Salt Lake Tribune | 1918-02-03 | Page 30 | Representative Stocks not Inclined to Advance

REPRESENTATIVE STOCKS NOT INCLINED TO ADVANCE Some of the Other Issues Go Up From 1 to 5 Points; Industrials Disposed to React. XEW YORK, Feb. 2. Representative stocks were not especially responsive today to-day to the prospects of a suspension of fuelless Monday after next week, but various other issues, especially shippings, oils, motors, leathers and papers advanced ad-vanced from 1 to almost 5 points, mainly at the expense of the bears. Rails moved within a narrow area and industrials, notably steels and coppers, were disposed to react, tiiough making up lost ground before the close. United States Steel was under steady pressure most of the session, but finished at a nominal advance. Hall a dozen stocks United States Steel, Marine preferred, Distillers' Securities, Se-curities, Industrial Alcohol, Reading and Central Leather contributed over 50 per cent to the day's total of 355,000 shares. General news was variable, Baltimore & Ohio's adverse statement of December Decem-ber earnings being offset by the annual report of the Goodrich company, which showed a material increase in net profits. Trade reports, as a whole, however, stressed the unfavorable weather conditions condi-tions and serious freight congestion. The chief feature of the weekly bank statement was a further actual expansion of loans bv over S1 1 1 .000.000. mqkln? an aggregate of $190.000. 000 for the past fortnight. Excess reserves decreased almost al-most $35,000,000, reducing the actual total to little more than $62,000,000. Bonds were irregular, Liberty 3ts selling at 98.30 to 9.8.14: first 4s at-96.60 to 96.50 and second 4s at 96 to 95.92. Bond sales (par value) aggregated $2,-950.0O0. $2,-950.0O0. Old United States 2s and 4s were to -Ti per cent higher on call for the week. NEW YORK, Feb. 2 Wall street threw ,off this week much of the burden imposed im-posed by the government's conservative regulations. Improvement in the eastern transportation situation and an easing of the fuel and labor shortages were conducive con-ducive to the strength of railroad shares. Sentiment respecting Industrial conditions condi-tions was heartened by the United States Steel corporation's retention of the "ex- tra' 3 per cent common dividend, al- ; though the financial exhibit for the last quarter of 3 917 indicated a further cessation cessa-tion of activity. v December earnings of the leading railway rail-way systems, already to hand, denote the many disadvantages incident to that month and the current period. Trading in the last half of the weel; received pronounced impetus on the bull side, the movement concurring with President Presi-dent Wilson's message to the western farmers. Peace talk largely superseded domestic economic problems, but due allowance al-lowance was made for conflicting foreign for-eign advices. Money on call was relatively easy, but time loans, although quotably "lower, were actually unchanged, with a greater scarcity scar-city of supplies. Foreign exchange showed no appreciable alteration, except for recurrent re-current heaviness of Italian rates. Trading Trad-ing in European remittances is expected to become nominal under federal supervision. super-vision. NEW YOR.K, Feb. 2. The attention of the financial community was frequently diverted during the week from the vexations vexa-tions and complexities of the domestic situation to the significant changes, suggested sug-gested by advices concerning conditions in central Europe. .High financial authorities au-thorities concurred in the belief that the peace movement is making formidable progress in Germany and Austria-Hungary. President Wilson's message to the western farmers was regarded as the most important market factor since the decision of the government to take over the raih-oads. Railroad earnings for December were extremely unfavorable and January returns re-turns are likely to reveal larger net losses. The United States Steel statement for the 1917 final quarter indicated a steady decline of production and it is believed the current period will reflect in greater measure existing economic disturbances. Maintenance of the "extra" common dividend divi-dend was one of the stimulating market features. Much of the activity of the last week converged around speculative shares, notably no-tably motors and specialties more remotely re-motely identified with the war group.