The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-07
BETTER OUTLOOK
IN THE MARKET.
Improved Crop Prospects, 0w-
ing to Favorable Weather
Conditions, Help.
LARGE AMOUNT OF GOLD
IS COMING FROM ENGLAND
Marked Improvement in the
Dry Goods Trade Is Most
Hopeful Feature.
METALS
WOOL
PRODUCE
BY RALPH EMERSON,
Wire to The Tribune.


Wall street is distinctly more favorable.
There were some important developments
during the past week, including further
strengthening of the condition Of tht
clearing house banks. a decidedly better
outlook for the crops and d perceptlble
Improvement in the dry goods market.
These formed an important Offset TO the
influence of disturbed political conditions
in the western states. and certainly con-
stituted an excellent foundation for the
restoration OF confidence as to the future
OF the country and especially as regards
the autumn business. The developments
noted have already taken deep hold on
the public mind and business men are
now showing more disposition to resume
old-tlme activity. a move that Is high.y
essential In restoring trade conditions To
normal basis and 10 the higher plane
that prevailed at the close of 1909
The liberal arrivals OF gold from Eu"
rope and the continued inflow OF cur
rency from the Interior on an enormous
scale have added greatly To the cash re-
sources of the banks at the very season
of the year when 1t is essential that they
should be In strong position TO meet
demands that are close at hand Simply
because call money rates have fallen to
low basis the present position Of the
the proper consideration. nor has its Inn
portance been recognized. This Will be
come patent later on when the custom
ers trains began to arrive. Not in many
years has there been sucn a thorough
speculative liquidation as that which
has taken place In the local market for
weeks past II the same drastic liqui--
dalton had occurred in cotton, grain and
farm mortgages, the banking condition OF
the whole country would be stronger than
ever before.
a wide area of the corn and cotton belt
have done an immense amount OF good
TO the crops generally and have led UP TO
very optimistic sentiments now prevail
forthcoming state
nient OF the government as TO the corn
crop. Tie beneficial results known. 10
have accrued from these rains have
estimates which prevailed before the pre-
cipitation, Some OF the estimates place
the final harvest OF spring and winter
wheat above 200 600. 900 bushels and that
OF corn at 1900. 900 bushels.
Estimates OF cotton now range UP to
IL, 100000 bales, where only a short time
ago. the out-turn was placed at Il, 900
to 1880, o0a bales. 1t is possible that
these views OF the final yield OF cereals
and cotton may be too sanguine. but the
fac. rem remains that a great im1PTSoyemen5s sI5
this. AT the. moment. Is the underlying
basis for the improved feeling among
n erchants and manufacturers, both here
The improvement in dry goods Is the
brightest feature In mercantile circles
Heretofore business has moved by fits
and starts, but this week it has shown
O steady and sustained demand for con-
sumption which has resulted In large
shipments OF merchandise TO the west
ilv verified by the increase. in freight
offerings TO the railroads and the coast
wise steamship lines. with this I'm
proved demand for textile fabrics, espe-
clally for colon goods. there has been
a hardening In the values, due not alone
to the current prices for cotton but to
the fact that notices OF further decided
curtailment have been gwen by some OF
the prominent New England mills. Every
thing In the way OF surplus stock Will
probably erter into consumption and then
10 meet the demand for the goods. It
looks very much as II the dry goods
trade would pave the way for general im.-
proyement in business, as the iron and
tion in the output of pig iron. although
the demand for finished steel products has
not fallen or in the same proportion as
that for pig iron After allowing for
dra wbacks here and there. It can be said
that the situation as whole, oontains
much that calls for encouragement as tc
What little tendency was shown by the
stock market today was, in the line OF
after the check to the ad-
Prices opened ! to higher and main
tained this range during most OF the ses-
sion.
lation is the day day Improvement In
the crop outlook. This is all-important
to finance and trade.
The situation In the southwest at the
end OF this week is very bright. whereas
last Saturday IL was rather gloomy. With
the temper of the street disposed to make
the best of all good news and to minimize
what Is unfavorable, the failure OF II
small state bank in this city today was
passed without much comment.
Complete bank clearings for July. pub
ished today, show decrease for the
entire country OF IL per cent. This is
due to The losses to the middle western
states and western states, The PACIFIC
and western states have an increase or
10 per cent. and the eastern states gain
IF 81 per cent.
The banks made another excellent
in actual conditions. reserves ris-
ng S5.573 900, The present position Is the
strongest one in two years. Cash in-
creased $40 O5l 500, which is considerably
below the highest estimate of yesterday
Ions Increased Sl255l, 500, which shows
hat the banks have tried TO find some
employment for their large cash re-
sources
The surplus reserve now stands at S62.-
100, 100 A year ago IL was S24I96 I50 and
wo wears ago 1t WAS 5I,l3S, $50
\ feature that was remarked with sat
sfaction was the rise In deposits above
oans to the extent Of s26. 900 900,