The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-01-17
STOCKS VARIABLE
AND IRREGULAR
Market Shows Remarkable Pow
pr TO Absorb PrOfit-Tak-
ing Offerings.
SPECULATION CONTINUES
TO MAKE PROGRESS
Points of Strength Displayed at
All Times: Some Notable
RecOyeries.

NEW YORK. Jan. 16.-Speculstion con-
tinucd 10 make progress today. alhousn
at a somewhat diminished rate Inc
volume OF dealings contracted from the
recently prevailing average and the move
ment OF prices was variable and Irregular.
Large pro,t~taldng was still in evidence
and this had the effect at times OF drlV-
ing prices backwards.
But the market was at no time without
points OF strength and some notable re-
coyeries were made from the declines
forced by the realizing process. This was
regarded as a demonstration OF the ao-
sorptiye power Of the market and en-
couraged the continuance OF speculative
ventures for further rise In prices
The demand was not steadily mani
tested and during the periods or sharp
est reaction the buying became percept-
ibly languid and Indifferent. The reports
Z. current of-the enormous Individual mold
y ings on various stocks, notably in-Unlon
Pacific. which were being liquidated mad
the effect OF aFousing distrust over inc
), markets attitude of those vested with
inside Information regarding conditions OF
the properties whose shares make up the
stock market. The realizing In Union
, Pacific was supplemented In lis influences
on sentiment BY the persistent pressure
On Amelgamsted Copper.
The near approach OF the dividend
meeting for this stock gave rise 10 much
ment OF a reduction In the price OF cop
per on the metal exchange was an addi-
tIonal influence on Amalgamated Copper
The London market for copper also
showed a notable spread Into discount on
futures as compared with the price OF
spot copper. The recovery In these two
prominent market leaders was OF much
influence in reassurlng speculative senti-
Inent.
\ good effect was produced also by tho
advances shown In some OF the railroad
gz,Ig. H.. .l.l A.n and
free enough market supply 10 prevent
their movements from being suspected OF
manipulation to the same extent as would
he the case with closely held, very high
priced stocks. The Pennsylvania group,
the Gould group and the Southern group
we're examples OF this class.
There was little news TO explain the
days various movements. TIC tighten
Ing OF tho call money market Yesterday
afternoon found explanation In todays
enormous clearings by the banks, which
exceeded, except by the January clear
ings of this year The very large amount
of dividend and interest payments falling
due OH January IL serve TO explain these
heavy check exchanges and these dis
bursements may be expected to hold the
money market later.
Large currency shipments from the In
terror are stll arriving here and the gain
nv the banks from the sub-treas-
ury since the bank statement
rose today TO s5.s55.opo, The shipment OF
eject under these circums stances The
foreign exchange market showed little
change In spite of the increasing supplies
of money In this market and also OF
sharp advance In tho discount rate In
London today. The latter was In response
10 the taking Of money from the market
by the Bank OF England. which is a we'll
known preliminary TO an advance in the
banks official discount rate.
in Paris discount became easier and In
Berlin II is expected that the Imperial
bank Will reduce Its official rate of dis
count at the next meeting.
Tho shipment of this country's foreign
trade for December shows an excess in
value OF exports of S644. 900 more than
doubling tho trade balance in our favor
OF the preceding December The vast re-
sources thus placed at the command OF
rhs foreign exchange market largely sx-
plain the facility with which the cnor-
nous demand has been met for remit
tances 10 cover maturing loans from for
clgn lenders.
Another factor I'm this result is an
awakened demand on the part of the for
eisn investors for American railroad d
mortgages, which bond houses I'm Wall
street report to be a conspicuous devcl-
opment OF the last few daSs
Stocks continued TO move lrregularly lid
70 the closing new points OF strength at
that time being mixed with reactions on
realizing.
Bonds were irregular. Total sales. par
value. S,02O0oD
United States q registered advanced
one-fourth per cent on call