The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-08-18
COMMERCIAL AND
FINANCIAL WORLD
Rank Statement Causes Weak
Tone to Stock Market.
UNEASY OVER STRIKE
PERSISTENT SELLING OF STEEL
suARFs RESULTS IN DECLINE.

An vork. Aug. 1I.-EXpectati0as OF
Ligber money market cause a weak
80 To TIE stock market today, which
80 sccentualed after the publication
Of the bank statement Predictions IS
10 further expansion N loans Were not
horne out the statement, on the on
trary, showing a decrease IN this item
Of &.645,Zg0-
This unexpected good showing, how
ever, was more than offset By a loss in
cash of S2,1l8,000, which was quite un-
expected, as the estimates yesterday
figured on a gain of nearly $3.50, Coo.
Some ul-easiness was also felt 1t the
efforts making 10 close various steel
mills which have continued IN opera
ton since the strike was declared. Per-
sistenc selling Of the United states Steel
stocks. which made extreme IeCIlaes of
q and 13s. respectively, 10y the Oplmon
ana preferred, stimulated bear selling
at other points.
Prices yielded steadily from The out
set, especially for the grangers, Pa
cifcs. local fractions, Sugar and ANAL
gamaJed Copper, which were lowered
from 4 to ? points. The southern and
anthracite and bituminOus coal roads
also -elapsed sharply In the final deal
lnss trading was a shade more active,
but the closing was weak.
An incident OF the day was the pro-
weakness IN The sterling *
change market. offerings of All classes
Of bills being very large. with scarcely
any inquiry. Demand bills were marked
down to 4S6%, but long sterling was
well held.
Consideration of the favorable under
lying conditions gradually s~upplanted
the earlier dominant influence Of the
government crop report and the Steel
strike. causing a higher and broader
market. These consisted Of the large
volume Of the general trade. excellent
railroad earnings, London buying and
increased public interest in the market.
MOlCay's market, when the crop report
and the strike figured 20 their laTgeSt
extent. showed that these conditions
were being rapidly discounted. The low
prices Of the week were then recorded,
and the subsequent recovery, though
Irregular. carried 8Cttve stocks from 8
10 3 points higher.
Grain carrying roads, especially those
tapping the corn belt, were expected to
be targets for bear attacks when the
week opened But the moderate losses
that followed aroused a belief hat the
worst was over, and the heavy demand
fer the short account that developed
later colOred this view.
The failure OF the general observance
of the strike order and the successful
operation of the various plants caused
predictions Of an early collapse of the
steel strike The United States Steel
stocks were considerably strengthened
DN kAEoE ASSET LlDllSr ana EEI-lu<H
reached a level g points above last
week This Improvement was maiS-
tanned until the late announcement was
made that the Joliet mills lad shut
down This incident. combined with
Z gel eral disposition TO take profits or
the weeks large advances, gave 70 Ch1I
to the -C7rket in the closing days.
Preceding this she waning effect o.
The CROP report and labor ~situaeior
caused "a more cheerful tone, although
the speculation retained much of its
recent professional character. Tea
operators took frequent ADVANTAGE q
the rising prices to put out shoS Hner
but as their efforts dislOdged but littL
long stock they covered quickly, al
awaited a more opportune time. Tines
stacks became less energetic after IN
easly days, and the later exteusiv
man6 hat arose was credited to thei
evening up.
Commission houses reported an In
crease IN outside orders which, thong
not laT.e, indicated that public interes
has been Teawakened by the bettermen
of conditions and advance in prices
London was a heavy buyer Throughout
the improved financial and pOlitiCa
conditions abroad causing a revive
interest in American rails
Last months severe decline in price
was generally attributed TO an import
ant western bear par, and the sub
stanttal advances in b grangers an
Pacific stocks is largely credited to Gov
ering by this interest. st. Paul was tn
leading feature of the week, talk of
possibility of an increase in the divi
dend causing active trading and a rapI
advance of 10 points. Nothing import
a developed 20 support his m 1t
influence ON the market vas yer
strengthening. and the preferred stoc'
also made a large rise.
General movements were not so pro
nonnced, but there we're large trans
actions in stocks which have not re
Gently become prominent. especially tn
trunk lines. Coalers and ~high-priceI
SpeclalIes Sugar. however. was ham
mefed vigorously early on the illness @
the president of the company and VIZ
favorable trade Conditions. The los
was more than made UP later, but ]
was very feyerish.
Money rates showed q distinct hard
enlng OF the close. call and time rate
sttnening. Sterling exchange rates &c
yllned sharply, demand bills yIeidin.
70 oeioW 49, IN the London buying d
STOCKS. This setback enectuaIly dis
9Vseu OF n further talk of gold pX
lellS lnis season. The recorded export
wheat this month. combined with on
NaaLSe thus far this year of 1926. 0OO. 90
N N~tefnatoual trade makes The out
-ooA LOT large sold imports this r.inte
very ~redSsuring.
Railroad bonds zb,,..4 d.. -
nent during the week +LaT sta-t-e ~,
mere was more general IS n
Algn-grad- issues. "
Ohtesa states bonds were -uncbanra,
81" ~1 oa- price of last week.
Bond Quotations
Do, coIpoD 5S'72-> \ j. G. sen. IS. 1921