The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-09-25
TINE IN STREET
out Of JOINT"
Fact of Matter Is That Specula-
tors Do Not Understand
Situation.
WEEK HAS BEEN ONE
OF SLOW LIQUIDATION
Prices Are at Bedrock, but
Each Little Rise Brings
Flood of Stock.
BY RALPH EMERSON.

BY Leased Wire to The Tribune.
NEW YORK, Sept. 24.-Another dull,
almost featureless week. has gone into the
history OF the stock market
Perhaps the most interesting feature OF
the week was the way in which stocks
were supplied on the development OF
strength stimulated by encouraging in
formation. Probably the most bullishl
news was Wall street phrase. which the
speculative community has received since
the collapse In July was the announce
mept of the referees Of the findings In
the Minnesota rate case. There was, TO
be sure, qualifying considerations affect
ing the import OF these findings. but In
the last analysis, both in respect to their
conclusions In respect to values and rail-
road property rights. and in their opinion
limiting states rate making power, they
were OF a distinctly reassuring character.
Viewed in Its relation TO the stock mar
ket, Judge otlss report was the first
had extended TO IT In period extending
far backward. as time Is measured in that
restless district, Moreover. II was
the stock market following with the bull
ishness OF its significance, and IL Is not
surprising that on the strength OF it a
sharp, and rapid advance was easily
forced in the stock list
What Is of more consequence is the fact
that, as the subsequent sessions disclosed.
advantage was promptly taken by holders
OF stocks 10 hurry their supplies TO mar
ket, and the presumption is warranted
that these supplies came from more Inn
portant quarters than the commission
| houses. which have been notoriously bar
rem OF commitments for many weeks The
same conclusions from the course OF
prices and the nature OF the deal might
also be drawn with regard 10 the effect
of the important output Of official opti-
msm respecting conditions In the steel
trade. Wall street has rarely been more
firmly advised by authority than II has
this week been instructed concerning the
steel business. Its prices and Its pros
poets. All this may go TO show that In
these disionted times Wal. street may be
expected to comport itself in more than
It's customary topsy turvy fashion. quite
in accord with the factors which go to
| make security values and are translated
into prices.
The stock market has for weeks been
rejecting uncertainties and all that the
stock market following really knows is
| that there has been great liquidation in
| the market, The prices are down to
level which prepares for much adversely,
| and that investors and speculators have
far more In their favor In marketing
long contracts than they had q year ago
when quotations averaged 20 points
higher. and the prolonged fall is yet TO
come.
The Interstate Commerce commission
inquiry into railroad freight rates based
| on the advices which the common car
riers have asked, is not exactly gaining
In Importance. but II is gaining in rec
ognition of It's Importance,
In Wall street more attention Is being
paid TO the record of the proceedings and
there is a growing discussion Of the bear
ing OF the inquiry on the whole question
OF the relation which is to obtain In the
future between our railroad systems and
public necessity,
IT, as a result Of the rate investigation.
some fundamental conclusions are estab-
lished for n rational theory and method Of
rate making, a long step will have been
taken toward the problem, solved,
AS the days pass. belief strengthens
that, although the worlds money market
may grow somewhat tighter before the
OF interest rates as are likely to be Wit
messed will have no disturbing conse
quences.
The week ends with the cotton ladine
bill controversy just about where il was.
but I'm It's bearing on the money market
1t is not of as much practical significance
as would have been the case year ago,
The country is in a position where ap
parently II can afford to walt because
II must walt upon the money market.
as we'll upon events. But II may be
that waiting. contrasted with the gen
eral liquidation which so many have been
expecting. Is all that the country will
have 10 go through. A period OF rest.
dullness and quiet may be as effective
once more as II has been at least twice
nomic equilibrium.
The local clearing house banks showed
at the end OF last weeks deposits So.
500. 900 In excess OF loans. while the re-
turns under the comptroler's call for
national bank conditions as OF Septem-
ber. exhibit a loan account quite as en-
tended as It was last spring.