The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-30

LITTLE ENCOURAGEMENT
FOR BULL MOVEMENT
Last Boost Locks More Like
Gambling Game Than Bona
Eide Speculation.
BY RALPH EMERSON.
Wire to The Tribune.

BY Leased Wire to The Tribune.
NEW YORK, Oct 2s,-Prices as
whole on, the stock exchange during the
past week did not make much headway
In comparison with the figures of week
ago. but the fapidity with which the list.
and particularly It's leaders. oscillated be-
ly. the magnitude of the transactions on
which some stocks. notably United States
Steel, swung around. with phenomenal
regularity. contained quite as much OF
content as dismay and astonishment
The recovery from the low levels which
the stock market reached In midsummer,
a normal reaction from depression. has
been carried into a process OF discount
Ing changes for the better I'm the funda-
mental factors OF values. is, to speak
oluntly, more than doubtful.
1t Is not too much to say that In no
direction outside of the stock market IT
self do signs appear which indicate that
| bullish encouragement in stocks, based
on theory OF fundamental conditions.
has any warrant, The important export
hgures at New York denote the change
In the foreign trade movement which
was inaugurated in September is con-
tlnuing. but IL must not be forgotten that
during the last four months OF the fiscal
year, and similar development this
year, will not contain enough guaran-
tees OF the character OF our foreign trade
In 1911
Meanwhile. allowance must be made
for the premature cotton movement at
higher prices. and for the serious conse-
quences which would result from short
cotton crop. no matter how much the
cotton grower may be benefited.
In the ginning report published this
week and In the early arrival OF cold
weather in the regions where the late
cotton is being matured. there are hints
OF reduction OF the yield below the SAN
guine estimates which have been made
1t seems evident that legitimate ba-
sis for bullish speculation has not been
| established by the general prospects OF
rot ~
which the names Of the specula tors. ac
tual or faacled, are banded about con-
firm the conclusion that such basis has
not been established.
What Is going on has little resemblance
TO the proper speculative merchandising
OF stocks and every resemblance TO
great gambling operation. The probable
total Of 100 600. 900 population In the thir-
tcenth census report and the prospect for
$4,000, 600 900 crop yield are pointed out
as encouraging for giving better tone
to the market in the immediate future.
Dulness OF an unusual nature marked
trading on the New York stock market
today. Changes In prices were fraction
al. and at the opening were In a down.
ward direction. but no very definite ten
dency prevailed throughout the day. and
the market closed as dull as It opened.
Foreign stock markets were similarly
dull.
While discounts declined rather decid-
edly at London. the home exchange mar
ket closed somewhat f1rmer.
A decrease OF si027.000 In surplus re-
serve was reported In today's actual
week END bank statement.
Decrease in cash holdings is less than
estimated yesterday. the actual outgD be-
ing only s5. 100000. but the weeks loan
reduction was also less emphatic than
IT has been In any OF the past four weeks.
II is 81. 800 900 as against $12,600,000 last
week. The bank statement showed the
excess OF loans over deposits to have
been Increased again. In the actual
showing. today's excess was 4,1oo 000-
s25, 400. 900 a fortnight ago. 1t was In the
present week that the loan exceBH first
appeared: In 1909 1t was S2.b00.0oo on Oc-
tober so,