The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-01
Securities Powerless to Sustain
Their Upward Tendencies.
RISE EARLY in THE DAY
BUT RECEIVE A SETBACK BE-
FORE THE CLOSE.
Improvement In the Tone Of the
Speculative Market In New York
Railroads Fell Into the Back
ground and Industrials Were
Brought Forward.

New York, Aug. 3l.-There were many
items in the days news which favored
an advance in the prices of securities.
They We're effective early in the day. but
proved powerless to sustain prices. the
higher level and gains, except in a few
cases. were pretty generally wiped out
before the close. The Improvement in the
tone of the speculative markets abroad
gave an upward impulse TO prices at the
opening. London bought quite freely or
faVoTites among the internatlonals. The
buying from tins source Is attributed TO
the operations OF a prominent New York
operator making holiday soJourn IN
London. After the orders for London
account had been executed IN TINS mar
ket, the railroad stocks fell somewhat
in the background and the lndustriais
were brought forward. The leaders OF
the group, especially the Iobaccos, were
under rates and severe pressure and
showed sharp declines. Later there was
some Improvement on strength OF the
strong showing made by several railroads
in July earnings. burlington was the
leader with an increase in the surplus
after charges of over $4,000. The Central
OF Georgia railroad formed marked ex-
ception with Il decline in net earnings of
nearly $4,000 compared with July OF last
year. lackawanna was marked up on Une
settlement OF the dispute with the en-
gineers and there was some sympathetic
strength in the other coalerS. Mean
time the short interest in Consolidated
Gas showed signs of distress and marked
up the STOCK H12. .eN-dlNicenQ-
The bears were inclined to cover SYM
pathe1callY in the other industrials, but
realizing in Continental Tobacco preferred
on the declaration of the fist dividend
caused them to decline again.
There WAS continued strength in the
Republic Steel stocks, but me promising
movement in Federal Steel yesterday was
promptly met by realizing today and the
stocks of that company Were heavy all
day. Steel * Wire failed TO show any
response to the admission of the stocks
The Chicago x Eastern Illinois stocks
showed indIvidUal strength and the COM
mon gained 6l2 and the preferred AZ. Colo
rado Midland preferred and the Rio
Grande Western common and preferred
were strong. The persistent heaviness OF
the market and the marking up of call
loans prompted a general selling move
prices to the low point. There WIS d
slight hardening in railroads, but the in
dustrials were attacked again in the final
dealings.
There was no apparent resumption of
operations by organized pools recently
active. The scarcity of money was at
tributed TO the monthly settlements,
but the New York banks continue
to lose cash TO the sub-treasUry on ac-
payments. and there is a balance of ship
ments 10 the interior over receipts. New
York exchange at the principal interior
points continue at a discount. Exchange
both on London and Paris Ieceded a frac-
tor.
The bond market was rather quiet and
changes Were small and irregular. Total
ments bonds were unchanged on bid quo
fafiOpS