Salt Lake Tribune | 1916-01-05 | Page 10 | Austro-American Situation Affects N. Y. Stock Market

AUS1 RO-AMbRIiAN Sii UAll0N AFFECTS N. Y. STOCK MARKET Professional Traders Take Advantage of Uneasiness Uneasi-ness and Their Offers Result in Irregular Close; Union Pacific Active. Hy BROADAN WALL. By International News Service. XEW YOK K, Jan. 4 The stock mar- I ket developed a reactionary tone laie in- ; day owing to the increased uravity wiih wli;ch the Austro-American situation is beinq viewed. Professional traders look advantage of this uneasiness and thir offerings, together with scjrtered lung selling, resulted in an irrcwulai closing. Brokers, however, icporu-d ;m absence of weakness and said the lrrceul.iruy was not surprising, in iow ot' i he ' large amount of stock that has im thrown upon the ma rkct m the last two sessions. ses-sions. Strength prevailed at the opening, with gains runnfiig from n fraction to a full point. Hails displayed iettermcnt, as did the ruhber piiares. ipprr sliarn? were ld by Pmcltcru and Miami, the dividend on which was increaped la le tiie previous daj . The general improvement improve-ment was maintained until shortly afier midday, when tho general uncertainty caused a. reaction. Except for a sharp break of about five point in Mexica n Petroleum, the recession was considered orderly. Union Pacific Active. The better tone exhibited by the railroad rail-road shares was gratifying to those conservative con-servative brokers who have steadfastly been advising their clients to purchase thRt group. While railroad earnings now being reported are showing very largo gains, many brokers expect that the increases in-creases in revenue to he announced for December, January and February will show even grea ler gains. Union Pacific Pa-cific was more active than it has been for week s. From an investment point of view it looks very attractive, in that at present prices it yields about 5:i per cent on the investment, acainst Icsf than 0 per cent on New Yoik and a trifle inure than 4 per cent on St. l-'aul. Tho ; rails arc also believed to be In a much ' sD'onper technical market position than, th.c industrials. I Ma ny brokers reported 1 ha t the vv i t h- I drawal by t he National t'uy bi nk of I ahout St',o.ih'O.fn.,0 of Anglo-Frrnch money on depoit resuHcd in a slight t iuht ening ; of th.e call money situation. This was re- ; flct-..l in an advance (.f .in- quarter ot" j 1 per .-rut in call monev rates. No ap- 1 nreiiension, howver, is felt concernin; the prospcci of higher c.jlt ttiomw tales, for with the passing of the holiday season sea-son merchants al! over the country will be returning funds 10 tho bank?. Tennessee Copper (limbs. Tennessee Copper was more activ1 tn-dav tn-dav than It has ben in any ses.sion in months and followers of the tape said, the shares acted suspiciously strong.. Today's To-day's adv ance of more than a point ft hen the general list was receding was attributed at-tributed to persons outside the group who in recent months have been running the market In the shares. General Motors company directors are expected to moot tomorrow to act upon the dividend, which is expected to be pul on a conservative cash basis. The stock declined thirteen points today upon the sale of U'O fliares. OU shares were reactionary, due to profit la king and scattered selling by rank and file s p ec u 1 a tors in Ca I i for n 1 a Petroleum and Mexioa n Pet roleum, who became to enthusiasi ic owing to the hypnotic influence of advancing prices that they seemed to hnve lost their perspective. per-spective. Mexlca n Petroleum dropped about five point s and California Petroleum Petro-leum preferred nearly four.