The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-09-11
DULL, DUL[ER,
AND THEN SOME
Public Refuses to Take Interest
in Speculative Game Under
Present Conditions.
FEELING OF TIMIDITY
AND HESITATION PREVAILS
Basic SOundness Of Government
and Good Crops Will Over
come This.
BY RALPH EMERSON.
~ Leased Wire to The Tribune.


NEW YORK, Sept. 10.-Dullness is
barely broad enough To characterize the
stock market this week. Politics has per-
haps had some part in the stagnation.
but the refusal OF the public to act In
the game Is really where the trouble lies.
Although 1t cannot be said there was
any pronounced disturbance OF conii-
dence, nevertheless there was increased
timidity and conservatism on the part
OF merchants and manufacturers, which
resulted in some check to the improving
And the end OF this politically is not at
hand. as the Maine election will occur
OH Monday. and after that will come
contests In various states OF the control
of nominating candidates there will fol-
low the novelness which will decide the
complexion OF the next house Of repre-
sentatives, a matter OF great public in
terest converges at the moment
There might be just apprehension in
all this as 10 the future of the countrys
trade II the nation did not have behind
that must eventually override whatever
political results OF the November cleo
tions.
These influences are tc be found in the
years harvests. which are now rapidly
approaching consummation. A careful
study OF the products OF the soil will re-
veal prospective out-turn that assumes
the highest choice at the present juno
ture.
The government crop report of the
week. with the preceding ones issued,
form a basis for calculation in the prem
ises There is now every indication that
the corn yield will be 5000. 600 900 bush
and will be felt throughout the ramfics-
tions Of trade, and which will enable the
farmers TO prepare their cattle for the
market, something that is greatly needed
TO bring down the cost Of living. Fur
thcrmore. the movement of this immense
crop will give much employment to the
transportation lines and assist them TO
recuperate from the effects of the in
creased operating cost growing from the
effects OF an advance OF wages
1t is now generally conceded that the
bring the combined harvests OF winter
bushels Already the farmers ig,'TViSSc are rush
Ing this wheat 10 market. and storage
facilities are being overtaxed The crop
OF oats Will rise above 1000 900 900
bushels. and the harvest OF hay will be
cent and yield of 1874 tons per acre.
Estimates OF the cotton crop have re-
Gently risen 10 10000. 600 bales. There
are numerous other crops that are usually
regarded as OF minor Importance. but
which reach an aggregate value of hum
dreds Of millions Of dollars. 1t Is said.
Of course, that it Is too early as yet TO
figure accurately upon the value OF tho
final harvests of the year. but just now
the popular estimate is $4,000, 900. 900. II
may possibly go above that total. In
this connection the New Orleans figures
OF last years comparatively small cotton
crop of 10.600. 900 bales
The value OF that crop not including
cotton seed products, amounted TO S77S-
S9i.095. the largest amount ever realized
for any crop OF the southern staple. Add
Ing cotton seed, the total value was
brought up TO $780,. .SeI. .095. an enormous
amount for single pro-Suct OF the coun-
try
This great mass of agricultural wealth
cannot be duplicated by. any other nation
of the world. and certainly forms a very
solid foundation for the restoration OF
the prosperity of the country. such as
was witnessed In 1906 and also In 1907
previous 10 the memorable panic near
the close OF that year,
. II VIII be clear from the figures printed
that the situation possesses the requisite
elements for announcement on the part
OF flnanciers, merchants and manufac-
turers: What the country needs TO fur
ther the process OF rehabilitation is rest
from political excitement and wrangles
but II this rest Is not secured after the
completion of the harvests there Is every
reason to believe that the brilliant basis
for prosperity will arouse the latent spirit
OF American energy and then the coun-
try VIII recuperate rapidly under sentl-
ment OF optimism. just as ii did in the
last half of 1909.
The weeks very dull market closed
virtually at stands,ill. Sales OF stocks
in the two-hourS session today amount
ed to bu, $4,000 shares. equivalent 10
10000 shares in a five hour or full day
Prices in the first hour were flrm and
in the second hour heavy. Union Pacific.
Reading and United States Steel were
cedll IN 10 the extent OF $4,000 shares,
and the remainder OF the list had a turn
over of 20.S00 shares.
The attendance on the floor OF the en-
change was declared to be the smallest
OF any day In year. The market as
a whole. would not have been greatly
missed had the exchange been closed
The bank statement was disappoint-
ing TO those who had looked for a mod
crate reduction in the surplus reserves
compared with the $1,000. 900 reduction
of last week As 10 the cash loss s,is-
tanned by the banks. the preliminary re-
turns on the basis Of known movements
Of money were not far astray The ac-
tual loss in cash was 81. 100 000-it was
$l1,o00. 600 last week-indcating n con-
siderable et-up in the movement Of cur
rency to the interior and especially Can
ada.
The bond market experienced a con-
ttnuation of the selling OF Union Pa
ctnC convertible fours Although the
street generally believes that the falling
prices is In the way OF establishing a
more appropriate relationship between the
prices of the convertlbles and of tho
stock that has obtained, nevertheless the
size OF some OF the blocks Of the bonds
is confesscdly suggestive of bearishness
on the part of some large holder or
holders.