Salt Lake Tribune | 1917-10-07 | Page 58 | Business in Wall Street Restricted to Leaders

BUSINESS IN WALL STREET RESTRICTED TO LEADERS Gains in the Early Part of the Day Lost Later;; Railroads Hold Up the i Best. NEW YORK, Oct. 6. The stock mar- 1 kefs turnover today of iMO.000 shares was largely restricted to so-called market mar-ket lerridtrs. (Jains ranging from lare fractions to 1 points marked early dealings, deal-ings, notably In war .sharets and active ; i specialties. In the main this advantage I wa.s lost la ter. I Steels, oils and related stocks yielded 1 to ;i points. United States Steel fell from 10$ to lOiy. Texas company was weakest, falling 5U to 149 on relatively large offerings. -Rails held best, Canadian Pacific and several low-prtced issues, including coalers, coal-ers, gaining 1 to points. New Haven advanced li despite adverse earnings tor August. The bank statement disclosed no important im-portant changes as to actual conditions, loans showing an expansion of $16, 000,00(1, while reserves contracted by about .7, 000,000, leaving the total excess well above recent levels- Bonds were heavv on small offerings, tlie liberty issue holding at 03.7? to 99. 7S. Total bond sales, par value, aggregated $1,775,000. United States coupon 3s advanced per cent on the week, other issues remaining re-maining unchanged on call. NEW YORK. Oct. 6. Not until the latter lat-ter part of the week, after prices had experienced ex-perienced further serious impairment, did the stock market make even moderate recovery from its irregular decline of the past fortnight. I in prove ment was attributed, attrib-uted, in pari, to the adjournment of con-yress, con-yress, but probably resulted in Utrger degree de-gree from an over-extended short interest. in-terest. Complicated features incorporated in the government's programme of v;ur taxes and revenues were held mainly accountable accounta-ble for the further depreciation of industrials, indus-trials, but no plausible reason other than I 1 poor earnings was offered in explanation : of the steady liquidation of investment rails. The extent to which increased expenditures expendi-tures are cutting into net returns was seen . in the reports of some fifty roads for August, when a gross gain of $lti, 000,000 was swallowed up by greater cost of operation. op-eration. Bethlehem Pteel broke sharply on announcement an-nouncement of the failure of the hanking -syndicate to market more than two-thirds of the new preferred shares, and kindred stocks, as well as coppers, lost ground on rumors dealing with tlie stability of prevailing pre-vailing dividend disbursements. In the broader domain of finance the progress of tlie second Iabevty lyan campaign cam-paign was the most engrossing feature. Bonds in general were irregular or heavy, many of the foreign issues yielding one to two points. The first liberty issue also reacted after selling well above par.