The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-15
INTEREST SEEMS
TO Be LACKING
Movement of Prices Exceedingly
Sluggish Except in the Case of
Few Special Stocks.
MANY RUMORS SET AT REST
REALIZING MOVEMENT IN COP
PER STOCKS.

New York, Feb. 14-Speculative interest
today in the stock market declined again
to about last weeks average. The move
ment was exceedingly sluggish except in
a few special stocks and in them it was
less pronounced than yesterday. The
days trading offered a tame conclusion
to the long period of surmiSe over the
Union Pacific dividend which was settled
today by the placing of the stock on a
regular s per cent basis. The trading in
that stock for the day was rather small
Ter than the recent average and the hes
itaEing vibration n the price extended TO
only about a point above or below last
nights level. In the last few days the
current opinion had become pretty well
Informed as TO the intended action on this
dividend, but the conjecture up to that
time had covered very wide range or
possibilities as to the rates Of the dtvi-
dend and a supposed distribution of sur
plus in addition. The moderate movement
in the stock setting at rest all Of these
rumors were suggestive of a pretty thor
ough cleaning up of speculative commit
ments.
The action Of the copper stocks upon
the formal announcement of the transfer
Of control of the HeinZe properties and
the resulting settlement Of litigation also
offered abundant suggestions TO the spec
ulative mind that the mystery being
cleared from the stock deprtves 1t OF
much of it's motive power in the market.
Amalgdmated Copper and Anaconda
clearly showed the effects of realizing
throughout the day, although occasion
ally support made their movements If
regular. The smelling and lead stocks
came under the revived influence Of a
merger of copper and smelling companies,
which it was hoped was to be included
in the official announcement of the Mon
tana settlement. These movements were
of small effect, however, upon the gen
eral market, which backed and filled with
a narrow range during the day. Heavy
rev issues of bonds were d continued sub
ject of discussion and some disparity of
opinion was disclosed as to the deduction
to be drawn from this prominent devel-
opment in the situation. AS an evidence
of the confidence of the most important
financial interests, both in the outlook
for general conditions and the further re-
sources of the money market to absorb
these large issues, it was urged that the
offerings at this time were an encOurag-
ing feature. Speculative discussion dWelt
upon the Importance of supporting meas
ures in the stock market to make a sue
cess Of the marketing Of new bonds.
The money market, however, showed
clearly enough the effect of the -Iarg5
requirements thus to be met The rate
Of time loans for all periods up to six
months was fairly estimated on a 3 per
cent basis and higher rates were asked
for short time loans. Call loans rates
also were higher, ruling above 1 per cent
throughout the day and getting as high
as Z per cent. The gold for South Amer
lea, which was expected to be taken last
week, was added to today, making the
total shipment amount to 81, 80, go. The
Sub-treasury's absorption in the money
market since the last bank statement rose
to s., 37, 90. Quotations for interior ex
change showed in favor of New York in
response to the firmer market here. The
effects Of the Union Pacific dividend and
the copper settlement caused an appre-
hensiOn that various other deals have
been discounted already in the movement
Of prices. The market closed under pres
sure and at the lowest Of the day
Bonds were heavy. Total sales, par
value, 2,735, 900.
United States bonds were all unchangeS
on call.