The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-08-25
COMMERCIAL AND
FINANCIAL WORLD
Wall Street Market Was Strong
and Active.
PUBLIC HOLDING BACK
cooD WEEK HOWEVER, IS
LOOKED FOR.

Ns,r York Aug 24.-The customary
.-5s1cZ- TO take profits at the close or
-.lI- 81 rising prices was Oftser To-Day
.ba buviug attributed to the hlgnly
s--.o-ab1a character of the weekly re-
--.-r-s ef commercial conditions Dy the
--er.antfIs agencies and Dy the settle
s1- of the FrancO-Turkish trouble.
rbe T01fOn market was called Tor
70Ii5a, today so the demand Tor amer
f-zn securities induced by the iater de-
ver0pment came directly upon the New
YORK market. There was some pront
taking before the appearance OF the
hank statement and again la the mai
dealings but the professionals found lit
~ 5imculty in yporting prices and
r.z17 the market pretty steady and near
10 the highest till the close.
The public still holds back, but evil
IDENTIFY the hope is entertained that
Monday morning viii bring more out
elders into the market attracted by
Yesterdays greater activity and
,traurth and its persistence today
The bank statement was about as eE-
racte5 I'm the cash item, except that
Tho supp0sed shipments to Philadelphia
we're not disclosed. The moderate loan
,xpausion was attributed TO the stirring
pf pools ia the stock market which
has developed during the week
Tire leaders today were Atchison'
E-ie. the Pacifics. AmaIgamated Cop
per and Sugar about in the order
named The strength was well distrib-
Ited but som Of the recent strong
7t5cks hung back somewhat, especially
the Pennsylvania group, the Wabash
issues, st. Paul, and Southern rail-
roads The United States Steel stocks
we're quiet but the preferred rose a
point in the lb-s dealings.
There has been no revival OF Specu-
Iative activity this week except in
few spots. The volume Of dealings has
been somewhat less than last week ana
on Tuesday the dealings in bonds fell
20 the low level Of the year There was
increased activity Of speculative bonds
alter in the week. Notwithstanding the
dullness Of the market, the tone has
been quite firm and there were periods
of positive strength.
Closing up Of outstanding contracts
ou the short side was responsible IN
some part for the strength, thus elimi-
mating potential requirements for
stocks and giving promise Of even
greater duIIness in the future. There
were, however, the usual operations by
the always Industrious room traders
trying to reap advantage from require
meuts from shorts by bidding up stocks
and even to inaugurate bull movements
by the formation Of pools in special
stocks.
The covering by shorts was largely
attributed TO western sources, from
which selling had been largely on the
early indications Of damage to the corn
crop. The sustained character Of the
demand Indicated that the crop damage
had been OverdiscOunted by the selling
Of stocks and possibly over-estinnated
also The continued high level OF rail-
road earnings in the region affected had
a cheering effect upon holders of Sc
curities, ana the fine condition of the
spring wheat crop and the large total
crop OF wheat indicated have received
Increasing attention
Last weeks record exports of wheat
although not fully maintained this
week, adds to the Importance of our
wheat crop and reinforces the stats
Ties Of foreign wheat crops as shOwine
large Ie'iuirements to be net from OuI
surplus supply of wheat. The cOndi-
tons thus presented are a fOrcible re-
mlnder Of the outcome of last years
marketing of crops, The development
or shortage of spring wheat last year
Which caused acute weakness in the
securities of all railroads in the north
western region, proved to be neutral
lzed by the very heavy traffic in gen
eFal merchandise so that railroad earn
lngs were not checked in the increase.
The steel strike cloud stiu overnang'
3fe rrsrket. The claim of the Tson1Jr
SJsn3aTo that American consumers O
iE-sn-a goods are placing orGers II
ereal Britain on quite a large scale is
C-fs'o-fed significant in that respect
Vail street opinion, however, is in~iincJ
u a ceteTminsdly optimistic view 81
the outlook in the steel trade. Operators
-a stocks are inclined to continue thell
Sna-ogy with last years events, an
lolu- 10 the ultimate Improvement r
.le anthracite trate, in spite Of The
S1uJ-aCwn OF the mines.
J. ms sentiment may be the effect
'-sheT JEan the cause. OF the hr1uness
N -Le united States Steel stocks, n
" men lne dealings have been small and
.I'-s-iucsnt. The real pressure uB0n
we stocks came in authorization of the
',-Ae' ana forced the drastic liquida-
.eU early ln July, when fOrehanded
'-e-V'S were preparing for what they
Jaw was the Inevitable. Amply re-
s-'e1 as result of that foresight
-,.- 49,. ,Le seneralship OF most skifIful
~ ss1.alois IN Wall street. the feel
e Hiahclal circles is thus seen In he
I-e OF confidence i'm The 71ltfr1st., -
5tv. anu continued prosper
nj +5. 1.alon halJs because Of a doubt
a. my capacity of the mOnva 7,arL-af
s5rs-,-. i-,s-illeolate future TO SUNNY the
7ria,+ g--- III ar Tor operations on Z. sJf-
gL-- l'le 20 attract large outside
49, i- Speculative novz~,er,t
- lt can rules easy of the -
nentr but there Is NJ a. the mo-
-teN5 -dIse commitment - ---I- -
.EAAhce upon call loan oSzNs IA
NJ W s--lnolraWing funds fror,
--s7+ n hut lhe annual cron r,7oy-a-
- ne payments tn tbe -
r-+.- el'l 10 small farmers - $3.50 "a
--eS me use Of actual 80 IlecesSl-
o-Slse or checks making i7,,...g5lul..,y,' me
E-e-9ml or the cfrcrIIsrj-tNo Ssloie the
----A results from cIez~srr- lilediilnl
,.9 WIN checks betwaa7 49, 49, oper-
No- salS currency mus SauAs-
-+ ~Ne cash reserves IF - Drawn
.5. 'N--lteting pTOportio7s+S-l "a ms.
.-- resources based on cs-1-1Iy their
IN fTr- .'..Sston under the nanliDss-- yes,
t1s.- 10, banks TO count as Is- ID" 5
49, -lSai reserves cash 7sp- all OF
W. ~ ar aetu5' on deposit v-5+,. y ceS
49, -'-A>. NJ q effect of 80 go. ~ "
me- --.----5t Hand for ,,,r,.--, = 'ILl :
or ~, ~ 1tl.l upon the cash - al
Trs---NeN York clearing ho17s5 - - y IS
~ l--sprctS are that tie d. "a Il S.
G5,---. man usual this fan "Ai
N.Y. --1meut fiscal ,-,.--- 80
Market s ...l--- einents upon the no9l -
cess Of a. S-al millions dollars in -
Tie Rs-T-s year The ease v-f-l, al - :
geze-rs.N OF England is r9,ss~ -. :. -lleIl
me 5srl- 't py The mai0tars-,l-