The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-09-16
FUTURE OF PRICES
IS MUCH CL0UDED
Many Adverse Factors in the
Stock Market TO Keep
Values Low.
REVIEW OF SITUATION
Politics, Labor and Dark Days
Abroad Contribute to
Uncertainty.
REVIEW OF SITUATION

In the Coast Banker is an article b'
II. C. Samuels. general manager OF I'M
San Francisco Logan & Bryan offices. OIL
The present unfavorable market and in
dustrial situation. Mr.. Samuels MAJ
many friends In this section who VII
read his contribution with much inter
Pessimisn pervades Wall street Biz
financial interests have given stocks onl
temporary support at diherent resuns
points during the decline and profess , !,
see nothing whatever encouraging IN in'
outlook. Persistent and heavy hdulda'
tion from all quarters has made now loT
levels in the general list every ~eeF
and In some stocks every day and an
sence of buying orders Is noted In az
stock markets, abroad as we'll as in TINS
country Indeed foreign LIQUIDATION IN
American securities has been one lea
month ago the greatest mystery con-
nccted with the decline was the source
Of the continued and heavy selling. TO. To-
day the mystery is in the identity OF the
buyers outside Of those covering SNORT
commitments. 1t is well known now
-ha, the larger captains OF finance have
been sellers and IL Is easily seen that me
big men usually on tho construction side
Of the security market are at the best
merely passive. The public has held
aoof and shows no disposition 10 buy
stocks even at present prices.
Causes for Decline.
Ino causes Tor inc CPGllnC ldN III lllp
political. labor and foreign conditions In
this country the money situation has not
bcen n factor
The next session OF congress. with the
certainty that tariff agitation is 10 he
resumed and maintained we'll into the
summer. with attendant political actir-
i,ies ahead "f the presidential conven, ,
tious. is bound 10 create caution and
conservation In business enterprises.
There l. the chance that a three-cor-
nered political fight next fall may as
sumo such proportions during the sum
mer that business activity will decline
10 rho minimum. Congressional "inves-
tir9tion OF capital has become q favoritc
political pastime. and. with the tariff
debate viii furnish most Of the material
for political fences and further incentive
for business unrest
Labor Situation.
The labor situation at this time CEN
terS In the conditions put up TO the fed
Grafton OF shop employees ON the So
principally the Illinois Central. Union Pa
cfc and Southern Pacific. The com
nan'es have refused TO acknowledge the
federation and have made some wage re-
duCtions where shorter hours and in
creased wage were demanded. At a re-
cent conference OF the presidents Of the
different crafts forming the federation
tho sentiment Was for a strike If the rail-
roads continued To Ignore the fedora ton
II Is unlikely that the company Will re-
ccdp. and. as stated in these columns
last month. II is doubtless n fact that
tho other big groups of roads arc behind
tho fight already started. N is possible
tho men will DELAY action until they arc
certain or The position of their brother
workers on the eastern roads. II they
do not create a crisis then st is extreme
l. likely :hat other roads viii follow the
lead Of the Hartman system.
Either way the present situation ter
inmates II would therefore seem that
railroad labor conditions arc to he
watched. As the company has issued It's
ultimatum and created tn" present sit
uo,ion without the usual diplomacy. this
fart should not be ignored in looking
ahead to future events.
Conditions Abroad.
The situation al broad has lately ap-
Moroccan situation Is entirely responsible.
Germany Is In the throes OF liquidation
much resembling conditions here In 1907.
There has been steady selling of securi-
ties both continental and American.
Baltimore & Ohio. an old 6 per cent rail-
road stock largely held in the fathcrland
and regarded as nom speculative for sew
ersl years. has declined to 500 under
heavy selling from that quarter. There
have been several failures on the Berlin
hourse and latest cables speak OF the
Withdrawal of French credit there.
The recent government report showed
htile Improvement in the prospects for
any OF the crops. The small Yields OF
all kinds OF grain. hay. potatoes and for
age crops VIII he big factor In railroad
earnings
The principal railroad stocks today
show decline Of $40 To SIS per share
during the last FIVE weeks but with the
conditions ahead for the next six months
more than occasional price rallies can
hardly be expected. The political prospect
appears enough TO create business hesi-
tancy; other conditions are in the making
10 emphasize IL The incentive for any-
thing like q substantial upturn in secur-
ity prices is not apparent.