The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-08-03
MERELY AN AFFAIR
OF PROFESSIONALS
Operators in Wall Street
Changed Their Views From
Hour to Hour.
OUTLOOK VERY HOPEFUL
SOAKING RAINS IN CORN BELT
WELCOME NEWS.
OUTLOOK VERY HOPEFUL

New York. Aug. 2.-The stock market
today was largely an affair OF profess
sional traders and their views Of the
speculative outlook seemed 10 change
from hour to hour. judging by the con-
tinual fluctuations Of prices. The move
ment OF some prominent stocks gave
warning that the bear party had been
at work in the last few days. There Is
no one subject at present 10 Which SO
much Importance is attached as the
years agricultural harvests ana the
market showed a real response TO the
more hopeful turn OF the days news
In that respect. Early depression was
transformed into buoyant ana actiNe
closing.
The government report on cotton
conditions as Of July 25 was the fore
most influence IN shaping judgment OF
the agricultural outlook. me cohul-
ton figures. showing heavy deterlora-
tiOn during the month and a poor com
harrison with the average IN q mum Del
OF years, does not offer great lnsplra-
ton TO enthusiasm when considered aD-
solutely. The speculation consldefeu H.
not from that standpoint, Dut relalNeIy'
In that light II was no worse than eA-
pected and better than some OF the
preliminary estimates, notably that OF
the National Ginners' association Ihefe
We're reports OF cloudy weather IN
Texas, where the trouble Is with the
drOuth rather than excessive moisture
The drOuth- stricken portions or the
corn belt We're reported 20 have been
visited by abundant and SOAKING
rains, and there was heavy selling OF
that commodity on the exchange 10
hear out the reports.
The cheerful tenor Of these adVlces
strengthened the resistance when
stocks had begun TO show to the de-
preston OF the early part OF the day.
The depression conferred on the haWley
group TO the accompaniment OF pre-
dictiOns that the dividend on Chesa-
peake < Ohio could not be maintained
ana that The ambitious projects or COM
binatiOn centering around that prop
erty were becoming involved N EN-
barra ssnents similar 10 those which
Overcame the Pearson syndicate. There
appeared demand for the stock that
was not felt yesterday during its sharp
fan and the bears found the supply
suau when they began 70 bid Tor II 10
cover their shorts. This put a new lace
on the matter. The strong rally IN
Chesapeake a ohio ana a similar re-
bound in Sloss-Sh effield Steel served
as a warning that protective measures
against bear raids were in force.
A sharp reduction in the London VS.
ihle supply Of copper reports OF I'M
proving demand for that metal and re-
iteration of assertions that a policy or
curtailed output had been entered upon
b yJhe principal producers served 10
strengthen the copper industrials. New
orders for steel products and specifi-
cations on contracts were said 10 sat
isfy the ideas of authorities In that
trade. The over extensions by tl-4
bears in the market were put fairly 20
rout before the end OF the day and the
active list showed gains all the way
from one to four points.
Bonds We're irregular. Total sales,
Par value, $500, 600. United States
bonds were unchanged on call.
SnnTG< nHrRmATVnNg