The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-25
HEAVY BUYING
HELD PRICES UP
Downward Course of the Stock Mar
ket Temporarily Stopped by
Strong Support.
GENERAL SELLING LATER
AT THE CLOSE THE TONE WAS
WEAK.
GENERAL SELLING LATER

New York, Jan. 2-Speculative buying
came into the market again this morning
in a flood and put an end temporarily to
the downward course Of prices, which un-
settled the early market yesterday There
was heavy unloading again before the
close, which was weak. There was not
an entire cessation Of selling to realize
profits on a heavy scale at any time, but
the stocks in which realizing was most
conspicuous yesterday were opened at
higher prices, and with this advantage to
start with they had some margin to spare
for reaction without having been carried
back to below last nights level The
ton with the west was given it's share
Of credit for revived speculation. But the
technical condition of the market was
much improved by the liquidation effect
ed yesterday With the weak commit
ments for the rises taken out, with large
profits in hand on the part of the pow
ertul combinations which precipitated the
reaction with their realizing and the at
traction of a lower level of prices to at
tract a re-entry into the market at a
profit and with the bear account cOnsid-
fer potential support by their necessities
to buy stocks to cover contracts, the
market was in better position to resume
the advance than it was to continue it
before the reaction.
The conspicuous feature of the resump-
ton was the marked preference shown
for stocks of the cheaper grade, both
among the railroad and industrials Fifty
separate issues could be enumerated in
which no dividends are paid and which
were up successfully in the trading to-
day and rushed to q higher level Gains
ranged all the way from 1 to points.
The spread of the demand is from the
high grade dividend payers to the lower
grade OF securities. Among the estab-
lished dividend paying railroad stocks and
the more substantial industrials are many
SIR mob -llaVe y7ax ny-6- hao an
almost daily occurrence for many weeks
past Among the low. priced stocks on
the other hand, are scarcely any that
have been carried up to the high records
Of 1901 and 1902. It had often been ar
gued that level of prosperity which
warranted the advance in dividend payers
to their present prices ought to warrant
a corresponding advance in nOn-diVidend
payers by the increase of their prospects
fir dividends Various attempts have
been made TO bring them into line with
the rest of the list, as the manifest dis
creDancV was believed to be prejEdicial TO
the credit of the advance in the seasoned
dividend payers. This was the ground
for tOday's movement, and very little
news of particular Dr0nerties was heard
to account for the various movements.
Union Pacific and Amalgamated Copper
were sustaining factors for the list and
when Union Pacific began to crumble the
effect on the general list was anna rent.
Action on the Union Pacific dividend has
usually been taken before this period and
when the executive committee adjourned
without action today misgivinUS arose
about an advance in the rate which W.
counted upOn. The low priced stocks
saved some remnants of their earlier
gains. but there were some threatenino
breaks in the hioh priced stocks. eSDecfa1-
X st Paul. Reading and the Pacifics, and
the closing tone was weak
Pond~ +1-Hrs irregular. Total sales. par
value. 81. 500 zoo
United States old As declined q per
cent on call.