The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-16
FIXTURE STILL
/ LOOKS BRIGHT
Present DullnesS on Wall
Street Has No Effect Upon
Business Situation.
LETHARGIC CONDITION
DOES NOT HURT PRICES
Foreign Trade Is Increasing
and Industrial Field Shows
Improvement.
BY RALPH EMERSON.

nc Leased Wire 10 The Tribune.
IT NEW YORK, April 15.-The stock mar
|ket gives evidence that economic condi-
lions throughout the country are being
|zubiected to a test OF soundness more
.severe than that applied by activity at
high pressure. There is extremely light
5buying and selling. and has been for some
weeks past but prices have kept the even
<fcnor OF their way under healthful con-
Idltion OF the business world.
No doubt in the present week holiday
|conside rations. the prospect OF the long
y recess from Thursday night until Tues
day morning influenced the desultory
'dealings of the inveterate traders In
sfocks, but If Wall street sentiment or
.{seling. or the lack OF feeling, were con-
|sulted it would be different TO associate
The present business In stocks to any
'fhing which the speculative community
bss in mind Yet there is broader as
|pect to the financial situation. which in
- lower view than the next few months
|pfoduces very different impression than
The survey Of more immediate facts.
from this standpoint the things to en-
phesize are the great changes for the bet
Ter which have occurred in the essential
features OF the situation as compared
Nth a year ago. The LIQUIDATION in the
<tock market in the commodity markets.
ID the trade markets themselves has been
i most salutary process. 1t has released
Hreat stores of tied-up capital, and
he relation between bank loans and bank
rGsources once more normal and sound,
rendered credit easy and abundant.
Foreign Trade Increasing.
Our foreign trade. instead of receding
az disquiellng rate, has risen greatly
III our favor. Instead OF owing TO large
mounts abroad which were being met by
corresponding advances of foreign capital,
our bankers have large balances to their
credit IN the foreign markets. which they
are keeping there because Europe offers
Tor the time being more profitable field
'of employment.
Curtallment of home production and the
policy long pursued by merchants and
manufacturers OF buying only for imme-
diate needs are TO be sure rejecting
themselves for the present In reduced
earnings OF the railroads and industrial
Companies: but such measures OF econ
pmy are bound to benefit in the end
The Industrial and agricultural outlook
Fhoxed decided improvements during the
week The government crop report is
sued from Washington placed the esti-
mated crop OF winter wheat at 54I414. 900
puehels- This compares with 524l72 600
bushels in December. 1910, 497 500 900
bushels in April 1910. 1876. 306. 900 bushels
m April. 1909, and 1885, 900 in April
The estimated rye crop was 4.s49, 900
bushels Estimated yield per acre of win
Fer wheat was 15.7 bushels. Among the
pest earlier years was 15.l in 1906. when
he country had its maximum crop Of
bushels. including both win
'er and spring wheat. But the indicated
Field OF i5,I is still slightly below last
ears actual average of i5,S bushels.
Gains in Industrial Field.
The industrial field has showed de-
cIded improvement Five hundred coke
@vens, built by the United States Steel
corporation at a cost of $500, 600, were
pat In operation at Gary, Ind, during the
Eeek.
Besides the by-products these ovens VIII
P1oduce I2.50O 600 tons OF coke yearly
ltinois Steel company reported orders of
4S00,OOO pounds OF steel rails. The Ten
nezsee Coal & Iron company reports 1900
tpns OF rails sold to the Galveston. Hous-
z9n'& San Antonio Railway Company and
f0VD tons OF scattered orders The re-
cent order placed by the Hartman rail-
[oads is apportioned as follows: Illinois
rteel company, 21,225 tons; Tennessee
ron Coal company. 1880. and the
Eoiorado Fuel & Iron COMPANY abof,t
<5.goc tons, making total OF more than
1000 tons
March was one OF the best months in
ne history OF the steel trade in the mat
|er or earnings. Certain iudependent
<2npanies report a net income close TO
me highest level ever reached The steel
<pRporauons net for the month must
ave been close TO $li 600, 900, or 81 OO0 :
~ IN excess OF the earnings in Decen-