The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-07-17
COPPER COMING
DOWN RAPIDLY
Slump in London on All Grades
With No Revival of
Demand.
FURTHER FALL PROBABLE
UNION PACIFIC FEATURE OF
STOCK MARKET.
FURTHER FALL PROBABLE

New York, July 1.-THE stock mar
ket today was a dull affair and had all
the usual characteristics of the mid
summer period. There was some ac-
tivity in three or four stocks, but if the
shares of these are deducted from the
total sales for the day the remainder
is insignificant. Union Pacific was the
active feature and its sales make up
an important proportion of the days
business. The movement in Union Pa
cif1c also was dominating influence
upon the narrow movement of the
whole market. Amalgamated Copper
and Reading made up another impor-
tant proportion for the small dealings
of the day. The general movement
was sluggish and in conformity with
the narrOwness of the market. The
friends of the Union Pacific proclaimed
their conviction that the inference to
be drawn from the tenor of the Harri-
man report of the interstate commerce
commission was the admitted futility
of a prosecution to dissolve the rail-
road combination The demand for
this stock from domestic sources was
heavy and was more than sufficient 10
absorb some large offerings for foreign
account.
London took an unfavorable view of
New York values and sent over quo
tations quite radically reduced from
last nights closing level here. The re-
sistance developed to this influence was
due entirely to sympathy with the
Union Pacific movement. An dssWnp-
ton has been coupled with the sup
posed prospect OF legal prosecution to
dissolve the Hartman railroad com
bination that similar suits against the
Hill group would follow in course of
time. The stocks of that group COM
pletely sympathiZed with the Union
Pacific fluctuations.
An obstacle to the rising tendency,
due to the effect of strength in Union
Pacific, was the bad effect on senti-
ment produced by the instability of the
price of copper. The stock market was
confronted at the outset today with
slump in the price of copper warrants
in London, and during the day there
occurred a further reduction of 12s to
~ cents per pound for all grades of
copper. 1t has been the subject of
common discussion that this reduction
has failed to revive any demand for
copper, and opinions found expression
today that the fall in price must run
several more cents before a stable level
will be found ror future business.
This incident aroused some anxiety
over the whole business situation and
the possibility of similar deadloclIs
owing to high prices in other lines. The
report of the reduction of quotations
at the New York metal exchange was
the signal for a decided setback In
stocks. Other influences were scanty.
The continued easing of the call money
market smoothed any apprehension on
that score. The foreign exchange mar
ket yielded further. Opinion based
upon the money outlook was affected
by the call for 20 per cent syndicate
installment upon the Union Pacific
convertible bonds to be paid on Mon
day next, which will call for nearly
S14,O00,00O. A quick return IF these
funds to the money market is expect
ed. The weekly bulletin of the weather
bureau was favorable in its showing
of crop conditions. Prices rose rap
idly in the last half hour to the best
of the day.
Bonds were steady. Total sales, par
value. s97S. 600.
United States IS coupon advanced Z
per cent on call.