The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-19
SAME OLD STORY
IN WALL Street
Market so Dull as to Make
Scalping Operations AL
most an lmposSibiIity.
SOME INTEREST IN COPPER
AMALGAMATED DIVIDEND THE
CAUSE.

New York, Oct. 1S.-Speculative spirit
was at low ebb in the stock market
o ooody, Inc board room traders had in
creasing difficulty in scalping a frac-
tlohal profit out of the movement of
prices, as their own limited operations
were ABOUT all there was in the market.
Inc increasing sluggishneSS of prices de-
TERED even this class of Operators from
acting, and the market sank at one time
nearer TO actual stagnation than has been
VIII, mltneSseo IN the stock exchange for many
iHontnS. Had 1T not been for the stirring
OF interest in Amalgamated Copper the
business would have been more incon-
Splcuous The placing of Amalgamated
copper on an per cent dividend basis nv
distribution of 81 80 regular dividend and
% cents extra per share for the quarter
mas been so, confidently acclaimed that
cdSlon Tor surprise. The way in which
the stock jumped on the announcement
however. indicated a surprise on the part
or some of the specializing clement
Inc resistance encountered by the stock
on every upward movement for some time
past was the basis for some fears that
the olvioend was not to be increased, in
spite or the demand for copper and the
extraordinarily profitable prices at which
the metal Is selling. The backward at
tltude OF Amalgamated Copper in face of
the profitable condition of the trade and
the general belief that the dividend was
TO be increased has formed the principal
ground for belief now prevalent that the
leading financial powers of the country
are doing what they can to discourage
active speculation in stocks. while pro-
tectlnS prices from any serious inrOadS
by supporting measures in the market
Speculative comment generally assigns
the election as the probable period for
the termination of this cOnStraint upOn
the stock market. This attitude is be-
Iteved to be due largely to the fact that
the stock market is made subject to sur
vey and comment in political discussions
III way that might make its activities
an influence on the campaign. There has
SIlhSi6nnrp nf Of
number OF financial projects which were
subjects OF rumorS and which were looked
TO as a stimulating influence on the spec
ulatlon. 1t is supposed that these also
may be held up with the desire to await
the passing of the present contest. This
prospect Of lack of animation may have
its part in the encouragement Of specu-
lation.
1t is also evident that the money mar
ket is playing its part in restraining
stock market activity. Call loans went
to per cent early today and held we'll
above per cent, thus precluding the idea
that yesterdays furry was due only TO
temporary stock market eXigencies. The
time money market gave a still more de-
cisive demonstration of the narrowing of
resources. the amount of funds offered on
time loans being markedly less. A down.
ward plunge in foreign exchange to near
the gold import point was an incident of
this development. though rates for eX-
change subsequently rallied strongly. The
weekly statement of the Bank of Eng
land shows but a meager recuperation OF
the bullion supply. the improvement in
condition being principally due to the
scaling down of outstanding credits. But
this is raising the open market discounts
and thus establishing the banks rate in
the open market. Discounts here hard
ened somewhat today. The effect Of the
22s-point riso in Amalgamated Copper
when the dividend was announced soon
passed and the market closed easy at the
reaction.
Bonds were steady. Total sales, par
value, s., $4,000. United States IS and new
As advanced a per cent on call