The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-18
BREAK IN COPPER
CAUSED DECLINE
Stock Prices Holding Up Fairly Well
in Spite of Constant Selling
to Take Profits.
MANY RUMORS CIRCULATE
MERGERS OF ALL KINDS IN THE
AIR.

New York, Jan. 27.-The' features of to-
days stock market was the revival of
speculative operations in a number Of
stocks which have been exploited in the
speculation Of the immediate past and
which passed through a period of profit
taxing subsequent to that speculation
Ihefe was lively renewal in the same
connection of great variety of rumOTs,
mostly pointing to combinations and mer-
gers, which have already played a princi-
PAL part In the advances effected in those
STOCKS. The capacity demonstrated by the
movement for the completion Of digest
I've process Of prOfit-taking in the mar
ket and still further advance in the
STOCKS atfected made a considerable i'm
preston on speculative sentiment
The reservation of the market opera
lions to these stocks was accompanied by
constant profit taking at other points
or the list This extended to many stocks
which showed strength in the earlier part
o. the day, so that they were made to
yield their gains in the subsequent deal
lngs- The most conspicuous example Of
the reVerSion of the speculation to former
channels was that Of Union Pacific. This
was subjected to some further extensive
profit taking in the earlier part of the
day, but 1t broke through this restraint
later ana rose to a new record level,
above 159, with marked effect on the gen
eral speculative sentiment. The smelling
and metal stocks were another example
OIL this tendency in the market, smelling
and lead both rising to new record lev
els.
Amalgamated Copper was kept down or
forced back when it did advance by a
constant stream Of realizing sales. The
news concerning these properties was
plenClTul, but was entirely in the form of
vague rumors. A settlement of the Mon
tana Copper was a merger Of the smelt
ing and lead companies and a gigantic
combination Of all the copper mining,
smelling and allied metal industries are
samples Of the character Of these rUmOrs.
There was an enormous distribution of
telegraphic correspondence from Boston
campaign. The movement in Colorado
Fuel was Of similar character, the ru-
mors regarding that property pointing va
riOusly to it's absorption in the proposed
Southern Iron merger and in the United
States Steel corporation and to a purely
speculative campaign in the market here,
the same origin as the recent operations
in the Southern Iron stocks.
The actual news OF the day was not
important beyond the continued heavy ac-
emulation of cash, resources in New
York. Money rates in consequence con-
tinued to work easier. Interest attaches
to the probable action of the Bank Of
England authorities on the discount rate
tomorrow owing to the operations Of the
bank this week designed to advance the
open market rates, which is usual pre-
liminary to an advance in the bank rate
but the bank has been able to secure the
supplies of gold in the market this week
and this being the case an advance IN
the bank rate is less probable. The con-
slant pressure upon Amalgamated Cop
per proved too strong for the resisting
powers Of that stock. It's sharp break
later in the day decided the course Of the
rest Of the market which has been sub
iected to steady profit taking under cover
of the advances in the SDecialtieS. The
price of copper in London fell sharply and
some apprehension was expressed of a
possible reaction in the market for other
metals Attention was attracted bV the
remarks Of President J. J. Hill, Of the
Great Northern, asserting that the ma
ton was living prOfligateIy and some sell
ing was said to be due to the tenor Of
the address There were rallies from the
late break in sympathy with the down
ward plunge in copper and the closing
tone was steady
Bonds were irregular. Total sales, par
value. S6O00.000.
United States bonds were all unchanged
on call.