Salt Lake Tribune | 1918-06-04 | Page 14 | Presence of Submarines Sends Stock Prices Down

PRESENCE OP SUBMARINES SENDS ST0OPRICES DOWN Setback Very Substantially Retrieved in the Final Hour on Covering by the Shorts. NEW YORK, June ".Divergent war development left their impression on today's to-day's stock market. Early bulletins of a hopeful tenor sent leading issues considerably consid-erably over last week's Una! prtees. but these were surrendered before midday on the news of the presence of enemy submarines sub-marines in nearby waters. Tile setback was very substantially retrieved re-trieved in the final hour, when short covering, cov-ering, especially in speculative favorites, resulted in rallies of 1 to 3 points. Shippings were the only lai-rirards. marine ma-rine preferred reacting five points after its initial gain of l4 points. E.pla nation for this irregular course was found in the .company's report for 1917, which disclosed a market decrease in net earnings and surplus, due to recognized war conditions. Industrials and equipments led to the confident rise at the opening, as well as tile rebound toward the close, various steels, Baldwin Locomotive, General Electric. Elec-tric. Coppers, oils and tobaccos gaining 1 to -Hi points. Trailing along; more moderately" mod-erately" were the motors, leathers, fertilizers fertiliz-ers and chemical issues. Rails for a time suggested a revival of last week's inouiry, especially Reading. Knlon Pacific, St. Paul and New Haven, but strength In that quarter proved of a short duration. American Woolen, American Amer-ican Can and Pittsburs Coal, represented the firm to strong miscellaneous shares. Sales, 710. OuO shares. Pressure against Liberty Issues continued, con-tinued, with now low records for the first fours at 93.40, the second 4s at 93.30 and 4"4s at 90. SO. The general bond list was irregular, total sales (par value) aggregated aggre-gated fs.sr.o.ooo. United States (old Issues) 4 gained Vi per cent on call.