The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-10-08
BUSINESS AWAITING
OUTCOME OF THE WAR
Financial and Industrial Re-
covery in Europe Impossi-
bic at Present.
EUROPE SHORT OF CASH
Depression Abroad Reflected
in This Country to a Con-
siderable Extent.
EUROPE SHORT OF CASH
BY RALPH EMERSON.
sased Wire to The Tribune.

BY Leased Wire to The Tribune.
NEW YORK, Oct. An interval OF
surcease from exciting developments
having been vouchsafed It has been
possible In the last few days TO review
conditions quietly and perhaps TO make
some intelligent deductions therefrom as
TO the immediate financial and business
prospect The feathcrheaded element In
Wall street has naturally jumped TO the
conclusion that because prices stopped
going down In the stock market and no
very dreadful things had happened out
side, everything which was effective in
bringing about the stock market decline
and causing more contraction OF busi-
ness activities has been discounted.
This conclusion is elaborated 10 include
Il promise of continuing stock market
firmness without advance and the per
sistent maintenance of fair volumes I'm
Industry and trade without expansion.
Such AN ANALYSIS VIII hardly satisfy
The requirements of the situation nor
It's possibilities.
There is war I'm Europe. and until
war stops and Il is seen there rs TO be
no fresh outbreaks OF hostilities, whether
involving either Of the present beIIiger-
entS or Il new set OF contestants, no
stimulus TO financial and industrial re-
covery and progress Will come from
the other side OF the Atlantic. The fear
Of war mas already caused n great dis
turbancc of the European banking po-
sition. because OF the remarkable gold
SnOltdSc movement Wn1cn IL mas set up
among the myriads of small capitalists
on the continent The dreaded October
settlements have been concluded In
France and Germany and no particular
marks have been left in the form of
losses which spell weakness, and 1t Is
necessary for US to remember that
neither the traditions or resources en-
courage any such speedy rebound from
depression or facilitate any sucn rapid
rccuperatjon from such as wo afe ac-
costumed 10 look for as amous vu,-
selves, Crops have been satisfactory.
but there is great deal OF shortage on
both sides of the Atlantic, shortage OF
kind which seems bound 10 mako for
an extremely high cost of living during
the winter. Under such circumstances
1t is only reasonable 10 expect that the
beginnings OF a great deal OF social un-
rest which have been manifested In the
abroad. in the radical trend of domes-
tic policies and in the dissatisfaction of
organized labor with terms OF employ
ment may evolve into much more un-
settlement than has been already Wit
messed.
II IS easy for Wall street to lose It's
proper point Of view Because for the
moment stocks act as though they have
whicn had been long foreseen or appre-
hcnded and because There has. been a
great change in the stock market itself
in few months time. II does not fol-
low therefore real change In the fun
damentai conditions which all markets
have shown.
Emphasis Is still laid in banding cir
cles on the fact that the country is on
the whole doing a substantial manufsc-
turing industry and dlstributiYc trade.
September bank clearings were ahesc. ot
the clcarings for September last year,
and railroad earnings still keep, above
the limits Of obvious dividend impair
ment. There can be no question that. II
anything like the present volume OF rail
way traffic is TO he sustained through
tho next few months. no really serious
depression amounting 10 what is called
hard times is To be looked for. Albetit
VIC have still TO keep in mind some nu-
hous aspects of the trade movement.
Thanks TO the strenuous competition
Nhicn todav obtains In the steel industry,
Il competition that is keeping steel mills
fairly well employed at the expense OF
prices, the pig iron output last month
WAS almost ZOO tons a day above hu-
gust production
There has been further reopcninE
Of textile mills I'm New England and an
increase Of working time. which pre-
sunably represents the encouragement
offered by the decline OF raw cotton To
10 cents. with the declining tendency
still marked.