The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-10-22
MARKET REACTION
NOT UNEXPECTED
Stocks Passed From Strong to
Weak Hands During the
Recent Advance.
BUYERS GROW SCARCE
Consequently the Trend |:
Downward; Developments
of the Past Week.
BY RALPH EMERSON.

Ey Leased Wire 10 The Tribune.
NEW YORK. Oct 2i.-There was a
natural reaction in stocks carly this week.
The recent advance created feeling OF
optimism that paved the way FOR the
passing of securities in considerable VOL
ume from strong 10 weak hands. When
the enthusiastic buyers started to- real
ize they discovered a slim market This
caused change OF sentiment and marked
the beginning OF the decline. which was
much heavier in the industrials than in
the railways The developments that
cropped out with the successive stages
Of the reactionary movement showed a
striking case OF the unexpected with
which Wall street has become SO familiar
in its long experience.
The American Tobacco reorganization
plan, which was expected 10 be the bea~
con tight for all other trusts in the mat
ter of bringing their AFFAIRS within the
scope OF the supreme court decision. and
which had been used as A bull argument
on the stock market, was Officially pre-
sented 70 the court. II was a disappoint-
ment. inasmuch II did not completely
eliminate the present control Since the
scheme was promulgated opposition has
Increased daily from A variety OF sources
Thus the problem Of trust correction is
still unsolved with the bsbilty Of
further unsettlement before a final so
luton Is reached,
This view OF the future OF the stu-
alton was strengthened by authoritative
advices thai the department OF justice
|es about 10 start an active campaign
panies. The United States Steel cor
poration was mentioned. but the report
OF an immediate suit was officially de-
ncd. the corporation, however. is evil
IDENTIFY maturing plans 10 insure immu-
nifty from attack The abroSation OF the
Great Northern ore lease would be an
important step in this direction. and ye-
n q in a
lease has always been q sore point With
the Stanley commission, congress and the
bureau of corporations. The consensus
OF opinion is that the cancellation OF IL
would rid the corporation OF an unpro6t-
able bargain. IL was this matter that
brought about the principal unsettlemcnt
OF the stock market,
The fenture OF the international
money situation was The continued
American loanins TO Europe. Chicago
institutions have become conspicuous and
abroad. The minimum estimate OF Euro:
The maximum s100 600 600
1t is noT .prooably Siooooo.ooo or less
been paid off. Berlin ALI through the
either London or Paris, This week that
center paid > per cent for loans running
over the year. Paris is now paying u
per cent for similar naturities.
General trade Is still showing a volume
in excess Of 1910. but this might convey
a wrong impression III II was not stated
that last year there was a reactionary
wave in business al this season The
necessities OF the people arc always
greater In tho autumn and winter than
in the spring and summer, hence the
loaner's business ought 10 be at a maX
lmum,
While 1t ls universally conceded that
the business in cotton will eventually
place the textile Industry on a pros
peroUs basis il is nevertheless al the
moment causing yneasincss. and will
wear Of when cotton settles around some
particular price level.