The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-18
Wall Street Professionals Put
Down Prices on Receipt of
Good Crop News.
GENERAL PUBLIC NOT
GREATLY INTERESTED
Broadening Scope and Con
tinued Hopefulness of the
Investment Situation.
BY LEASED Wire 10 The Tribune.

BY Leased Wire TO The Tribune.
NEW YORK. June 17--Crop cousidera-
tions bulked largest in Wall street dis
cussions this week and the receipt of re-
assuring advices from the drought-cov-
cred portions OF the west and southwest
resulted In or was followed by sufficient
selling OF stocks to put the market down
substantially toward the weekend. This
might have been taken to signify moth
ing more than the way in which profes-
sonal msrkets act on goon , news sh LOT d.aie sde
ings In stocks for the last few months
can hardly be disputed.
There has been recently an all AROUND
increase OF margin trading. the natural
consequence of a long campaign or opu-
mistc advice conducted from Wall street;
emphasized by the inslstent and persisted
public response from men engaged In
business and professional lines has been
relatively small. There Is something
which is also a normal feature OF the
more or less exclusively manipulatVe
stage of bull movements.
Next In order among the more influ-
ential incidents OF Wall streets has been
the broadening scope and continued hope.
fulness OF the investment situation: II
has been for some time the belief or the
more confident optimists that the bid
ding today for the Panama canal issue
OF $50. 900 900 would demonstrate impress
sively that convincing reasons existed for
expecting new era OF prosperity.
The Tide Turns.
II is rarely that the turning OF the eco
nomIc tide is marked by any conspicuous
event, but such an event often adVer-
tises a fact that the tide has turned:
Foreign trade statements for the tlrst
nine months OF the fiscal year show an
excess of exports over imports OF $500
900 900, the export total for June break
ing all records.
To the credits arising from this mer-
chandise balance are TO be added to the
sun larger credits resulting from new
American security tlotations abroad and
1t is testimony among influential bank
ers that not even excepting the famous
year 1895 our claims against the Euro
pean banking community arc right now
the largest ever known. That under these
circumstances there should be no pause
| IN the pressure OF idle capital for invest
ment is not surprising. So far from de-
creasing. tho evidences are that the
movement is on for an increase. Moth
| ing approaching such a market for new
flotations has been experienced since the
great Wall street boom Of 1902.
Railroad Credit Good.
In recent years no argument has been
more potent for the stock exchange bear
than that our railway and industrial cor
betterment needs because they could not
sell new securities except on very oner-
Gus terms. We not only do not have
it's opposite and II is doubtful whether
in the average view OF the current fin
ancial prospect this change Is reckoned
| at Its proper value. II means that the
| railroads when they choose can go on
with schemes for extension work which
| have been held up through years OF credit
strirgency. And IL Is difficult TO resist
the conclusion that given good crops and
a consequent new year Of heavy traffic
| In promise. the time when the railroads
will decide to embark upon these enter
prlses Is not so very far Off
| This weeks action OF the Denver &
Rio Grande directors In passing the pre-
ferred dividend recalls the prediction fire
quently heard early In the year that a
number OF railway dividends would be
passed or reduced. In a way that pre-
diction has been fulfilled but not all OF
! the dividend changes for the year have
beer downward.
Besides the Denver & Rio Grande the
Big Four has been the only company 10
Dass dividends