The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-02
GOOD OUTLOOK
FOR BUSINESS
Crop Situation Favorable and
Merchants Prepare for Ac-
tivity in Future.
MANY HOPE CONGRESS-
WILL SOON ADJOURN
Banks of the Country in Strong
Position; Record Volume
of Exports.
By Leased Wire 70 The Tribune.


NEW YORK, July 1.-The Union Pa
cifc decision lost most OF its Influence
this week as a stimulating factor In the
stock market and there was some reac-
tion from the high point made on the
courts ruling under a spell OF rather lib-
erel profit taking. The sharp advance
that followed the decision made an ex-
cellent basis on which 10 unload stocks
that had ben waiting for good market.
AS time wore on IL was plainly developed
that leading interests we're not disposed
the out turn OF the harvests were bet
ter defined. This caused speculation 10
drift into a narrow and professional rut.
with rapid changes confined within cir
cumscribed limits. However. the market
showed a great undertone, with the aver
age prices little changed from a week
ago
Investment business has been rather
quiet. but more activity is expected with
the large July outDourlne Of interest and
dividend money. The crop situation as
whole was more favorable than last
week and this was an inspiration in
mercantile circles whore the outlook for
the harvests is regarded as warranting
active preparations for the future.
Fear Of Congress.
Some Of the most prominent merchants
in the uptown districts this week ex-
pressed the opinion that II congress could
be induced TO adjourn there would be
prompt revival OF prosperity which
might drift Into a trade boom before
9NOtner session WOnlG convene. me phSlS
for this opinion is the fact that the
stocks OF merchandise OF all kinds are
unusually light and anything like a re-
turn 10 a normal demand for consump-
ton would Immediately start up the
many idle splnners OF New England and
the south. thus giving employment to
numerous wage earners now out OF work
and in every way benetitlng the general
Speculation has been curbed in most
directions. the banking institutions OF the
nation are in very strong position and
the statistics Of the fiscal year lust closed
when made I'D will reflect a splendid con-
dition of our external commerce as
whole. with n record volume Of exports.
Cotton and railroads and other cor
poratlon bonds have been largely resDon-
slble for the remarkably favorable situa
ton OF our foreign commerce,
Export Business Good,
For the fiscal year the exports of cot
ton have reached a money value OF $780,
10000 and Europe in the past six months
has taken over $500 900 900 of American
bonds Thus the southern staple and
bonds have been responsible for prac-
tlcally $1,000. 900 900 Of American credits
has prevented exports OF gold, which
were over $50. 900. 900 in the previous fis
cal year and which then led up TO high
money rates when the movement was In
active progress. The Importance Of this
change in the commercial relations OF the
country with foreign nations Is readily
appreciated by bankers and merchants
who are now looking to the future with
brighter hopes.
In the Industrial world the most cheer
full incident OF the week was the fur
ther purchases Of steel products by the
railroads The daily bookings OF the
United States Steel corporation rose
above $4,000 tons and the mills are now
working 20 per cent of finished capacity
a gain OF s per cent in two weeks.
This Improvement in the condition Of
the ,country's basic industry was nat
urally viewed with much satisfaction in
all directions,