Norwich bulletin., 1909-07-29
FINANCIAL AND COMMERCIAL.
MINGLED GAINS AND LOSSES. United States Steel Dividend and Union, Paeifio's Rise the Features.

New York, July 2S.-Incidents con- sidered by spectators of most import ance were the increase in the dividend
 on United States Steel stock and the
 rise in Union Pacific today to above the long predicted price of 200. In the case of the dividend on United States Steel, the compromise rate of 34 of l per cent. for the quarter was con- sidered an adroit settlement of a per- picking problem as between the con- tention for the restoration of the per cent annual rate and the retention of the per cent. rate. The 4 per cent. rate would have been feared in con- servative quarters as precipitate and as leaving nothing more in the imme- diate future for. the speculative imag- nation, while the retention of the 2 per cent. rate might have weakened the effect of the professed confidence iu the future growth of earnings. Safe guards against harm to the price of the stock from disappointed expectants of a 4 per cent. rate had been skill fully placed by the inspired intima- tions of the past week that there might be no increase at all. The consequence was that while the dividend increase failed to bring in any strong new de- | mand sufficient to lift the price of the stock it was singularly free from the
 usual pressure of realizing sales fol- lOW1Alk d Ol ldNOIdDlc pTG- dictiOns. Professional operators have felt that the price of United States Steel was likely to react even with an increase in the dividend to a 4 per cent rate. Buying to cover the shorts put out on this theory constituted an element in the strength, not only of United States Steel but of other favor ite speculative stocks. Satisfaction with the quarterly report of earnings Af 10 TTnffad CfotaC Staal nr was not unmixed and the exhibit was held to justify a dividend policy on the part of the directors at least as cau- tious as that adopted. The $29, 9,341, 900 of earnings for the quarter, while ris- ing handsomely over those for the pre- ceding quarter and still more mark edly over the corresponding quarter of last year, are seen to be, with ex- ception of last year, the year of de- pression in 1904, and the year 1901, when the corporation was formed the smallest earnings of the 4,057, ,939 tons of unified orders on hand also, il is seen that while the figure rises above that for any intervening quar- ter since that ending December 31, 1907. yet there is found an unbroken series of excesses over this figure for every quarter before that since the
 one ending September 30, 1904. That
 date carries the comparison back to the period of depression from which the industry had not yet emerged after the reaction of 1903. This more de- tailed analysis of the report was of
 somewhat sobering effect on specula-
 tive sentiment. Points of strength in | the stock market helped to sustain | prices, for which particular causes were assigned. The rise in New York | Central was occasioned by renewed ru-
 mors of Hartman investment in that stock The soft coalers were helped ] by hopes of revival of demand by awakening industrial activity. An inn | portant short interest was believed to l be covering in Reading. Amalgamat- ed Copper suffered from the renewed | fall in the price of the metal. Final prices as a. rule were little changed from last night and showed mingled | gains and losses. Bonds were irreg- | ular Total sales, par value, $S,5l2, GOO. United States bonds were unchanged on call.