The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-02
LESS PRESSURE FRIDAY
IN EASTERN MARKETS

James A. Pollock & Co, bankers and
brokers, furnish tho following. received
over their private wire yesterday after
noon:
Paine, Wcbber & Co letter. Boston;
Market was feverlsh and cratic today
but, on the whole, the selling did not look
as good as yesterday. and breaks were
caused by bear raids. In the local mar
ket the tone was much better and sup
port WAS given to many OF the stocks at
the lowest prices. Regardless OF the po-
sition of the metal market we think that
the coppersl have reached a level where
they should be bought. North Butte.
Lake Copper and Copper Range were
the most active stocks and will be leaders
III any upward movement.
Logan & Bryan stock letter, New York.
The market improved considerably today,
but mostly at the expense OF the short
interest; A slightly, better feeling pre-
ports to the effect that Chairman Knapp
of the interstate commerce commission
and the president were in conference and
that efforts would be made TO pass as
speedily as possible on the questions in
volved in the notices of rate advances
which have already been officially filed
with the commission. The outside in
quiry has not Increased materially, but
the Investment demand for odd lots are
shade better than previously reported.
The known movements of money Indicate
n heavy cash loss for the New York
banks this week. and the interior is still
centers. The action Of the list today
seemed natural in view OF support ten
dered yesterday, as the latter had the
effect of temporarily stemming the tide
OF liquidation and pressure for the de-
cline.
Hornblower copper letter, Boston: Cop
pers opened steady today. with better
demand than has been in evidence for
some time, Feeling more cheerful and
the best judges still maintain that money
is on the long side.
New York Sun says: The process of
restoring equilibrium In the stock mar
ket went on in normal and in classical
fashion today. Not only was greater
stability impaired to prices, but the
expected rally received an additional i'm
petus from the fact that a three days
stock market interim began with the
close OF business tonight. This was too
long a period for a good many trading
shorts to consider with equanimity un-
less they reduced their commitments and
the retirement of short contracts ac-
celerated by further rally In quota tlons.
After firm opening the market became
the forenoon was quite feverish, The
display of a firm undertone was, how
ever sufficient 10 convince the profess
sonals that the decline was over for
the time being at least and to cause them
to cover their endcavors on the long side.
There was no marked cviden"e OF an
overeXtendcd short interest, but the re-
treat OF hearish traders disclosed from
tlT1c 10 t11ne d scarcity VI OlleTlneS, "illtn
was a further sign of encouragement for
persons who had been dismaycd by pres
sure of liquidation in the last four DAYS.
Gallagher says: New York curb-Entirc
outside market much better today. The
buying was the best seen on the curb
in a long time. The west, Hayden, Stone
& Co. and William Gallagher were lare
sellers of coppers, The offerings were
well taken and the entire market looks
better than H. has for some tire. Hay
den Stone sold Chino. Gallagher sold all
the coppers. particularly GrouX and Rn.
Consolidated Speer-Trask was the larg-
est buyer for sharp advance in RAJ
Consolidated Chino and GirouX. The
buying of these stocks has been very
good.