Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-07-21
FINANCIAL AND COMMERCIAL.
MARKET WAITS FOR MORGAN.
Financier's Return from Europe Exc
pected Today-Grangers Among
Strono Stock.

New York, July 20.-The stock mar
ket today might be said to have been
waiting on the return of j. p. Nor
gan, whose arrival from Europe Is
expected tomorrow. The aggressive
pushers of the recent advance in Unit
ed States Steel were disturbed by a
suggestion that the expected increase
in the dividend had not been deter
mined on and might be considered as
impossible. This was taken to mean
that some of the interests in the prop
erty believe in postponing the contem-
plated increase in the rate of dis
bursement until the working off OF
orders taken at the deep cut in prices
which went into effect in February
may open the way to business on a
more profitable basis. The rumor of
the intended postponement of the div
idend increase was accompanied by
the argument that a favorable state
ment of earnings and of prospects Of
ficially made might be relied on to
have as much sustaining effect on the
price of the stock as an actual increase
in the dividend. 1t is pointed out that
the recent action of stocks on which
dividends have been increased has
been less satisfactory than where ac-
tion was lacking, but predictions were
kept alive. Holders of United States
Steel above 20 do not view with equan-
unity the prospect of continuing to
hold the stock as 2 per cent. dividend
payer, and even the suggestion of a 8
per cent. rate leaves a lack of assur-
ance amongst recent speculative buy
ers Among these the assumption has
been that ]. P. Morgan had committed
himself to the advocacy of spolicy
of increased dividends in connection
with the negotiation to introduce
United States Steel to the Paris
bourse The stock which was taken
by the French syndicate in prepara-
ton for the Paris listing, has never
been officially accounted for in the
later stages of the interrupted negotia-
ton. but the common assumption
amongst speculative operators in Unit
ed States Steel is that it is still held
by the syndicate. For these reasons
the return of Mr.. Morgan is looked
for to strengthen the hands of tie
friends of an increase in the Steel div
idend. The dragging tendency of Unit
ed States Steel proved an obstacle to
the efforts to advance prices and,
more than once, pulled the market
back after it had set out for higher
levels. Unfavorable news Of the cot
ton crop was again heard, and the
study Of the weather map in detail
failed to substantiate all the claims
heard Yesterday of the breaking of
the drought in the Texas cotton belt.
Grain crop news was good and the
grangers were amongst the strong
stocks. Interest attached to the news
that the Union Pacific had sold its
sI0,O00,00O holdings of Atchison pre-
ferred to a syndicate under the direc-
ton of it's own bankers. The infer
ences to be drawn from this transact
ton were greater subjects of surmise
than the operation itself. No infor-
nation was forthcoming as to the in
tention of the company in disposing
OF the proceeds of this sale. Union
Pacific Sold Is higher than its former
record. The special strength of the
Rock Island stocks was read as a mark
of the Identity of one element active in
the speculation rather than as any
sign of developments bearing on this
property Bonds were firm. Total
sales. par value, $4.020,000 United
States tours registered declined Ia
per cent. in the bid price.