The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-05-14
DULLNESS THE
RULE JUST NOW
Business in Wall Street Con.
tinues Stagnant, the Same
as Last Week.
COMMODITY PRICES
STEADILY DECLINING
Difference of Opinion as to the
Future of Stock Market;
UnfayOrable Influences.
BY Leased Wire to The Tribune.

BY Leased Wire 10 The TribNne.
NEW YORK. May lS.-Whatever may
! on this subject opinion is somewhat di-
vided the Immediate situation is one Of
such dullness and apathy that IL would
be ludicrous il ii were not so sad for
the men in the street themselves. Bust
ness Tor the week has been on the same
dead level OF stagnation as has existed
for so long that brokers can hardly re-
member when times were good and money
flush. The Bradstreet Index Number OF
average American commodity prices as
of May l, published today. showed the
the present year. fixing a level per
cent under last May and the lowest of
any month since July 1909 This CON
trasts oddly with the Economists Index
Number of the English average, which
last week showed the third progressive
monthly advance OF 1911. rise of nearly
o per cent. as compared with a year
the middle OF 1907. II must be remem-
bered. however that the trend OF prices
on the two commercial markets was
equally inconsistent during our recent
period OF price ln1ation-England's aver
age then declining while our own moved
up.
Opinions Differ Widely,
In its present rather interesting divi
sion OF opinion, the business community
a decided turn for the better some months
off. in response TO important underlying
influences. and pessimists who see both
in surface phenomena I,1a and In funds
couragement. The prudent man Will ap-
proach both positions thoughtfuily and
respectfully. II is possible that one or
the other will turn out to be entirely
wrong. but it is also possible that each
may have grasped some fundamental
truth. and that the outcome may be mid
way between the two predictions.
The brightest harvest prospects re-
corded thus far this season and. for that
matter, in any previous season tor years,
were logically regarded in financial cir.
the situation Ordinarily under such
condition at this particular time, when
crops are generally the paramount factor
in trade and speculation, the stock mar
ket would have responded with activity
and improvement but nothing of the
kind took place. for the reason that har-
vest prospects were weighted with
number of unfavorable influences, some
OF which were unexpected.
Prominent among these were the re-
duction in the Boston & Maine dividend
from to 4 per cent basis and that OF
the Vandalia from to a per cent.
both of which had, without difficulty.
maintained their rates after the panic OF
1907, This opened up the possibility OF
considerable period OF regular payments.
where lessened declarations had been ex-
pectsd because of the contrac ctcd gross
earnings and increased operating eN-
pcnses.
Adverse Influences
Then there were the resumption of the
sanguinary conflict in Mexico, whereas
only last week peace was expected in
consequence OF the armistice agreed
upon. unfavorable railroad statements.
amount TO decrease OF Q per cent gross
the last week of April and decreased
general trade and loss in the April
untitled tonnage of the United States
Steel corporation of 22S,5o0 tons. Added
to this list was the adoption by the
OF free wool, later modified. and the In
vestigation Of the American Sugar Re-
fining company and the near approach
of another decision day in the supreme
court.
The effect of all these influences upon
the stock market however. was moro In
the shape OF decreased trading than In
the matter OF price movements. This
was shown in a fall in the average daily
transactions to ISL, 1000 shares from
200, 900 last week and 100000 last year.
The decline in the general run Of stocks
was extremely moderate In the earlier
days OF the week. and when the marlit
swung back later on II quickly returned
to the average of n week ago. with soma
leading properties even higher than then.
Investment business again this week
made far better showing than specu-
latlon. as bonds were not only firm but
there was an eXcellcnt distribution TO
investors and institutions, such as saw
ings banks and life insurance companies.
Transactions the stock exchange
made an approximation to last weeks
total and on the outside there has been
a good demand. it Is confidently eX
pected that new issues soon TO be brought
forward viii meet active participation by
the public generally.