The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-08-21
PRICES STILL
ON DOWN GRADE
Profit Taking in Evidence Among
Wall Street Spectators.
SOME RESISTANCE OFFERED
CHANGERS WEAKENED BY THE
WHEAT MARKET.
SOME RESISTANCE OFFERED

lance was offered 10 the decline until
the fears aroused by the renewed flight
I'm the wheat market weakened the
Srangers and turned prices in general
downward. United States Steel, pre-
ferred, was -determinedly supported IN
the early dealings, in spite Of the fur
Their reports Of unchanged CONDITIONS
in that trade. Traders are suspicious
OF a speculative origin Tor some OF
tie damaging reports in the steel trade
developments and profess to detect
very large uncovered interest in Unit
ed States Steel preferred These fac
tors have n deterrent effect en- plans
70 attack the stock by short sales.
Pennsylvania also was cOnspicu0usiy
firm and the anthracite carriers show
ed good resistance under the favor
able influence of a reported agreement
on a plan for the settlement OF differ
ences between miners and operators in
that trade. violent break in Met
rcpOlitan Securities, which carried Met
rop0litan Street Railway down with
i, gave added force 70 the reaction,
and the late weakening Of the gran
gers caused the whole list TO give way.
The leading grain carriers all lost in
the neighDOrhOCd of point \ frac-
tiOnal rally was interrupted by the
further drop IN Metropolitan SeCuri-
ties and the closing was irregular. The
bank statement furnished no surprises.
The moderate expansion made up an
important part of the increased re-
ceipts. but there was a sufficient cash
Increase to more than keep pace with
the additional requirement, thus add
ing $3.50, 775 to the already abundant
surplus.
Total sales Of bonds. par value, 81,
$4,000.
Steel Situation.
The stock market this week has
been irregular, and at times quite
weak, but reactions have been resisted
and overcome by the general course of
prices, which has been upwards. This
was in the face Of some heavy selling
to take profits and against the senti-
ment of d large part of the professional
operators, who have looked for reac-
ton. Some Of the weeks news has Of
fered d rather formidable prospect to
holders Of securities, but this was also
ignored and offerings of stocks were
steadily absorbed up to the higher level
attained by prices. The crop news Of
the week has been distinctly unfavor-
able 10 stocks. although the opinion
of the outlook in the financial district
has not gone the length of the disas-
tvous conditions reported in the grain
markets and effective in the excited
speculation there The material reduc
ton in the wheat crop which has re-
suited in the damage from rust, how
ever. is generally ADMITTED and the ex-
tent To which this may 90 IS recog-
nfzed TO be a factor for future deter
mination. Even more importance Is
ATTACHED to the corn crop for its prom
l. n
Using outlook for wheat
Foreign shortages Of wheat are
looked TO TO stimulate large demand
for corn. so that a large crop OF that
cereal VIII play an important part IN
the years prosperity Of the country
The weeks nisgivings over the prog
ress Of that crop was therefore a seri-
Gus factor in the stock market Re
ports of the deterioration from lack OF
moisture were received with much anX-
iety and the danger still TO come OF
harm from frosts to corn was a re
straining influence on speculation
Review of the Week.
The gravity of the situation in the
steel trade is also freely conceded
Price cuts already authorized in that
trade have offered q basis Tor INDUS
trious calculation as 10 the direct erect
on earnings OF the United states Steel
-ornoration. Beyond that direct result
IS the effect to be expected in inducing
a waiting attitude on the part Of the
consumers whose indisp0sitlOu TO make
commitments On a falling market or
with a chance for lower prices viii nat
uraliy follow. The purpose OF the
United states Steel corporation 10 pre-
vent a profit to the Pennsylvania COM
iesr gF
At = reduction Of 81 ton from the as
socfation price IS clearly indicated and
the purpose Of that company 10 con-
test the market for wire productions
is avoved Meantime the existence OF
p0ols and agreements from maintain
ing prices OF other finished steel PROD
nets is felt to be menaCed, with the
possible exception Of steel rails
While this condition has not been
without some effect, although a mod
crate enc, in the United States stocks
and those of some of the independent
steel companies, the sympathetic erect
on the general market has been sur
prisingly small. The same was true
of the labor situation which was not
promising. Trouble in the New York
trades was extended and the meat
packers strike was still subject Of
daily attention and discussion That
prices of stocks should continue To
make Roadway against q combination
Of disturbing influences in this way has
been a cause of surprise and of some
sulsufcion of manipulation by parties Of
professional operators. Evidence or
maniuulation IN some cases has been
rather fragrant. in fact. but the success
OF this manipulation was in Itself PROOF
of a strong underlying condition in the
market which made the bears among
the professionals very timid ABOUT al
lacking the market. No liquidation o.
Importance has been induced az any
stage. aside from some speculative
proht-taking which was reaaily an
sOrbed.
The condition of the money market
offers a strong attraction for the hoiu-
ing of stocks The call loan rate mas
ranged from / per cent 10 y per cent
and there us practically no demand Tor
time loans aside from the longer period.
The easiness Of the London money
market has diminished the probability
OF any call for gold from that quarter
and shipments from Australia to san
Francisco continue to be made IN any
event Interior money markets show
the beginning of the fall demand and
the interior exchanges are turning
against New York But with a surplus
Of $50 600 0o0 in New York bank vaults
the coming demand is viewed with
equanimity. 1t is expected that this
demand win come up to the usual vol
ume and the higher prices ruling for
grain and cotton may swell the usual
demand. But possible future coatin-
gencies Of this sort are not of much
effect in the fact OF a half per cent cali
money rate. Railroad earnings show
q sereraI inarrs1s-aTs7etff and fra fFsr has