The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-12
ADVANCES ALL
ALONG THE LINE
Organization in Control of Wal
Street Shows Marked Tendency
Toward Aggressiveness.
REALIZING DID NOT HURT
LoW-GRADE INDUSTRIALS BEING
UNLOADED.

New York, Jan. n-There was evil
dence again today of the resumption Of
activity by organized parties in the
speculation Of the kind which conducted
OF the year and which had been sup
posed to control the market in the in
terest Of the recent profit taking. That
profit taking was still in evidence to-
day, but its effect on prices was not
50 general as that of yesterday The
average level of the market rose above
mat mat OF Yesterday and gains in special
stocks were pronounced. The volume
Of dealings expanded materially. There
was little in the days occurrences or
news to explain the movement. The
joining In the upward movement Of some
OF the more substantial influential stocks
was effective upon sentiment. A good
effect was produced also by the deveI-
0pments in the money market ImIne-
date conditions diverged from the gold
export point Sterling exchange moved
upwards at Paris again, thus relieving
the pressure on New York from that
source.
Foreign political sentiment was more
cheerful and relief was felt that the
Bank of England refrained from adj
Vanc1ng its official discount rate. The
weekly report of that institution, how
ever, showed but a meager recuperation
from the depleted reserve condition Of
last week, such Improvement as there
was being practically due to the 81 &C.,
600 loan contraction. This brings the
proportion Of the reserve to liabilities
up to $50 per cent, compared with 1887
per cent last week, but against ratio
of 44.5O per cent this week last year.
The Bank of England also lost about
y, 9VL,0V0 today which was withdrawn for
shipment to South America It Is be-
heVed, therefore, that the bank is pre-
pairing to get control Of the money mar
ket so as to make an advance in its rate
effective before resorting to that meas
ure. Foreign bankers here continue to
expect an outgoing of gold later owing
10 the heavy obligations to foreign lend
ers falling due within the next few
weeks. Sterling exchange here was cas-
Ter today and there was some renewed
selling of bankers bills for the use of
foreign funds. Sub-treasury operations
already this week IS, O13 900, and there was
another heavy debit balance at the clear
ing house by the sub-treasury this aft
ernOOn, due to payments by the govern
ment on account Of the transportation
of mail. There was paid also 500, 600
by that institution on telegraphto trans
Ter Ter from san francisco. The eaStness Of
the foreign exchange rate was the more
notable in the face Of this replenish-
ment of the local money market, as the
easing OF the money rate here was eX-
pected to facilitate an outgo of gold.
The stock which made up the features
Of the days market were a mixed list
of high grade seasoned dividend payers
amongst railroads, and Of low priced
at all, amongst railroads and tndUstrtals,
some of the industrial stock running into
a ueclueuIV low grade
There was a wide intervening gap in
the list amongst the available market
leaders, and these were sluggish and
rather neglected throughout The re-
newed advance in Union Pacific to a
record level was the most effective sus-
tanning influence in the market. In
creased dividend executions were the fac
tor. The Hill group was made the sub
ject of revived rumors of a melon cut
ting" and Of absorption Of connecting
lines to the Gulf.
These rumors apportioned the Missouri
Kansas & Texas system to the BurIing-
ton, and the Kansas City Southern to
the st. Paul The movement in the
lower grade stocks was accompanied in
some instances by citations of improved
earnings to warrant executions of dfVi-
dends. The southern iron group responded
to revived merger rumOrs. The market
took on great animation late in the day
and many new favoriteS amongst low
grade stocks were rushed into promi-
nence, and Amalgamated Copper threw
off its earlier restraint, but the char
acteT of the market was not especially
changed.
The closins Eas. generally strong but