The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-07
EASTERN TONE BETTER
BUT CAUTION ADVISED

James a. Pollock & Co. bankers and
brokers. furnish the following. received
over their private wire yesterday after
noon.
Paine. Weber & Co, letter Boston:
coppers were offered for sale this morn
Ing. Cal & Hecla was the only disturb
Ing feature. selling down to 500. the low
est price, since. 1899. North Butte was
In good demand around 20. raIlying near
the close to 21i, Lake. Copper Range,
Indiana, Hancock and Butte and Balals
were noticeably strong with little stock
ofercd. The lack OF selling pressure has
made many of the traders bullsh and
several prominent houses are advertising
that the bottom OF this drop has been
reached. We do not feel as confident as
that, but think that conservative pur-
chases OF coppers should be made around
these prices.
Logan & Bryan stock letter, New York:
Although the market was again under
the tone thereafter improved greatly and
in the last two hours shorts covered
freely with the result that substantial
recoverles were recorded in a great many
instances. Sentiment was more cheer
full in view OF the reports to the effect
that a large banking Institution had en-
gagged two million gold for import al
though exchange rates did not indicate
that the transaction was likely TO be
profitable, It nevertheless demonstrated
that the domestic monetary situation is
the above character should same become
imperative, 1t had been noted that the
buying OF odd lots for investment and
also of listed railroad mortgages has
been very much better during the past
few days than heretofore. We are still
inclined 10 advise caution OF the long
side and would take advantage Of ad
vances and lighter accounts as the sit
uation Is still beset with great many
uncertainties.
New York: The curb market today
at 159 to 16a, all sales at Is. Ninety
three per cent OF the ella has been ex-
changed for Ray Con. and | look for
much higher prices for Ray Con. Out
mains very quiet with little or no out
side business. Chino holds very well
around 10 The Lewisohns are buying
Miami around present prices, about $500
from lSl to lS.-Gallagher.
Hornbowcr & Weeks copper letter
Boston: This market seems to be at a
standstlll at the moment and good Judges
still maintain that the long side is the
proper one 10 he on and advise pur-
chases on all weak spots as they are firm
In their belief that liquidation has prac-
tically run its course Close was steady
with n good demand.
New York Sun says: That stocks can
not always be sold with impunity or
In todays market. The lesson was in
the way OF n very sudden change in the
character OF the dealings and the price
movement following yesterdays pre-
cipitous slump. the opening this morn
ing was weak and active with general
pressure throughout the list. AS result
new low prices for the year were re-
corded and the market as whole re-
ported new low level. Around the bot
tom however, more vigorous and inn
portant support was extended than had
appeared In some time and wary traders
who took note of 1t FASTENED 20 cover
short contracts. The less observing or
the more skeptical paid later for their
tardincss. After 4 brief interval of dull
ness. prices began 10 rise until I'm the
early part OF the afternoon. after a rapid
ascent they showed irregular changes
from last nights close, but mostly in
the nature of advances. some OF them
running to substantial amounts. The re-
covery from the low figures extended all
the way from two points for an issue
like Brooklyn which had yielded very
little to pressure to about five points for
a stock like Reading which had been
pretty weak. On the average n rally OF
between two and three points was shown.
the Hartman Pacifics, Reading and Steel
being the influential leadership. There
was no doubt that buying by strong in
terests laid the foundation for the rally
but good traders worked for II. And
on the upturn Il was indicated by the
way in which prices rose between sales
that offerings had diminished remarkably
for the time being and that the market
had bcco,no decidedly ONorsold