The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-20
STOCK MARKET
FINDS SUPPORT
Resistance to Bear Attacks and
Wave Of Liquidation Comes
at Last.
ENIGMA OF MARKET
is UNION PACIFIC
No Hint as to the Sellers of
Huge Blocks Of Stock Dur
ing Week.
BY Leased Wire to The Tribune.

oy Icdscn wire TO Ihe TT1DUUS,
NEW YORK. Aug. 1s-Resistance TO
liquidation and to continuous bear at
tacks on the market have been shown
this week. although many stocks have
sold at the lowest prices of the year and
even lower than in the 1910 break. There
has not been that steady daily dropping
down OF the average price which 30 dis
couraged and disconnected Wall street
throughout last week, On Monday there
was rally OF Ii points. which was twice
the size OF that Of the Monday previous.
were advances following Close WnH after pres ese
sure under which new rev low records
were made, Stocks had reached point
where their intrinsic values were appeal
Ing to Investors and also where the bank
Ing interests were willing to and per-
haps felt the necessity Of giving sup
port.
The enigma of the market has been
Union Pacific. which did not show any
recovery until II had n decline Of over %
points. It remains to be told yet who
From 1925 to is7s over 1000. 900 shares
Of the Outstanding amount. Official oogs t,ogS
nlzance of the disturbance in 1t has been
ident Loyett claiming there were no uIs
sensions in the board Of directors and
that the question OF changing the diyl
this was not explicit enough for Wall
street, which wanted to place construc
ttions on the statement which 1t did not
Justify, II undoubtedly satisfied the 20, 900
stockholders in the property. who are
mainly interested In maintalnence Of the
dividend rate.
The labor situation here and abroad
domestic financial situation. SO far
nothing acute has developed in this coun-
try and it is hardly probable that there
makes strong demands 1t will meet with
the first real opposition coming to 1t
from the railroads. in the last decade.
t,rss The business ,sn, END Of the sltuat2R con-
only natural. Ninety millions of people
have, to be fed and clothed. consequent
~ there must must, be- be very eonside derabls l,,
season, and the autumn is always the
most important season Of the year.
At the present time the south Is MAX
Which is quite logical under existing cot
ton crop prospects. Heat and drought
In the southwest were relieved near the
go nd dsmas BY oGosr Sss and n Sesn
done, but conservative traders estimate
that the deterioration will not extend
beyond the ten-year ACREAGE August de-
the increased acreage and superior cul-
tiyation this would Indicate a total yield
OF l45o0,o00 bales.
ne "eSl lllb Week Hdb Dcsu
to purchase merchandise a little more
freely than heretofore. but trade In that
section Is still we'll below normal 1t
Is being steadily developed that the
grain harvests are likely to turn out
better than the last government crop re-
port indicated. Good rains have fell
en- throughout the corn belt, which have
been beneficial TO late paintings, and
there IS q prospect that the yield may
rise to $500, 900, 900 bushels. Such an
outcome would help western trade later
In the year
A very favorable incident was the Of
ficial government statement Of the coun-
try's foreign commerce for July. which
showed an excess Of exports over i'm
ports OF merchandise of So, 500. 900. This
is an excellent start for the new fiscal
year, American manufactures. which
last year figured IN our exports for the
large sum of 1927 900. 900. were also prom
lnent in the July shipments.
It is now pretty well settled there Is
10 be easier money than heretofore ex-
pected. Foreign exchange, after falling
close to the gold importing point, moved
up sharply on the English labor trou~
bles, which are a serious temporary i'm
pediment 70 our exports. However, bank
ers do not want gold imports and there
is certainly no use for them In our pres
ent monetary condition.