The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-27
TRADE.NOT Up
TO STANDARD
Merchants All Over the Country
Display Large Amount of
Conservatism.
MANY INFLUENCES OF
UNSETTLING NATURE
Labor Unrest One of the Prime
Reasons for Wall Street
PesSimism.
By Leased wire to Tho Tribune


NEW YORK, Aug. 26.-There has been
some clearing up Of bad features In the
genera! situation this week. but there
still remain influences OF an unsettlIng
nature and until these are eliminated
there can be no permanent or substan-
tial Improvement With the exception of
the south. where trade is fairly active,
merchants generally. from the small cross
roads trader Of the country town to the
largest Jobbers OF the great commercial
centers. display conservatism. The fact
that new production Is far below the nor
NAL Ia no incentive for the exercise of
that spirit of push which In the past
stood the country 80 we'll IN hand. Busi-
ness men now seek only to provide for
the moment and hesitate to take on en-
gagements for the more distant future,
one OF the remaining influences that
initiate against the trade and industry
and are largely responsible for the eau
ton and conservatism everywhere appar-
ent Is labor unrest. Just as the English
troubles. which for spell threatened se-
rious results to our export trade. are set
tied, the situation at home assumes a dis
turbing altitude. The success Of the
English, strikers undoubtedly stimulated
Germany. The home trouble lies with
the railway machinists west Of the Mis-
sissippi who for the first time have be-
come thoroughly organized and are In
houre. The votes in favor Of q strike on
the Hartman lines do not necessarily
mean any such drastic measure The ac-
tion was taken as an expression of opin-
lon for labor leaders to negotiate with
the railroads.
With gross earnings decreasing and
with railroads entering upon a policy Of
general retrenchment, 1t Is certainly
most inopportune moment for railway
workers to strike, The effect of all this,
from a business standpoint. is best re-
steel mills and some price concessions in
consequence Of the increasing compett-
ton, with cancellations OF specifications
for equipment and the closing Of the lar
gest wire rope manufacturing concern In
the country.
Another matter that deserves special
attention In connection with current con-
ditions is the renewed liquidation in
stocks. There has been an average de-
cline OF 10 points from month ago and
loss of 26 points In Union Pacific and
10 TO 20 points declines In other railways
and industrials. The average Is now the
lowest OF the year and no permanent
check to the reactionary tendency Is In
sight feature that caused universal
comment during the week was the failure
tractive yield Of Income now offered by
leading dividend paying railway stocks.
One reason for this was the fact that con-
ord OF new low prices. and another ap-
prehension OF possible reduction OF diI-
dends.
The crop situation has improved some
what as to grain. Rains have helped the
late planted corn and there Ia every indi-
cation that the outcome of the spring
wheat harvest Will be better than esti-
mated on August l, Trade authorities
not dominated by the speculative infiu
ences OF the cotton exchange figure out
the August deterioration In cotton Is 7
to 8 per cent This would still leave a
margin for record crop and the con-
stantly increasing receipts plainly point
to such ON opinion by planters. The ad
vices Of southern senators and represen
tatives in congress to cotton growers to
hold for 13 cents was not taken serious
ly by the trade.
Money was dearer abroad and cheaper
at home English discounts generally
ruled at 81. and at one time crossed the
bank rate Of per cent.
In Paris the rate rose to 2R per cent,
and at Berlin the market was firm at
81 per cent The action OF the Bank Of
France In maintaining policy Of cur
tailment OF foreign credits until the Mo-
roccan question lie settled undoubtedly
had a strengthening influence at London
and at Berlin and especially at the latter
center. In the absence OF French money
Berlin was a borrower at London.