The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-25
ADVANCE NEWS
HURTS MARKET 7
Happenings of the Week Calcu-
lated to Weaken Speculation
and Unsettled Business.
OPTIMISTIC VIEWS.
HOWEVER, UNSHAkEN
Operators on Change Know
That Crops Cannot Be
Figured Out in June.
BY Leased Wire 10 Tho Tribune.

BY Leased Wire 10 Tho Tribune.
NEW YORK. June 2i-Wall street this
week suffered from an accumulation OF
influences we'll calculated to weaken
specua ton and 10 unsettle general buSi. =.
ness. Practically all the happenings OF
financial consequence and business lnier-
est took place in the last half OF Inc
week and practically all Of them were
of an unfaVors BILE character, or al least
lent themselves TO an unfaNorab!e con
structlon with regard TO their wall street
bearing. They were reflected in more
Of stock market price surrender TO ad-
verse Developments than had been VIZ
messed since some. time In May Possiply
the recession which occurred I'm quoted
values owed more To a weak long account
which had accumulated than 10 anNthin.
else. and FOR that matter 1t did not reach
such proportions as TO become siGnlh-
cant feature of a month so tradiuonallv
fun of Wall street uncertainties as Is
June usually.
There was an expansion Of business
on the setback which m!Eht be taken TO
indicate a degree of liuuida tioT. but If
the evidence OF the slock market alone
were considered as 4 basis would he iut-
nished for deduction contrary TO inc
optimistic argument which the financial
district has been making lately. To he
sure. CROP news vas contlnn,,nE lnt,mo n,io
allowance for the discomfortiuc tenor
OF most of the crop advccs, II yet re-
mains the fact that optimistic views over
the years commercial snd agricultural
shaken
Worry Over Crop Prospects.
Experience has taught the public gen
erallv and Wall street sprculators par
ticularly that June Is too soon Tor f1nai
conclusions about the croDs outcome
ernment and the daily weather map con
tInue however, 70 persuade careful OBJ
servers that agricultural efforts TINS sea-
son have so far been attended with IN
,,1 I,,y no elf
summed I'D in tho statement that the
great plains region from Texas to the
Canadian line, involving large portion
Of the Mississippi valley. the very heart
of the countrys agricultural system. hs :
ever since March I had to endure den .
Cheney of moisture. while ever since carly
Nav il has been subjected 10 a prevalence
of temperatures almost continuously
above the normal and frequently decided
" above. The consequence OF TINS Is that
corn has not cnloyed an auspicioms start.
and that oats have been ma 5terially dam
aged From the winter wheat harvest
fields come no signs Of disappointing
out turn, but the heat and drought have
begun 10 be felt In the lower sprinS wheat
te erritory of South Dakota.
All the foregoing crop consld lions
have operated in the stock market as
deterrent 10 campaigning Tor furthcr
rise Immediately.
The weeks stock market. aside from
any special cXpIanat ton that may be as
signed for H. has done nothing more
|
season. Between the middle Of May
when the supreme cour, handed down us
decision In the Standard on COMPANY
case. and the end OF the FIRST week ~
| Juno the leaders OF the share list had
| a 5 TO 10-point advance. There has been
| a pretty substantial gain and II has beon
| the history that nearly every year Whe1
| a rise has occurred at this particular
| time that dulIenss and a saGging market
| follows during The latter half of juno
! The truth is that Wall street specula-
| tors usually discover that they have beer
too precipitatc about dfscounting crop re
! suits and that investment capital has re-
/ fused 10 lend any hearty support unti
| the harvest prospects can he forecaSl
| way i'm it's technical position the ma rlsei
sinks back until II loses its element ol
| speculative imitation and fortunes tseH
against the vicissitudcs OF the crop news
| Had there been nothing else to account
| for the decline this week It could pe eN'
plsined readily enough on these grounds
Steel News Encouraging
The news that the steel trade ranks IL
altogether the most encouraging feature
| of the week. The orders OF the prlnclpa
| manufacturing concerns have been gam
ing 90 per cent as COMPARED WIN
| month ago. The United States Stee
corporate in particular has enlarged II!
business so that IS per cent OF Its Cd
pscity is actively employed. or about a.
large a proportion at any time thi'
year. From this II is seen that las
| months price reductions have effectet
the purposes hoped for-that is. the'
have given the needed stimulus 10 con
sumption. In the recent bettermert ran
| Wav buyIng has entered prominently anc
here there is commencing 10 be felt th'
! result of the excellent market for rails
ing new capital. the lack of which ha-
been the main reason why inc rallfosu u
have long been skimpng in their pur
chase of supplies. If. therefore. the weel
has brought It's restraining influences. i
has also had favorable Developments ii
fhe natural order Of things however, no
much can be expected OF the stock mar
ket before tho middle OF July. BY tina
time the situation in the harvest region
and the situation In the legislative hall
At Washington ought both 10 be cons!d