The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-03
MARKET DISPLAYS
RALLY|NC POWER
In Spite of Reactionary Tend
ency, Stock Prices Are
Holding Their Own.
GENERAL TRADE GOOD
Wall Street Cautious on the
Eve of the Assembling
Of Congress.
GENERAL TRADE GOOD
BY RALPH EMERSON.

By Leased Wire to The Tribune.
NEW YORK, Dec. Although there
was further Improvement this week In
the country's fundamental condition, the
stock market developed a rcactionary
trend. This was not surprising, as the
late advance OF points IN many Of the
most prominent shares from the low level
OF September certainly discounted a con-
ment. Furthermore. Il became pretty
we'll established that on the late eX-
travagant manipulation In tho tobacco
stocks. very considerable volume OF sc-
cumulatcd securities was distributed,
This in itself was sufficient To cause
all tho reaction that has taken place.
power at intervals operate who had
shifted over To the short side brought
additional Influences 10 prevent a re-
covcry In prices tina, might arouse some
OF the old enthusiasm.
Politics a Factor.
Much stress was laid upon probable
political development following the meet
ing OF congress. which. OF course. is eX-
pccted 10 deal actively with the tariff and
corpora tlon questions. and likewise upon
the forthcoming report OF the lGadley
commission. notwithstanding the fact
that " has long been conceded that this
would be unfavorable 10 corporations. The
stock market has done much in the way
OF anticipating oil these matters, One
new factor was found In Judge Gary's
statement before the senate investisnt-
ing committee on corporate control, in
which he said a continuance Of current
steel conditions might force some OF the
Independent steel mills into bankruptcy.
The position of the industry has lately
shown Improvement. Again, the posi-
biiity that some Of the leading railway
systems might be compelled 10 make a
large emissions OF new securities to meet
ma maturing notes next year and TO pro-
Vide for recent heavy orders placed for
material and equipment was advanced as
an argument in favor of lower prices,
The best feature of the general situa-
tion continues 10 be found In the broad
ening OF the country's industrial trade.
The expansion Of business is proceed
Ing in O. very orderly and conservative
manner. thus establishing A substantial
basis for more active Improvement when
conditions warrant merchants in fors-
Ing ahead at q. greater pace than Of
late.
Opinions of Bankers.
The recent convention OF bankers at
New Orleans, which was attended BY
delegates from every section Of the
general underlying conditions were GOOD
and that although the volume OF dis
tribution was not as large as IN the
boom years Of the past it was steadily
Evidence OF. this improvement Is con-
stantly cropping out. Some important
textile mills OF New England, heretofore
time In December
The most futures of pig iron for sew
cral yearg were taken this week when
orders for about 100000 tons were placed
This Is an important indication of the
rising activity in the steel trade and
Kindred industries.
The export trade is a very important
point In the situation, Facts brought
out IN the Washington investigation now
in progress show that the United States
Steel corporation lone shipped nearly
800, 900 tons 10 foreign countries during
November and its total exports for the
year are likely to reach 1000 600 tons.
The holiday trade. always an important
event in the countrys business in the
closing months of the year. is now en-
tered upon with more vim and confidence
than expected. This is a straw plainly
indicating great cheerfulness on The
part Of the merchants. which Is further
accentuated by the placing OF ncrca sed
orders with the textile mills for the spring
trade.