The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-08-11
COMMERCIAL AND
FINANCIAL WORLD
Another Bad Day For Specula-
tors on Wall Street.
PRICES GO DOWNWARD
BANK STATEMENT HAS LITTLE
EFFECT ON THE MARKET.
PRICES GO DOWNWARD

New York, Aug. 1O.-Higher prices
from London were reflected in q fair
~ good tone for railroad stocks at the
opening, out small gains were soon
wiped out ana prices dipped well be-
low yesterdays close for important
STOCKS on renewal OF professional
Seinng, The interest excited in the
government monthly crop report and
the prospect of some important de
Nelopments in the stock situation
next week caused a large diminution
IN the volume of business. The pau
city OF the demand helped to increase
the downward tendency which was
most marked in the grangers. Pacifcs.
coalerS and sOUthwesterns, Missouri
racine and kindred stocks were in
Huenced by deniaIs of recent reports
OF the impending absorption of Mex
lean railroads
As on the two preceding DAYS. Mis-
souri, PACING spurted up sharply at
the close, the final figure today bring
ing II TO yesterdays level. But little
interest attended the huctuatfon in
the United States Steel stocks today.
their movement being only fractional
but indicating better support for the
common than for the preferred. the
IdtJer ending &c lower. The bank
statement, while less favorable than
anticipated, was without any decided
erect on the market. The closing was
irregular and almost lifeless.
developments of the week were not
sufhctently defined 10 afford much en-
couragement to either bulls or bears
ana the result was d dull, narrow and
unsettled market. In addition the m
certainty as to the crop situation con-
tinued in the absence Of the govern
ment monthly report and the wide
variance in estimates BY recognized
trade 49, al
duced public operations and from day
20 DAY fluctuations represented only
the character of the professional
views.
Liquidation was on a large scale ear
~ on uneasiness as to the possible
ratlhcations of the steel strike and
crop ScareS- Discussion of the effect
on business by tie reduced purchas-
ing power of the wage earners and
farmers in the event Of their cOndi-
tlon was a factor in limiting general
speculation Large amounts of Unit
ed states Steel issues came on the
market, but the actual declines We're
less than when the ruDt1Ire first oc-
CURED weeks ago. This circumstance
was ascribed to the formation of an
dlleged pool who were prepared To
take enormous amounts at fixed prices.
The known condition made profes-
slonals chary Of attacking the stocks.
ton OF the strike and the conse-
quences Of a squeeze being weighed.
nevertheless their recovery from the
low points when various plants re-
sumed work was checked at times bv
influential selling. Consistent sun
port was lacking for other stocks.
ana speculative favOrites such as
Sugar, st. Paul. Atchison. Union pa
cific and Southern Pacific covered a
VIDE range, either way, frequently.
PesSlmlst1c views regarding the dam
age to the crops which had hitherto
MADE large inrOads on prices of the
gram carrying roads, We're not borne
out by the tenor of the late advfces.
reports OF cOpious rains remedied
conditions somewhat and the improve
ment noted by the weekly crop re-
port caused modification of alarm
ist reports. Stock prices reflected an
apparently OverSOld market OPERA
lions of the long account. however.
were conducted with caution traders
taking profits quickly and being con-
tent TO await the monthly showing.
General prosperity being represented
IN large part by the agricultural
yield and the prices obtained. fuctua-
tons In the grain market were
watched closely and stocks CONFIRMED
pretty closely to their variations.
A general waiting attitude was more
or less in evidence and occas fonaI
bursts OF activity were succeeded by
periods Of semi-stagne.tfon. Recent
liquidation in stocks was conducive
to ease in the money market and call
rates ruled at about % per cent
throughout. Lenders reported time
loans in fair demand and mercantile
papers terms without especial change.
Considerable Subtraction was ex-
pressed at the liberal receipts Of gold
at Pacific coast points from the Klon-
dixie and Australia, credited to the
local banks, which enabled them to
gain largely on subtreasury opera
tons. That institution also disbursed
the August government interests and
as the currency movement favored
the banks the prospects for a good
bank statement helped 10 maintain
market prices.
Exports Of gold appeared to be fore
Swallowed in the near future by the
higher market for sterling bills.
scarcity Of commercial acceptances.
coincident with an active demand.
brought rates to a level at which II
was considered probable that goIs
shipments would soon be made.
Prices of bonds moved within mar
row limits throughout and displayed
little feature aside from pool opera
tons in few relatively unimportant
issues. United States bonds were all
unchanged on the call prices for the