The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-11
TIMES
SURE To CONE
Railway Earnings Increasing
and the Business Situation
Shows Improvement.
ABSORPTION OF BONDS
A FAVORABLE SYMPTOM
Stock Market Uncertain, but
There Is No Disposition to
Give Up Hope.
BY RALPH EMERSON,
ased Wire to The Tribune.

By Leased Wire to The Tribune.
NEW YORK. June 10,-From a nnan-
clal viewpoint the continuance or the In
vestment absorption OF bonds this week
upon the highest basis of the season was
recognized as of greatest Importance In
the financial district. Several circum-
of the institutional and individual capital.
Primarily the accumulation of each new
issue on its announcement was the, most
distinctive incident at home and abroad:
but the large buying in the open market
of the last issue of New York City 43 per
cent bonds up to 1913, new high rec
ord. and the strength of the Panama
additional evidence of the excellent char
acter of this investment.
II is often the habit OF inertia, that
particular adherence OF Wall street. TO
descend on financial markets with just
such abruptness as has marked its ar
rival this week, 1t is like one OF those
November fogs in London. which move
deliberately I'D the street. obscuring
first Ole familiar landmark and then an
other, until the passer-by begins TO feel
after good deal OF eXertion he is apt
TO end jus, where he started, and mean
time is quite unable 10 make out what
anyone else is doing.
The boom which was expected after the
trust decisions had been handed down
has not come; quite the reverse The
Northern Securities decision of March.
1905. lasted longer and prices made
greater advance; but they came down
again in April as quickly and as far as
they had risen in March and then Wall
street was fairly committed TO just such
a state of things as now prevails. There
was even the same harvest uncertainty
so far as concerned the wheat crop. the
harvest turned out badly. and there was
Just such another complete halt in the
steel and iron trade, which did not shake
off its letharsy until a second all-aroUnd
cut In prices had been made. But the
country somehow struggled out Of the
slough Of dependency. Again this week
there has been a large retail distrbu-
ton of merchandise throughout the coun-
try. especially In the south and west.
where the heat wave has quickened -pur-
chases OF summer commodities; In a
enter into more liberal enga agements for
the autumn. and In various directions
there Is feeling that turn for the bet
ter has arrived.
That the situation Is improving is be-
ginning constantly to be brought TO light
by current events The recent fortnight
" decrease of 10 per cent in idle cars
has been followed by a general increase
in gross railway earnings for the fourth
week in May. equaling In some cases Is
per cent. the best showing In any week
for several months.
The government crop report on grain
was, a very important feature Of the
week. In line with general expectat ton
winter wheat showed a deterioration OF
over points from last month. The con-
dition OF spring wheat was nearly per
cent hlsher tnan last year on planted
area greater by 100000 acres than in
any previous year in the history OF the
country, Indications point TO combined
Weld OF winter and spring wheat OF I6i.-
285, 900 bushels. an increase Of 6S.bS4 900
bushels over the actual harvest OF last
year There is certainly much encour-
9gemeDt in these figures, Cotton crop
conditions in the southwestern belt have
been materially improved within the past
day or so by rains but more or less
drought still prevails In the extreme
western cotton belt. However, the out
look is still for a large crop.