The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-08-14
SHORT INTEREST
WAS UNCOVERED
Active Trading in U. S. Steel
Preferred Yesterday.
WHOLE MARKET BENEFITED
EVIDENCE OF REALIZING IN
TIE PACIFICS.
WHOLE MARKET BENEFITED

today's stock market was marked, bu.
was largely in sympathy with the active
movement in a few prominent stocks
The most important radTating center was
United States Steel preferred. which rose
sssressiyeiy above sixty on an urgent
demsnd in which an uncovered short in
terest was believed 3 play an important
part This stock W4s influenced bv re-
1oFts that the dispute in the trade over
the price of. steel billsts had been settled
dnd me danger Of a disruption of that
and other pools thus avoided. II was
ramored that this had been effected by
tsle purchase of the Youngstown plant
OF the Republic Iron & Steel company.
bdt there was no VerificatiOn of this
fufnor. Pennsylvania and its subsidiary
stocks and the soft coal ,groun felt the
sympathetic benefit Of the movement in
tinted States Steel Preferred eepecfa TIy
eNlnS 70 the large part played IN their
ttdIIfC 0N iron and steel and the ma
keFl9ls for their .rOducsiou. .- 81,
IN the early market there was some
eNidence OF realizing in the Pacifics and
inss caused some hesitation in the gem
eral list The occasional pressure OF
proft-takng on Metropolitan Securities
1ad the same effect. When Southern
Facific broke through its restraint it
rose above s. the whole market took on
more assuring tone. Unien Pacific did
nor move in company with its subsidiary
STOCK and the western stocks generally
we're inclined TO hang back. except Atcai-
son. which came forward vigorously TO ST.
ne bank statement was OF small in
Iluence. although the cash gain failed 10
come 10. to the estimates on account,
II IS believed. of the -renittaaces to Cuba,
which complicated the showing The sur
psas reserve now stands at such a high
levei thai The degree of Influepca is OF
littie moment. A little realizing in the
final dealings under cover Of an advance
IN Sugar made the closing Slightly ir-
Total sales Of bonds. par value, s.. 065 900.
Review Of the Week.
The stock speculation OF the week has
been more active and has shown greater
activity and tho broadening tendency of
the speculation has increased as~the week
progressed. Crop prospects have held
TIE chief attention Of operators and the
conflict Of views on that subject and
The divergent outlook for different crops
have been reflected in confused tenden-
clss in the movement Of prices. Early in
the week when the impending government
crop report induced a waiting attitude
toward the granger stocks there was a
furious speculation diverted into q group
Of industrials and such realities. notably
the Metropolitan traction stocks which
made sepsat ional advances and led the
lnsfket N point or activity on several
oayS- Many Tumors flooded the street
IS To the project in contemplation FOR
The control of the companies involved.
but no official or authoritative announce
credence in any Of them.
The belief IS very generally held. how
cVer- that plans are working out for uni
wing the control and combining the
operation Of the surface elevated and
subway traction facilities OF the city OF
New York Some credeuce is given to
! the further rumors of the inclusion or
the Brooklyn Transit and New Jersey
trolley companies Ia the plan thus in
NolVing comprehensive control of all
the traction facilities in the city and in
the suburban neighborhood-
The excited speculation in this group
OF stocks had some sympathetic effecr
in the general market in the face of dis
Jurnlng effect of the wild upward flight
OF the price OF wheat and the DANA sc
report OF spring wheat by rust. which
carried an impression Of sexual disaster
TO the crop. The weekly bulletfn Of the
weather bureau on Tuesday covering con-
dltioHS OF the preceding week. did not
prove soothing 20 the fears for that crop
But the monthly report of the agricultural
department worked a decided change in
sentiment in the stock market and even
the renewed jump in the wheat market
aid not entirely remove the assurance
caused h that report.
Due to Speculation.
Although the condition there reported
dated back 10 August list before much
it was felt that the August list Condition
with its indica ton of nearly COS 0Q0 coo
bushels. impeached the credulity of the
e1eTeme estimates of the later damage
done. The action of the wheat market
Stsef was attributed IN large part to ex-
Gees Of speculate and to technical con-
ditiOns in the immediate supply aVailabl
II the market The most favorable augu-
Ties were drawn from the government re-
port on the corn and cotton crops Present
conditions in those crops are felt 70
warrant the assumption OF a bumper
yield for both and this assumption IS
liheiy to form the estimate Of those crops
50 long as 10 delcterious effects upon
them are reported in the news Besides
the ENCOURAGEMENT Of abundant crops OF
these two great staple products. very
hopeful vie-~s are held OF the chances
for a printable market for them in the
Coming season The firmness with which
the prices are held in the face Of the
brilliant prospects for these crops is at
trfiy1ffed to this promise. Low stocks of
cotton the world over on account Of dis
Coura cement TO buyers of the recent high
prices points TO an active coming demand
10 reaienish stocks
In the case OF corn. the threatened
shortage of wheat in Europe and the
small exportabie surplus promised here
Indicated largely increased demand for
corn for foreign expectation with the
corresponding benefits in the sale OF our
large crop The shaping OF convictions
thus regarding the crops has strengthened
The stock market in notable degree. Bust
ness sentiment has improved correspond
inZiy The iufiucce ia the iron and steel
trades has been less reessuring and the
heaKiness OF the stocks Of companies IN
that trade has been something OF drag
on the market Fears Of "a disruption OF
the pools for maintaining prices OF I'm
ished products have been the unfavorabie
factor.
Labor conditions continue unsettled and
are the cause Of an undercurnent OF un-
easiness in the stock market. Conditions
in the exchange market have lowered
near the gold export point and engage
ment for shipment To London have been
several times made and cancelled. The
factor has been the needs Of the London
mcney market and the redundancy Of our
mouev market. With gold flowing into
San Francisco. both from Australia and
Jansn. and with an early export or a
supply Of cotton bills in the exchange
market. the gold export question. has
aroused little Interest IN the stock market
and has not affected the extreme ease Of
the local money market at all Railroad
earnings as reported show an average I'M
provcment and the Hartman lines nave
been the subject Of special ACTIVITY ane
strength. apparently based on the good
June net earnings.
The demand for bonds has somewhat re-
vived and prices have generally ad-
NaHced-
United States gold As have advanced =
aud the new IS = per cent on cali, during
the week
Stock Quotations.