Weekly Arizona journal-miner., 1907-08-14
STOCK MARKET IS
 AFFECTED BY FINE
Standard Oils Hard Luck Causes Slump In Values--Powder Trust Is Having Its Troubles--Covernment to Ask For Receiver--Steel Corporation Affairs.

"h'' P"s"bi', III cohiTHulsllnctIOn 70 bills receivable, are entirely nominal. These figures will indicate what sn enormous profit the company has been making. A peculiar feature of the or. ganization is that the Du Pont family absolutely control the bus ross. Out of fourteen directors cie are Du Fonts and of ,ic cigh. orlce-s five are Du Fonts, including tle president, secretary and treasurer. One of the Du Ponts-H. A.--who is the presi. dent, is senator from Delaware, but this important political position has not and will not avail the company.
 The government does not want to st,p the operations of the plant controlled by the trust, hence it will try to have n receiver appointed. The government is in need of powder both for the navy and coast artillery. The plants now are inadequate to supply the govern mcnt's demand, being able to make only about 32,o00 pounds of powder per day. A first class battlcship car. ries about 75 900 pounds of smokeless powder, and with all its guns blazing away would dispose of every ounce in half an hour.
 Moreover, the joint army and navy board reported to the government only n fortnight ago, in order to be in a position properly to defend itself, in case of war, that the country should have on hand reserve of more than 30,o00, 900 pounds. Hence the govern. closure of the plants and will demand a rcccivership. Tine court will be asked to appoint n receiver, who shall con. tinue operations and whenever condi- tions warrant sell the establishments in such n way as Co insure competition. The government, 10 be sure, expects to be the greatest beneficiary from the suit, in view of the fact that it now pays 69 cents n pound for smokeless powder, which an ofiicial informs can be made at 35 cents.
 Scattering of Steel Shares. The third feature of the week was the quarterly and semi-annual reports of the United States Steel Corporation. The company, including the shares held for speculative account in Chicago and New York, has . list of about 230,000 stockholders. Therefore, wider inter est is taken in the operation of this corporation than any large institution, not only of the United States, but of the world. Furthermore, tine street stin believes the Jay Gould adagc, that the iron trade is the barometer of a nations business. The Europeans, in' deed, believe that 1t is only . question of time when the common shares of the United States Steel Corporation, Of which there are over $500, o,000, will be the greatest speculative issues in tine international market. Already Hol' land, England and Germany handle the stocks on their respective bourses and it was only the other day that . Dutch banker cabled that every cook and tesmster in the Netherlands had . few common shares.
 The report, off.hand, may be said te
 have been the best ever submitted n
 point of actual earnings. Not oni,
 were the figures for the quarter superior
 to previous statements, but the ne'
 receipts for the half year, amounting
 to CSC, ,426,ls7, transcend the best here
 tofore reported by the corporation. Fo
 the same six months of 1906 the amour
 was t76. .75s,5e2, while the total fo
 the year footed up si56,6t2,27a. Il
 the last half of the current perio'
 would approximate the returns for tn'
 first half the total net income woul' be sl69, ,252 ,3oi.
 With the net nt tsi.626,lo7 for ih six months ended June 90, the amour is nearly s20, ,0o0, ,000 more than hxc' charges and dividend requirements 3 Tho interest on bonds amounts 10 t2a ss,s5o, sinking fund requirement , s6,si2 .oe4; the preferred dividend call for s25,2l9,677. and the common ask 3 for GIG. .l66,05o, or total of t65,oS7
 6i7. There remains almost s2o0oo,oo ' from the receipts for the first half O [ the year and possibly correspondin ' amount for the latter half. Co be d' !. voted to appropriations for depreei' . ton, extinguishment, construction an 2 contemplated expenditures The .u . plus, of course, will be sufficient Co met q the entire cost of both the Gary an Duluth plants.
 . But there is the reservation of th . probability of . falling off in busins'