The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-23
Wall Street Brokers the Only
Ones Not Satisfied With the
Present Conditions.
SPECULATION AT LOW
EBB IN WALL STREET
Nevertheless, Securities Are
Higher and the Investors
Have No Fears.
BY Leased Wire to The Tribune.

BY Leased Wire to The Tribune.
NEW YORK, July 22.-While there Is
practically no speculative market in Wall
street, the situation in the financial mar
kets may be called satisfactory to pretty
nearly everybody except the brokers.
Seldom has there been time when the
speculative contingent has felt, or pro-
fcssed TO feel. bluer. There has been an
unusual reluctance 10 engage in new
commitments even among the 'in and
OUT professionals, There has been a TO-
tai absence OF indication that important
capital was taking interest in the pro-
ceedings, Yet the fact remains that
prices, have moved upward and stand at
the close Of the week at a new high
average for the year.
This condition of things, puzzling on
its face, IS In reality easy to explain,
Speculation In the market is at "A mini
mum and has long been so. Speculative
interest meaning by this the great out
bull markets in the past, Is dead. IT
may. and many think It will. be stirred
into life In some future time; but for the
ton of the business transacted in the
stock exchange originated in outside
quarters. On the other hand, unsatisfac-
tory as the position is from a standpoint
speculatively. It is emnently satisfactory
from the point Of view OF investors,
Nothing more pleasing could be con-
ceived by the conservative share owners.
who look to stability of values above
everything, than market gradually
creeping forward. conforming quiell-. and
cautiously to the course of general busi-
least possible element of that speculative
imitation which invites violent and de-
structive relapses, The strength OF the
present Wall street situation is not that
there are many new buyers. but that
there are so few who caro- to sell, even
under the temptation OF advancing prices
AS the great bulk OF the security supply
is held solidly In this way. largely as
permanent investment il is easy to un =
derstand why stocks go up easily OH very
small purchases and why they go up
more readily than down.
This technical aspect, which is one OF
decided strength. fits In at the same time
with all sensible Judgment regarding
outside conditions Business throughout
the country, although far from uniform
In It's movement. has for the last two
months been steadily on the UP grade
In such representative industries as steel
copper and dry goods there has unQues-
tionably been an important gain in new
orders since the supreme court decisions
in May. Railway earnings, If they still
tails of last year, are making much bet
ter comparisons than they were last
winter. and this Is practically true In
regard TO the net receipts Bank clear
ings which are another broad reflection
Of trade activity likewise show n sub
stantlal Improvement over six months
ago. and for the last few weeks have
been running close To last years totals
Three things can therefore be positively
said OF current business: First taken all
in all, the country's industries are well
employed: the trade volume is good
way from the high level OF boom times
but by itself and not relatively. II is
large. Secondly as already noted. bust
ness Is on the increase; all the recent
statistical records Of production and con-
sumption. and for the most part the
railway traffic statements, make. this
clear Thirdly the increase bids fair to
continue provided no really serious acci-
dents overtake The crops.
Investors see In all this an assurance
that dividends will continue to he paid
as they are indefinitely and that any
great depression in market values is un-
likely, They compare the dividend re-
turn on their stocks with the prevati'n'
rates Of TO 81 per cent on longtime
money and see equally little reason in
this direction why they should convert
their securities Into cash Altogether
the motive TO sell even al advanced
prices Is not vet here.
There Is better look to things in the
business world. A cheerier sent lment
has expressed Itself in financial circles
Nature has done her part in promoting
this change; she may be relied on TO
continue the good work until The crops
are harvested and the proceeds banked