The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-01-23
WEEK Of STRESS
IN STOCK MARKET
Slump in Columbus Hooking
Coal q Iron Makes Street
Nervous.
AGITATION AS TO COST
OF LIVING ALSO AFFECTS
Feature Of Final Session Is
Heavy Trading in United
States Steel.
BY RALPH EMERSON.

o1 reftbHf1 EM6hSON.
Ely Leased Wire to The Tribune
NEW YORK, Jan. 22.-This was an
acute week in the stock market and
the tremendous influence exerted by
the sixty-point slump in Columbus Hook
ing Coal and Iron was felt for many
days. Coming so soon after the Rock
Island furry the street is extremely
nervous under the possibilities of the
future.
Never In the past has the public been
allowed so clearly 10 see the working
hands Of the big spectators in the
street. The effect of this is feared
Coupled with this is the popular agi-
tation against The high prices of neccs-
sites Of life, the attitude of the gov
ernmcnt in retail roads and trust liti.
cation and the political controversies
which have Il ramifyiDg effect upon
Wall street
Strange to say. in the face of condi-
tIons, the corporations report cheerful
conditions and bright outlook for the
future. Currency still continues TO pour
into New York from the interior. and
the Bank of England and the Bank of
Germany both reduced their discount
rates half of one per cent
Gross earnings of twenty five rail
roads for the fonrth week in .Decem-
Der amounted to $13.46i ,o06 Arrange
ments have been completed for an
American loan of S7,500.0o0 for the
San kow- Szechucu railroad in China
Dividends are being dcclarcd--in the
Nickle Plate assuming a three per cent
drive upon its common stock and the
United States Steel corporation plan
ming TO issue an extra dividend of
threc-fourths of one per cent upon its
common stock.
toned conspicuouslv in connection with
The collapse of Hooking Coal, but even
If the governors OF the exchange should
show mp Mr.. keene in the role of y
yiolator of gentleman 5 contract, -
he cannot be punished. because he is
not a member of the exchange. The
governors have two Investigations on
their hands--that of Hooking Coal and
Rock Island. Hooking is the more Sc
rious for already four brokerage firms
have collapsed with liabilities of $40,
100000. But aside from Wall street.
cannot see why nervousness would pre-
vail in tho market. The industrial
kings profess to see nothing but pros.
pcIity for years ahead and reports from
all directions arc good.
The copper Industry is playing an
important part in the general tone Of
business. The demands for copper arc
good. but in face of them the output
last month was 2j,000.000 pounds less
The Utah. Nevada, Amalgamatcd. BoS-
ton Consolidated and the Cole RYAN
properties shared equally in this fall
OF. But this state Of affairs is not
natural. The contributing causes are
the litigation over the copper merger,
scarcity of coal and the unpropitiouS
weather.
The railroad situation is not such as
TO give the slightest alarm. The Iar-
riman securities have been a little ncry-
ous over the government dissolution suit
which viii he pushed. But through the
western states the most favorable con
ditions prevail.
The stock market rcbounded two ways
IN the short session of trading today.
first up and then down. Excited trad
ing in United States Steel common, with
noarly 10000 shares changing hands at
from 81 80 SIS WAS the feature. The
strength of steel was due TO the report
that an extra dividend of three quarters
of | per cent was To be declared on the
common and the supplementary report
that the stock might be put on a , per
cent basis.
1.
with net advances IN many securities.
Among the stocks which closed higher
were American Can preferred, up l3S |
Bethlehem Steel. up | Delaware Il Hud
son. up -: Tennessee Copper. up ~
National Lead, up Is: General Electric,
up =.
Generally speaking, price movements
opening when $1,000 shares Of steel /
were dumped ON the market with steel !
then ranging points from the low |
market. first three davS trading in !
the week. In the first fifteen minutes /
there was Il lively tone, with gains in
Consolidated Gas, Utah Copper. ChcSa
pcakc & Ohio. luterborough and others
steel still held strong. but the balance
pf the market was not supporting it.
'hcaco, "a Alton next claimed attention
by declining 3 points This was strange
in the light of trading. "a only 2600 Il
shares of stock changed hands. London
was not a factor in the early trading. h
arbitration brokers doing no business at
all. In tho fifteen minutes steel fell II
points. This ISSuc was mainly dealt
in during the day. The sudden col
apsc after touchng ~ was due 10 pro.
'cssonal selling entirely. Tho market
would i'm all probability have ended bet
or than AT any other time during the
week. bu: Tor thc sudden Nrihng FRENZY
II steel. This movement carried down
,ther stocks and wiped out all the carly |
gains.
The effect of the Hooking Coal col
apsc was not felt upon the market to
lay.
Spectators were willing TO leave in.
-cstgations and punishmcutS with the
governors of tho exchange and attend
o present days business.
Cotton advanced sharply during the
hort session of the cotton market,
which also helped materially.
Government bonds were unchanged
abroad aud other bonds were firm.
Imports and Exports.