The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-10
COPPER ISSUES SHOW
A STEADY ADVANCE

James A. Pollock e. CO., bankers and
brokers, furnish the following: received
over their private wire yesterday after
noon:
Paine. Webber 6 Co. letter, Boston
Confidence in the stability of the copper
market is growing fast. The local market
for a month. Almost every one of the
copper stocks was traded in and most
OF them showed advances. The two
stocks which had the greatest rally yes
tcrday, North Butte and Lake, were fairly
active today but showed no further ad-
vance, This was due to profit taking
by people who bought at the low prices
and were willing to sell out and go into
something else, which has not yet moved.
We consider the whole situation as more
encouraging than it has been for some
time and with the present scarcity. Of
stocks prices CA easily rally ten points
further before we have q setback. Ncr.h
Butte. Lake, Range, Quincy, Allouez. Os-
ceola, Indiana, shannon. Hancock and
GirouX are the safest buys.
Logan and Bryan stock letter, New
York-Aside from some pressure during
the early trading the market was strong
throughout the session. With a notice
tions were described, however, as being
mostly professional. There was not much
news to influence the course of the mar
ket but II seemed to be the general i'm
preston that the weak spots We're pretty
we'll eliminated and that operations for
the usual August rise were in progress.
j
declared on Sloss- Sheffield did much to-
ward stimulating confidence in the in
dustrial list and the action OF the COM
modify markets after yesterdays report
was regarded as favorable TO the con-
strucsive side Of security prices. There
was considerable talk of price reductions
in finished steel products, principally
rails. but 1t could not be verified. We
would still adhere TO the policy of light
ening accounts on the advances and con-
fning purchases TO the occasional drives
which seem more than likely to occur
frequently under existing conditions
Gallagher, New York, says: The entire
outside market was very strong and on
covering OF shorts. Inside buying and sup
mand, Boston and Geo. Lanyon were
large buyers of Chino. Gallagher, traders
and shorts bought Ray Consolidated,
Giroux to Scheftels and Gallagher. In
siders bought Miami; traders and Boston
sold. Scheftels bought Ely Central, Kerr
Lake IN good demand by investors The
short interest was pretty well cleaned up
today. and several traders who were short
the market are having a hard time to
make their contracts, Outside buying is
looks like higher prices to me for the
better class OF stocks.
New York Evening Sun says Senti-
ment more than discounted for an abrupt
development of strength in the stock mar
ket today. That sentiment was encour-
aged by manipulative operations for the
TlSc lleTe cOulu De no QOuDt. Wnen
manipulating ceased the market came to
n standstlll, but while It was active re-
ceived quite a little contribution OF busl-
ness from trading sources There was
probably some hasty buying on n fairly
extensive scale by important interests In
very early dealing because although the
homicidal attack on Mayor Gaynor could
not be regarded as q market factor, IL
had nevertheless. as such deplorabIe oc-
currences always have. depressing ef-
feet the stock market community.
Stocks which had opened rather firmly
developed irregularly and began TO sag
In the first few minutes. but before the
end of tho first hour there was a decided
change in the appearance OF the list and
by the early part OF the afternoon an
all-around advance ranging from / TO 2
points for the active Issues had taken
place, Moreover. the advance was we'll
maintained despite a volume OF traders
profit proportloned TO the general scale
OF business Total dealings showed an
increase OF noteworthy magnitude over
the transactions OF yesterday and Satur-
day.