for segrega-
ton of the investment holdings of the
Union Pacific, of which official intima-
tons have been given from time 10
time.
Money markets were slightly affected
by the preparations for the March /
settlement. The weeks unknown move
ments of money foTeshadOWed a loss by
the banks tomorrow on account of this
weeks absorption by the sub treasury
Of nearly $4,000, 900 through withdraw
ais OF government deposits, and also by
the retirement of national notes. The
disposition of interior banks to retain
their reserves at a high point is in
xerred and is by the controllers alb
ract of condition of all the national
fanks as of Feb. IA. This shows a rise
in the percentage of legal reserve to
deposits of % per cent. compared with
2l.s9 per cent at the time of the last
call on Dec. 3. and with $50 per cent
on Jan. 26 last year, the nearest date
corresponding to the present report.
The reopening of additional steel
plants was an item of the days news
that had a favorable effect. Remarks
read to the interstate commerce COM
mission by railroad officials who were
pleading for postponement of the nine
hour law for work of telegraphers of
fered some rather gloomy figures of
railroad earnings. The circumstances
under which they were made had the
effect of modifying somewhat their in
fluence in forming judgments.
Some late sustaining effect on prices
was exercised by the news that the
Fowler currency measure had been ia
VOrably reported 10 the house at Wash
ingtOn. The successive departures on
long foreign trips of prominent finan-
ciers have the effect of intensifying
the dullness in the stock market. The
early advances. although not fully held
in the late dealings. We're better MAIN
tanned than first movements have been
viously this week.
Bonds were steady. Total sales. par
value. $2,106.000 United States IS and
the As registered advanced p, and the
IS coupon declined \ per cent.