The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-01
MORGAN INTERESTS AGAIN
HASTEN TO THE RESCUE

Thursday in the east reminded one
sharply OF the panic conditions OF 1907
stock prices slumped direfully. the mar
kets receiving some starch from the re-
port that the Morgan interests had
stepped into the breach and were wllline
10 take hold TO prevent Things from gong
to the eternal bow vows, as they dld three
years ago. The following market gossip
over the wires OF James y, Pollock &
Co, was received;
Paine, Wcbber e. Co. Letter. Bos-
ton. Liquidation in the whole list con-
tlnued again today. the heaviest selling
coming during tho morning hours Con
able today, hut the volume was not large
enough TO Offset the selling. Some of the
coppers are getting low enough TO look
attructiYe for either Investment or Specn-
laton. and from now on VIC expect they
will oiIcr more opposition. The New YORK
list does not yet look as If liquidation was
finished. and we advise taking pronts on
any rally and buying only on the breaks.
We think 1T safe and advisable for Gus
toners with ready money TO begin pick
ing up Coppers like Copper Range. North
Butte. OsccoIa. 5, & IS. Wolverine, Lake.
Indiana Hancock and East Butte.
Logan & Bryan Stock Letter, New
YORK Tho market again suffered severely ,iI
from heavy pressure, Support during the
first two hours seemed entirely lacking.
but IT was rumored that meeting oil
prominent financial interests was In ses,
sion and that organized support would
be rendered. The list became steady
after the circulation OF the above and IL
was noted that buying OF particularly
good character was In progress, especially
| In the Hartman issues and Steel, which
served to strengthen the market. with 'the
result that substantial rccoveres from
| the low levels were recorded. During the
| early days OF the present downward
| movement IL was thought that the situa-
| tion In the northwest was to be re-
gardcd as the principal cause of the
change of attitude on the part of i'm
| portant market interests. Later, the de-
cisions of the interstate commerce com
| mission In western freight rate cases
were given as the reason, but at present
| It seems more probable that the primary
reason was the imitation OF credits
throughout the country, which appear IN
| a fair way likely to adjustment through
! the drastic curtalment of loans as re-
suit OF the declines in securities prices.
Chaplin Ss Cook Stock Letter. New York
I'VE are bound TO see rallies after ex-
| tremc drives, but 1t IS very doubtful II
| the advances can be maintained. We be-
| lieve any important movement Will bt
| taken advantage of by the clique to re-
duce their lines. and until this liquida-
ton Is thoroughly digested the trend vii
be downward.
Hornblower tG Weeks Copper Letter
Boston.-Today's prices of Boston stock:
| in many cases were the lowest seen since
| 1907. In sympathy with the weakness
| in New York, this market suffered so Sc
yerc .setbacks, due TO the uncovering o.
| stop-loss orders and forced liquidation bl
| weakly margined holders, There was some
good buying noticed. but only when drive:
to be expected, but liquidation seems Il
be quite complete and many long account!
eliminated from the market, and il II
thought by best judges OF coppers tina
purchases around this level will SHOW
good returns when conditions become
| more normal
today I'm the face OF the bad break OF
the inside market. Gallagher was tn,
principal buyer OF Ray Consolidated
Squire & schenk had large buying order
| traders sold. There is large short in
terest in this stock and it looks yer.
cheap. Hayden & Stone were the seller
of Chino. and the buying was mostly GOV
tried to sell Miami down today withou
much success of shorts trying to cover
We will have sharp rally in this stock
market when long stock appeared, Their
were no buyers for Nevada Hills and
sold down TO 14s, closing al s1.55@1.5S. Th
west and HornbloWer & Wrenn were sell
ers OF Greene Cananea. and local broker
| were buyers. Not much support for thi
stock.-Gallaeher,
The New York Sun says: So far as tn
attribution OF adequate. specific and par
ticular causes for the portentous breal
in stocks with which the declining marl<e
Of 1910 concludes the first six months o
the year, the oracles OF the financial dis
trict were today dumb. An actual surplu
of politics and prospective insufflcienc
OF crops were among the continuing eX
pihHitioDS SuSSeSleu lillS alleTnoOne i
may safely be assumed however, that a
this time the relation of stock marke
events to causes and consequences can
not be explicitly settled. After the frs
rally in the early part OF the afternoo
stocks fell again. but they did not &
back to their previous low level an
promptly recovered to higher prices tha
on the first upturn. This was convlncin
to most traders that the bottom had bee
struck. for the time being at least, an
shorts proceeded to cover in quantit
while there was no little professional buy
ing for a turn. The recovery went fur
ther during the afternoon and prices he'll
pretty we'll TO the close.