The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-16
,,..!!CATS :! AND Dogs"
4 GET RECOGNITION
Inward Price Movement Is Diff
s,l fused Into Outlying
Quarters.
HEIGHT OF
SPECULATIVE FEVER
'ls
sContinued Relaxation of Money
Market Is Chief Bull
"N Feature.

NEW YORK, Jan, lS.-The upward
,.endency OF prices was continued In TO-
hays stock trading, but the movement
!. Siffueed into some outlying quarters OF
1.-The market remote from the usual cen
;xrs of activity There WAS a conspicu-
} 6sSus showing of class OF securities
Known In brokers parlance as cats and
Ropogs."
The reaching of q speculative move
ncnt into the depths Of the stagnant
/ 4portion Of the list only occurs In periods
Lsf great speculation II is viewed with
Ia aissatisf IA elton among experienced specu-
Fes Ators owing to the fact that IL Is fea-
lure OF the eliminating of every pro-
|asc,onged speculation. During the present
hi Lpeculation. however, stocks OF this class
Ee raaYe been stirred several times without
usnarking the elimination OF the upward
movement OF higher grade stocks. The
|@bIgnhcance OF their awakening, there
lore. loses some OF its force.
nYV The turning OF the demand today OF
0SNBtocks of the lower grade was much
more conspicuous in the industrial and
DIIIkniscellnneous stocks than In the lower
H|Srade of stocks. The sustaining forces
~ the latter department were still for the
lost part among the high-c(ass securi-
b. The Northwestern grangers and Pa
PhA fcs were notable examples, the Hlll
M }oup, Chicago & Northwestern and It's
6bsidlary stocks and St Paul all rising
ptably.
kry Therc was a continuance of the very
ctive profittaking which characterized
e,ist weeks market. The opening of tho
sMcek brought In considerable volume
/ ~ new outside demand and this was
e,Hken advantage of to lessen the accum-
|, ,sSdations which were piled high by specu-
T1tors during December.
] iTThe very large transactions for the ac-
!. i3nnt OF single individuals were taken to
/ S@dicate that some OF the heavy operators
|. kferc taking their profits on large lines
/ fT stocks Operations OF the same class
|. "a the buying side were traceable in the
.ldocks which made new advances and
k,7vds caused the suppostion that specula-
rAaTe accounts were being transferred on
|. salarge scale from stocks on which large
|. .g1onts have accrued into those which
WNve moved but moderately hitherto. The
n1oht taking was especially marked in
.leae Southwestern PacIhcs copper securi-
+ Ies and some Of the coolers.
/ S1The news of the day To account for any
L ~ the movements was very Scanty be-
|. ssnd the continued relaxation In the
!, ssoney market The approach of the time
.T the dividend meeting on Amalgamatcd
ss%%pper Keeps alive very active surmlses
|ri1 the probable rate and Union Pacific
'I,%ts also affected by dividend conjectures
Ieie slugglshness OF the coalcrs may have
bA en- due In part 10 the assembling OF the
aoy,ne Workers convention.
a. Foreign markets took tranquil view
- the Morocco conference upon the eve
,,.. its conVening. Discounts hardened
|HNnes however. In London and Berlin
d sterling exchange fell back a fraction
WI Paris. Gold was marked down in Lon
PA n. Foreign exchange was flrmcr here
IIN Fe renux of money to this center how
UDfr, continues on such largo scale as
h M obscure the significance of the foreign
|LRlchange market. Sub-trcasury opera
ms have already contributed TO the
LIE irket since the bank statements A.4l7,-
Time loans for sixty and ninety DAYS
IA ,fEre made as low as per cent
strength
eferred was an offset 10 the promI-
g.Ancc OF some OF the low-grade indus
lals. The constant proHt-taking made
s0'ore Impression on prices late In tho
I Sfy than at any other time The closing
"a 4ns iairly steady. but at only slight rail-
|9 ses from the afternoon reaction
| .770.Go0, f 'u'
6gUnited States bonds were unchanged