The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-04-03
MARKET FAILING TO
MAINTAIN ITS own
Week Has Been One of Narrow
ness and DuIlness, With
General Declines.
NUMEROUS BEARISH
INFLUENCES ARE POTENT
Situation at Washington and
Labor Conditions Both Tend
to Depress Trade.
BY RALPH H. EMERSON
Wire TO The Tribune.

NEW YORK. April 2.-The stock mar
ket failed 10 hold it's own this week. in
lluenced by series OF Oppressive events.
II was bearish, narrow market pretty
nearly all through. Rallies were succeed
ed by declines, which hit the speclaIties
ana standards alike Dullncss was the
prevailing tone.
The late decline has wiped out good
many small longs but the volume OF
stocks sold for their account has been
much smaller than In previous slumps,
because commission houses have not been
carrying extensive lines. The action Of
the governing committee on Wednesday
manipulation and reckless speculation
VIII, IT is believed, bring new capital Into
Wall street from investors. Since the
spectacular rise and fall OF Rock Island
pool investors have been holding aloof.
The broad developments this week may
be summed up as follows:
From F.; Washlngton-The progress OF the
garded as unfavorable to financial pro-
gress by some Of the railroad magnates
and which stands more favorable
chance OF being enacted now than ever
before. the death OF Associate Justice
Brewer and the possibility that decisions
In important trust cases may be de-
layed indefinitely, and the enactment
into Its financial stage OF the so-called
Missouri river rate cases. the most I'M
portant cases Of the season since the
Hepburn bill became law.
The Labor Situation.
The strike OF the bitumlnous coal
miners. while not unexpected carries
with II the most oppressive influences on
insurance investiga ton IS under way and
another Is promised. and while these Will
not show the alliances OF industrial and
railroad capital that the life insurance
Investigate ton brought forth, nevertheless
they will have an unpleasant reflection
upon some shares Out Of the. cloud of
adverse affairs however, came the cheer
ing prediction from James ]. Hill. with
whom / talked, that tho coming summer
and fall Will see the greatest stagnation
known In railroading. due to the vast
ultra-optimistic over the business and
financial outlook and his knowledge OF
agricultural conditions through the west
and northwest make him a trustworthy
prophet,
Today saw the Inauguration OF gold
shipments abroad, when s2,000.000 In gold
specie was sent 10 England During
April no less than s25.000,000 In gold will
be exported The outlook for the money
market Is somewhat obscure Bankers
believe the outgo OF gold Will produce
an increase OF at least ] per cent in the
call rate. which will attract millions of
dollars into New York from the Interior.
The currency movement this week out
of the New York banks was $500. 600.
terlor there was net sain of sl.4Oo,0O0.
but on operations with the sub-treasury
there was a net loss OF $4,000, 900.
Increase of Wages Affects.
striking feature of the week was the
per cent increase in wages granted by
the Pennsylvania railroad. affecting near
ly 200, 900 men and totallng an increase
wage of 10000 900 per annum. The
Reading almost simultaneously granted
an increase. and this. coupled with lesser
increases lesscned the tension which had
begun TO strain the relationship between
corporations and their employees over the
high cost Of living. In the west the rail-
roads will offset the wage advances by
increasing their rates, although the roads
seem TO be acting individually In do
ing so.
The week was not one OF much progress
In the railroad feld, However. 1t
road is to be built through southern Utah,
eastern Nevada and northwestern Ari-
zona. 1t will open up new oil. timber.
coal and iron fields, and the financing Of
the project is now under waY. It is TO
be called the Iron Mountain, St George G.
Grand Canyon road.
Francisco railroad WIFI hold a special
meeting on May l6to vote on a propo-
sition To create s50,000,o00 bonds. OF
which s26, 600, 900 will be issued at once
Mexico road which was recently pur-
chased. A portion Of the remainder Will
go for new equipment.
-Directors OF the Atchison have decided
10 the extent OF IL per cent Of the hold
Ings s4G. .6S6. 900 new bonds have already
been authorized for that purpose, The
company is expcnding SlS.O00,0 900 for new
The Chesapeake & Ohio stands TO real
lze s2S. 900. 900 from It's new - per cent
convertible bonds.
The Wabash railroad now finds itself
in a peculiar condition The physical
property Is progressing and gaining imam
rially but they cannot find n market
for new securities. This condition was
brought about mainly through the ac-
ouisitlon OF control Of the Wabash-Pittts-
burg Terminal property. The latter has
rosf the Wabash about $4,000 900 up
10 date.
Steel Trust Profits
The United states Steel corporation
ia accredited with earning $4,000, 900 net
profits in March.
The Republican Iron & steel com
o,nw 10 entering upon a new policy to