Salt Lake Tribune | 1918-01-23 | Page 10 | Utah Copper Looks for Record Year

UTAH COPPER LOOKS FOR RECORD YEAR i I J. A. Hogle & Co., 160 South Main j street, furnish the following digest of financial news received over their private wires: New York Stock Letter: The strength during the forenoon was followed by reactionary re-actionary tendencies. The eastern element ele-ment has, for the most part, of late, been dealing, on the long side of the list, so that when the interior demand for stocks show-ed a tendency to subside quite a little lit-tle realizing was conducted by the professional profes-sional element. There was nothing particular in the day's news susceptible of distinctly bearish bear-ish construction, though quite na"turallv, as the date of the steel meeting approaches, ap-proaches, and considering the fact that productive capacity of late in nearly all directions has been curtailed as a result of the fuel shortage and freight congestion, conges-tion, tho question has arisen as to whether there will he an alteration in the extra disbursement by the steel corporation. cor-poration. This uncertainty has provoked more or less realizing. The advices from the other side strongly strong-ly denote strained conditions within the central powers, and it is not improbable that some very interesting happenings may take place in the near future. While irregular periods are to be expected, the incentive to favor the selling side of the stock list in a marked degree seems' to be lacking at present. New York metals: The following prices were quoted at the New York metal exchange ex-change today: Lead, spot. $7.00 bid; January, f 7.00 7.25. Spelter, East St. Louis, January. $7,751(78.00; February and March. $7.0O'if S.00. Lead and spelter markets quiet. Twenty industrials 78.11, up 1.22: twenty rails 7S.14. unchanged. The L'tah Copper officials look for production pro-duction figures to break all records this year. It is estimated that the total output out-put will approximate 250,000.000 pounds. Assuming there is no interference with operations, this would he about 41,600,000 pounds better than in 1917. New York News Bureau: Daiis Daly made a new high record of profits In December. De-cember. The Boston office has just received re-ceived a check for SlOO.OoO. representing the net earnings of the. property for that month. Tribune: Nothing of satisfactory character char-acter appears with reference to the probable action of the directors of the steel corporation, scheduled to meet January Janu-ary 2?. There is some figtiring as to what the stock should be worth if the regular dividend of 1 U per cent and li extra were declared instead of ?. per cent extra, the recent rate. An extra of l3i per cent would place the stock on a 12 per cent basis, as against 17 per cent, the rate declared three months ago. Curb Letter: There was a marked decrease de-crease in outside speculative Interest on the curb, and efforts to realise profits, especiallv In the oil groups, caused some substantial recessions in today's trading. Midwest Refining, which sold at 110 early in the day, had a sharp drop to lOfin. and Houston Oil. after selling at 40. dropped to -if-io. Gienrock declined to the new low record of CVj. Queen Oil. continued heavily traded in. but also reacted, re-acted, selling at 7S to 75 cents. Cosden & Company was traded in at 7 and 6 i : Oklahoma, at 7 to 7U: International Interna-tional Petroleum, at 13-s and IVi. and Men-itt, at 22's and 22. S-ome of the war order stocks were in belter demand, with Aetna becoming prominent, advancing from r.Tg to 71s. Wright-Martin sold at 6"., and 6"i. New York Transportation Fold at 173i and IS; North American. :t 2-V; and Li, and ". S. Steamship, at and 5. There was unusually large trading in T'nited Motor, which rose from 223s to 2". Chevrolet v-ts strong in the first hi'lf of the da', when it rose from 108 to ! ii". ! The mining slocks were irregular. ! Raleigh was in good demand at 2 and 1 2i2. Butte Copper t Zinc sold at H. i Big Ll'-re at 15-111 and Cahjmct & Je-I Je-I rome at 1.