The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-10-01
STRIKING CHANGES
ON STOCK EXCHANGE
Falling Prices on Wall Street
One Day and a Boom
the Next.
WATER SQUEEZED OUT
United States in Best Possible
Financial Condition in Case
of World Trouble.
WATER SQUEEZED OUT

BY Leased Wire TO The Tribune
NEW YORK. Sept. 3O.-The week In
wall street has been one OF sudden
changes. and as one expert expressed il.
wall street has sat on the edge OF
volcano one day and the next IL has
scared through cloudless skies only TO
drop TO earth again with a hard bump.
IT has witnessed more anxiety among
investors than for fifteen years and
prayed part in the greatest orgy OF
speculation TO injure prices of what the
stock exchange has ever failed 10 take
recognition.
The great bear raid on steel, the decla-
ration OF war on Turkey by Italy. and
me strike of the shopmen on the Harri-
man system have been the cause
The air seems to be clearing. at least
IN this country. Liquidation has been
very drastic and the acute effects OF
what all along has been a menace 10
In the United States Steel shares from
fear OF government demands for dssoiu-
eion, has taken place. a tremendous
amount am an Of IWater" has been squeezed
In the railroad list particularly. have dis
counted for the investor a cur OF 10 9
per cent in dividends We have been
seethine In a frenzied speculation with
stock exchange business daily averaging
a million and a quarter shares and two
million OF steel common alone dealt in
This week. The money markets have
been as peaceful as on a quiet day In
summer The contrast with money con-
6itioDs abroad is notable Thrifty Paris
is Offering 81 TO { per cent to carry her
over the October settlements. The same
rates are quoted in Berlin. where the
strain Is greater than II has been since
the Industrial panic Of ten years ago.
Foreign government bonds are falling.
government banks are marking Up their
rates, exchanges note the hurried recall
OF gold from every quarter and banks
OF wide reputation have failed.
We on the other hand. are sending
gold TO France. are lending 5000, 600 10
Germany and stand solid now, IL never
gold hoard in the United States treasury
OF 200. 600. 900, or twice the size OF that
Of France and Russia.
On the basis OF domestic conditions
more stable for a while. No man can
tell, however, what conditions, political
or financial may arise in Europe next
week or next month or next year. Trade
clearly shows the reaction on IL of falling
security prices.
Consumers Of iron and steel are not
buying except as they need TO carry out
immediate work. They are Influenced
not only by the lack of business initia
tive, but by the possibility OF restoration
OF former competitive methods in the
event of separation OF the United States
Steel corporation into component parts.
The copper market shows the effect OF
unchecked production, which greatly eX-
of q still wider margin between the TWO
industrials In Germany. France and
Italy.
Trade Is poorest in the northwest,
where bank clearings and railroad earn
ings show the largest decreases, and 1t
Is best in the south and southwest, where
these two indexes of business reflect sub |
stantial and fairly permanent prosperity.