The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-20
YEARS RECORD
FOR DULLNESS
Stock Market Stagnant Until
News of AmaIgamated
Copper Dividend.
SHARP RISE THEN ENSUED
ACTIVITY DURING THE CLOSING
HOUR.

New York, July 19-The years record
Tor dullness was approached in today s
business at the stock exchange The
TEDIOUS fluctuations represented nothing
but the shifting operations of a handful
OF room traders, and they were not suf-
nclent TO effect any appreciate move
ment. very few of the active stocks
nights level Interest in the market
seemed entirely dormant until the sharp
rise at the last when the market held
firm on the Amalgamated dividend an
nouncement. No less than three meet
lngs OF corporation directors were sched-
uled for the day. to which Importance
had been attached in the previous stock
market discussion and upon which spec
ulative hopes had been based or pro
fessed
1t was early announced that the st.
Paul meeting could not be held owing
10 the inability to secure quorum of
the directors. 1t had been predicted with
the usual show of confidence that the
long expected financial plan for the CON
Struct1On of the Pacific coast extension
was to be considered at this meeting, and
an official announcement prepared. The
market received the report of the aban-
comment of the meeting without a rip
pie. Special effort had been made to
drum up quorum of Union Pacific di-
rectorS. but they attended to only rOu-
tine matters and left the decision of the
tive committee. Confident assertions had
preceded the meeting that a large eX-
ira disbursement would be made out of
the proceeds of sales of the company
holding of Great Northern preferred and
Northern Pacific stocks.
The day of a dividend announcement on
Amalgamated Copper is attended with
more speculative excitement in periods of
activity in the market than almost any
other event. The only spark of anima-
ton that the market showed during the
day followed the assembling of that COM
pany'S directors. VOciferOus predictments
had heralded of the probable action rang
ing all the way from a passing of the
dividend to an increase to an per cent
rate. The stock sagged laZily on the
announcement of the retention of the last
dividend rate of IL per cent and Il per
cent extra for the quarterly period.
Foreign markets continued under the
weight of the diScOuraging outlook in
Russia, and it was reported that the Lon
don market was affected by supposed
liquidation on account of the Belt estate.
A report came from Chicago that the
railroad companies were borrowing heaV-
lily from banks there into March next at
5R to per cent TO postpone offerings
of securities in the present uGfavOrable
market. The outcome of tOmOrrOw's Of
fering of S300O0,0G0 Panama canal bonds
and the completion of the repayment of
100000 of government deposits which
have been recalled is awaited with inter-
est. The professional element drew a !
negative deduction favorable to a rise
from the lack of pressure on the mar
ket which resulted from the diSappoint- |
ing outcome of the three meetings of the
day. The strong close was the conse-
quence after the only demonstration of
activity for the day.
Bonds were irregular. Total sales par
United States bonds were unchanged>on
call.