The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-18
MARKET RETURNS
I TO OLD FAvOR|TES
lively Renewal of Demand Tor
Stocks Recently Attracting
Attention.
INION PACIFIC is THE
MOST NOTABLE EXAMPLE
That Stock 0vercOmes Profit
I Taking and Scores New
Price Record.

~ NEW YORK Jan. 17-The feature Oh
tdo,,,o stock market was the reViNal ol
,,,.culetIv. operations in a number oil
TooLs which have been exploited In the
.v.culatIon of the Immediate past. ana
oGvb,ch passed through period OF proIl'-
tskiny subsequent TO the specu'o''o''
efrh.ro mas a lively renewal in the same
eonnection OF a great variety OF rNmors,
mostly pointing to como'natione
IL l{noresrs. which have already played
IeprIncipaI part In the advances e"eeN
rtln those stocks .r,tod nv the
aIsmont for the completion OF dlges-
...ffl,re process I'm prott-takins IN t''y a.
s.Eet and still further advance IN IN
b sstocks affected made consioeraoie ,rho
-SsvcrsIon of the market operations 10
these stocks was accompanies ~
Dconstant profit-taking at other points pa
Ijst This extended 10 many STOCKS
si|S;hlchl showed strength In the Garner par
:. nfS the dsy. so that they were mace 10
lD|pleld their gains In the subsequent deai-
8lngs .,onors exomple Of the
:. .seyersion OF the speculation TO former
'1ihanncls was that OF Union PacinC'
/ yhis was subjected 10 some further eN
knsive profit-taking In the carrier part
4. the day but 1t broke through TINS re-
" .traint later and rose to a new record
level, above 159, with marked effect on
i,the general speculative sentiment.
another example OF this tendency IN the
,rrarket smelling and lead both rising TO
know record levels, Amalgamated copper
WAS kept down or forced back when ~
did advance by n constant stream OF
,realizlng sales. The news concerning
3bese properties was plentiful, but was
ENTIRELY In the form OF vague rumors.
i4ettlcment of the Montana Copper war,
~ 81
r3anlcs and a gigantic combination OF al
,n,he copper mining. smelling ana aiieo
"netal Industries are samples or inc
,haracter of these rumors.
'.3rheTe was an enormous Distribution
M tcIegrRphic correspondence from Bos-
j..pn all day In connection with the mar
.-n9et campaign. The movement In Colo
i lido Fuel was OF similar character, tho
= !1imors regarding that property pointing
" - riously TO It's absorption in tho pro-
3" ..psed Southern Iron merger ana IN the
I, sfnitcd States Steel corporation. and TO
,urely speculative campaign In the mar
- .et here, the same origin as the recent
..'nperatIons IN the Southern Iron stocks.
sIsThe actual news OF the day was not I'M
\ sortant beyond the continued heavy
D, formulation of cnsh resources In New
'iork Money rates in consequence, con-
= nucd to work easier. Interest attaches
no tho probable action OF Bank or Eng
III Ind authorities on the discount rate To-
:. borrow, owing TO The operations OF the
MI nnk this week designed to advance the
:, pen market rates which IL a usual pre-
,IIminary TO an advance In the bank rate
Vnut the bank has been able to secure the
I Ipnppies Of gold in the market this
lhfeek. and this being the case, an ad-
=, ance in The bank rate Is less probable.
Ah The constant pressure upon Amalga-
hated Copper proved too strong for the
Assisting powers of that stock. Its sharp
.2treak later In the day decided the course
\ 4 the rest of the market. which had been
7dubjected TO steady profit-taking under
over OF the advances in the speclalties.
6fhe price of copper in London fell sharp
LlE. and some apprehension was expressed
4bf possible reaction In the market for
95ther metals.
Attention WIS attracted by the re-
marks OF President J. ]. Inn OF the
SEreat Northern, asserting that the Ma
otion was living proflgately. and some
afelling was said 10 be due 10 the tenor
spf the address There were rallies from
1.-The late break in sympathy with the
downward plunge in copper. and the clos
king tone was steady.
" Bonds were irregular Total sales. par
cyalue. Sc 600 600 United States bonds were
oAll unchanged on Cnll