The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-13
BOTTOM DROPS
OUT Of MARkET 7
Continue Decline in Prices of
Stocks on the New York
Exchange.
WALL STREET AFFAIRS
AGAIN IN BAD SHAPE
Trade Fair and This Country
Has Clean Balance Sheet
With Europe.
BY RALPH EMERSON.
Wire TO the Tribune,

BY Leased Wire to the Tribune.
NEW YORK. Aug. 12.-Affairs have
been In bad state in the markets this
week There has been a repetition of
what took place there year ago, with
this difference. that the decline has con-
unued longer and been more gradual,
and so far there has not been n day when
II was not possible to sell stocks near
quoted prices. But the decline has been
running without interruption for ten
days, with an average loss in that time
OF eight points and ten to twelve points
In special shares.
With the exception of 1909, when the
forced against all natural economic laws
there has been recurring bear market
ever since the panic
- stocks S have meyer meyer gone sds low as In
the spring OF 1905. when the depression
was at It's worst. but they have had very
heavy declines from inflated levels, and
only has there been public interest when
securities appeared to be selling at prices
which would warrant the average man
in making an investment that might
cause him to draw down his savings
in July, 1910 This week again there
has been some further evidence of It.
With stocks that have stood the test
OF all sorts OF yiclssitudes. selling at
prices that yield to per cent. when
money rates are 80 to 4 per cent and
savings bank interest 81 to 4 per cent
investors are naturally willing to run
the risk Of some further depreciation and
are satisfied to get such handsome re-
turns on their capital.
There are multitude Of reasons that
might be given to explain the, decline in
ment Most Of them are familiar to those
who have followed the markets the past
two yoars; some of them have been in
tcpsified by recent events.
There can be no doubt that prepara-
tions had been made fer an advance In
stocks this autumn. Whether this was
to afford opportunity to distribute them
1912 Is another matter.
But in many ways matters have gone
awryi, The, crops began with the best
cepting cotton, maturing with the poor
est Yields in five years.
Instead Of being pacified by the inter
the supreme court. business has been
unsettled and has feared revolution as
the complexities OF corporate dissolution
have been illustrated in the troubles OF
the two defeated trusts.
Few expected the government report
on wheat and corn TO be 30. low. One
of the Chicago banks in its annual re
view Of crop and business conditions had
placed the total corn yield at 2.ssO 600,
900 bushels. or nearly so. 900. 900 bushels
higher high. then ian, the government ns, figures:
e Corn has had had bad year: This means cans
Other crops that directly en-
ter into the average mans daily meal are
also short, and the outlook is for another
winter OF high commodity prices Un-
this condition comedies with
a time Of reduced earning power among
q large number of workers.
Trade is fair The United States Steel
rejecting the iron and steel
trade. is able to add to It's volume OF
carries 35 per cent more orders on It's
books than 1t did eight months ago:
made by a heavy reduction In stocks
and In July production. But there Is no
snap to business and no desire to look
much beyond present contracts.
we have g. very clean balance sheet
with Europe and are in good position
to draw on her for our, dues, should
there be need for them here. With SC
much liquidation at this season there is
not likely to be much OF an advance In
money In most circles the interior de-
mand has been coincident with g. big
speculation In stocks. and the latter has
only been circulated when legitimate
money demands have advanced rates TO
n point demanding contraction OF bank
loans to spectators The situation to-
day is free of this complication