Salt Lake Tribune | 1910-06-19 | Page 31 | Financial Currents of the Week

Financial Currents of the Week MONDAY There was little activity, although al-though the pressuro of liquidation was relieved re-lieved by the very Idleness of tho market. mar-ket. This had the effoct of helping values. Amalgamated Copper showed a rally and United States Steel was up, in spite of signs of over supply In finished products. Coppers wore weak, with a disposition on the part of some deulcrs to shade prices. Tho lowest prices for wheat of the 1910 crop were recorded In the Chicago market. mar-ket. Texas and Kansas sent rcpurls of the certulnty of heavy crops. In contrast, May, 1911, went half a cent hlghor. TUESDAY The movement on tha stock exchange was hardly more than a drift. Railroads let It be known that further freight rate advanucj; are necessary to enlist foreign capital. There was a firmer tone in cnll loans on tho call upon the underwriters of Atchison convertibles of 25 per cont of their subscriptions. Copper was weak, electrolytic: selling nt $12.5DigU2.75. WEDNESDAY The stock mnrkct was apathetic. Erie showod a slight rally on tin; Impending home-coming of J P. Morgan. Mor-gan. The traffic agreement between tho VFrlsio and Southern Pacific had an up-I up-I ward intlucnco on Harrlman stocks. Largf; sums were paid In dividends, Including $9,000,000 for Standard Oil. Copper was weak, electrolytic going at $12.37lrr7' 12.621. Lend was steady. Oklahoma offerings of new wheat lowered low-ered tho price In that pit . and this had also a lowering effect on all other grains. THURSDAY The market was marked by extreme dullness. The railroad bill enactment was believed to open the way for somo activity In speculation In the near future. Railroad executives' announcement an-nouncement of retrenchment owing to dlf-llculty dlf-llculty in udvnnclng freight rates had a deterrent effect. Tho house resolution calling upon tho attorney general for an Investigation of the Steel corporation caused some Interest, but had little effect ef-fect on the day's trading. Money ro-mnlncd ro-mnlncd easy- Copper was dull. Electrolytic remained at Wednesday's quotations. Wheat closed steady. Reports of ruin In Montana had their effect, and tho ro-portt: ro-portt: of drought In the Volgn dlstrlot of Russia tended to heighten tho tension regarding the spring crop In this country. coun-try. FRIDAY Continued dullness was the record of the day on tho stock exchange Less than 200.000 oharos wero trntfod In. all told, tho low mark for two years. A number of caupes were assigned. Among them was tho Impending home-coming of Roosevelt and tho necessary quiet of the following day nnd the Bunker Hill day celebration in Boston. Copper was firmer. Electrolytlo showod gains in tho lower quotations; tho higher, however, remained at $12,021. Chicago reported the wheat situation the most critical In years. Tho result wns a stronger market, with keen demand Advances of 11 cents wcro noled. Corn and oats also shared In tho upward tendency. ten-dency. SATURDAY Moro Interest was manifested mani-fested In the Roosevelt naval parade than In the stock market and speculation was at a standstill. Tho drift of prices was downward. Tho market closed steady. Prices rose in the last few minutes of tho session, after remaining practically stationary for nearly an hour. Excitement over tho drought and heut in the spring wheat belt added moro than a cent a bushel to prices. Further reports re-ports from Russia that tho drought there was unbroken did not tend to lesson tho feeling of alarm. Anothor factor xvs a statement from the North Dakota agricultural agri-cultural board that, wheat thcro was heading head-ing out short Tha metal market were dull.