The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-22
UNLOADED ON
STOCK MARKET
Big Insurance Company En-
braced the Opportunity Af-
forded by Recent Furry.
FURTHER PROFIT TAKING
CLOSING TONE ACTIVE BUT
WEAK.

New York. Aug. 2.-Trading on the
stock exchange was again remarkably
heaVy today, although somewhat below
yesterdays large volume The market
manifested a broader tone, operations en-
oraclng number of minor issues in the
railway and industrial groups. The Har-
rlman stocks were again decidedly ac-
tive with a tendency toward heaviness,
the result apparently of further heavy
profit taking. This same cause produced
similar effect among certain other is
sues Wnch were prominent IN last week S
advances There was renewed talk of in
creaSing dividends in a number of is
sues, namely Atchison, Reading, Penn
sylvania and the latter affiliated lines.
Extra dividends were announced by the
Federal Mining & Smelling. control of
which is held by the American Smelt-
ing company and by the Republic Iron
AZ Steel company. The disbursement by
stock
Indications. pointed to an awakening of
interest on the part of the public but
this interest has not yet assumed suf
ficiently large proportions to be reckoned
as factor. Buying orders were once
more numerous at the opening and from
al accounts stocks were well taken.
Save for the initial dealings in United
states Steel, there was an absence of the
previous days wide openings. The
opinion OF Shrewd observers was that the
advance had gone far enough for the
time, and moderate reaction was looked
for The money situation came in for
more serious consideration the rate for
call loans advancing TO 5 per cent, yes
terdays high rate, early in the after
noon, and to per cent in the final hour
when the list in general showed further
TecesSfonS. Practically all Over-year loans
were negotiated at per cent.
The unconfIrmed statement was made
that one of the prominent insurance com
panies had availed itself of the boom to
unload some Of its securities and other
selling Of a like sort was reported. Ar
| Illustration of the speculative character
OF the days operations was afforded by
the format lOn of number of pools iT
stocks which but recently were regarded
| with suspicion. In fact. the utter recl1-
| lessness with which most of the trading
was conducted was perhaps the most ia
VOra bic feature of the day. A sensational
rise in Great Northern preferred was ac-
cOmpanted by reports that the deal with
the United States Steel corporation for
! possession OF the Hill ore properties in
the northwest was in process of consum-
nation No confirmation of the story
was obtainable during the market SEES
! sion.
The great bulk of the days business
was made up of half a dozen issues
Amalgamated Copper. Colorado Fuel
/ Great Northern preferred. Pennsylvania
Reading and Union Pacific A number OF
| high records for the year were made in
| the course of the day, but there was a
marked decrease in the volume of bust
ness in the late session. This was al
| tributed in part to reports of heavy
! floods in Arizona and southern California
! though these were later found to be ex.
/ aggerated.
The closing was active and weak. many
/ of the days gains being wiped out anC
a number of net losses established. Lon.
| don, which reported a reactionary tone
/ for our securities, traded actively on bOtl
sides here, purchases and sales, the lat
| ter predominating, amounting to about
| $4,000 shares. Local monetary condition:
disclose a loss by the banks to the sub
treasury thus far this week of abou
! 81, 300000, the result chiefly of Panama
| bond payments The sub-treaSury mad,
a transfer of S2O0000 TO New Orleans. anC
| reports from the middle west suggest in
| creased demands on the banks of tina
section for crop moving purposes.
| Railroad bonds were irregular. Tota
! sales. par value. $3,3150O0
| In government bonds the new as ad
| vanced Il per cent on call.