The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-19
BROKERS GET A
LARGE RAKE-OFF
Stiff Backing Holds Prices Fairly
Well, While it-Taking
Sales Continue.
DORMANT. STOCKS ADVANCE
MUCH REALIZING IN UNION
PACIFIC.

New York, Jan. 18.-The trading in
stocks today for most of the time was
not up to yesterdays rate of activity and
the market fell into positive dullness at
times. An excellent medium for market
ing stocks was offered, nevertheless, and
the profit taking was industriously pur-
sued under cover of the sustaining force
OF the strong features Of the trading.
Explanations Of the movements in spe-
c1aI stocks were mostly of the nature
Of rumor, which failed of any authentic
confirmation. 1t was rather obvious that
the speculation was based on general
causes and conditions, while the rumors
regarding individual stocks were due to
attempts to divert the speculative inter-
est into special channels. A large num-
Der of dormant industrial stocks and spe-
cialties were awakened into activity and
made prominent advances. OF the more
substantial standard stocks the feature
or the day was the renewal of the re-
cent active speculation in Reading. This
was a striking counterpart of the rever-
sion into Union Pacific and the smelling
stocks yesterday. Much of the activity
in Reading was traceable to the same
sources as that which accompanied it's
long advance in the hands Of the pool.
The price was carried to a new record
above 49,
Meantime there was conspicuous real
iztng in Union Pacific. Smelling and
Lead, after rising to new record prices,
were also subjected to active realizing.
Next to these movements the most prom
fnent in the railroad list were the Gould
southwesterns. Missouri Pacific and Wa
bash preferred jointly led the movement
which affected minor members of the
group in less degree. The generally
accepted explanation of this movement
laggard throughout the prolonged specu-
latiOn which has extended to almost
every other part of the market.
Stress was laid also upon a published
interview with the head of the system
expressing very confident opinions on the
promise for sustained prosperity. These
railroads for some time past have been
making unfavOrable comparisons of earn
ings with last year, owing to the special
advantages to them from the St Louis
only now beginning to show in adopting
the current earnings.
Great interest centered upon AmaIga-
mated Copper all day, as action on the
dividend was expected before the mar
ket closed. The restricted movement of
the stock ring most Of the day sug-
gested some measures of restraint upon
it with the purpose of detracting from a
sensational viev Of the dividend
meeting. The directors had not been
long in session, however, to consider the
dividend action before rumOrs began to
fly about the stock exchange with po-
tent effect upon the market movement
of the stock.
The general expectation was of a ~
per cent dividend for the quarter, but
after the assemblage of the directors a
false rumOr was put in circulation that
the dividend would be placed on a z or s
per cent rate per annum. Amalgamated
Copper, which had sold as low as 11O15
shot up to 1855 in enormous dealings,
fell back to 112A, and fluctuated violently.
On the announcement of the dividend
it dropped to no. but closed at 111A. a
net decline Of Il. The late break in the
stock unsettled the general market and
the closing tone i@erably. Money
continues to accumulat- at this center
and interest rates to work easier
The decline in the discount rate of the
Imperial Bank of Germany by a uU l
per cent showed the great relaxation of
money at this center and the strong
weekly statement of the imperial bank
bore out the showing. The Bank of Eng
land also showed a gain in reserves of
nearly Sn,OOO,OOO, with an effective loan
contraction which raised the proportion
Of reserves to liabilities to nearly 43 per
cent, compared with 1872 per cent last
week. The decrease of S27 SOC, 900 in the
item Of government securities showed the
extent of the measures taken bv the
bank to remove money from the market.
Foreign exchange here was firm and New
York exchange at Chicago fell to 40 dis
count, as against the recently prevailing
premium.
Bonds were firm. Total sales, par value,
S., $50 900.
United States bonds were all unchanged
on call.