The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-16
CATS AND DOGS"
BEING DUMPED
Any Old Kind of Stocks Likely to
Find Purchasers During the
Speculative Craze.
DEMAND FROM THE OUTSIDE
PRICES SET BACK BY PROFIT.
TAKING.

New York, Jan. 1.-THE upward ten
dency Of prices was continued in today's
stock trading but the movement diffused
INTO some outlying quarter of the mar
ket remote from the usual centers Of
activity. There was a conspicuous show
ing Of class Of securities known in
brokers' parlance as eats and dogs
The reaching Of a speculative movement
into the depths of the stagnant position
OF the list only occurs in periods of
great speculation. 1t is viewed with dis
satisfaction amongst experienced specu-
Iators owing to the fact that it is a
feature OF the eliminating of every pro-
Ionged speculation. During the present
speculation, however. stocks of this
class have been stirred several times
without marking the elimination of the
upward movement Of higher grade
stocks. The significance Of their awak-
enlng therefore loses some of it's force
The turning of the demand today of
stocks Of the lower grade was much
more conspicuous in the Industrial and
miscellaneous stocks than in the lower
grade Of stocks. The sustaining forces
IN the latter department were still for
the most part amongst the high-class Sc
curities. The northwestern esrangers and
Pac1fics were notable examples, the Hill
group, Chicago & Northwestern and its
subsidiary stocks, and st. Paul, all ris-
ing notably. There was a continuance
characterized last weeks market The
opening of the week brought in a con-
siderable volume of new outside demand
and this was taken advantage of to les
sen the accumulattons which were piled
high by spectators during December
The very large transactions for the ac-
count Of single individuals were taken
TO Indicate that some of the heavy op-
orators were taking their profits on
large lines Of stocks. Operations of the
same class on the buying side were trace
able in the stocks which made new ad-
vanceS and this caused the suppOSitiOn
that speculative accounts were being
transferred on large scale from stocks
on which large profits have accrued into
those which have moved but moderately
hitherto. The pTOfit-taking was eSDe-
ctally marked in the Southwestern Pa
cities, copper securities and some of the
coaIers. The news Of the day to account
for any Of the movements was very
scanty beyond the continued relaxation
in the money market The approach of
the time for the dividend meeting on
AmaIgamated Copper keeps alive very
active SurmiSes on the probable rate and
Union Pacific was also affected by dfvf-
dend cOnjectureS.
The sIuggishness Of the coaIers NAV
have been due in part to the assembling
of the mine workers convention For
efgn markets took TRANQUIL view of
the Morocco conference upon the eve Of
its converting. Discounts hardened a
trifle, however, in London and Berlin and
sterling exchange fell back a fraction In
Paris. Gold was marked down in Lon
don. Foreign exchange was firmer here.
The refluS of money to this center. how
ever. continues on such a large scale as
to obscure the significance Of the for
eign exchange mar6et. Sub-treasury op-
erations have already contributed to the
market since the bank statements s4-
$4,000. Time loans for sixty and ninety
days were made as low as per cent.
The strength of L. S. Steel preferred
was an offset to the prominence Of some
of the low grade industrials. The CON
slant prOfit-taking made more impress
sion on prices late IN the day than at
any other time. The closing was fairly
steady but at only slight rallies from the
afternoon reaction.
Bonds were firm. Total sales, par
value. S4.770 900.
u, s, bonds were UNCHANGED