The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-10
Illuminating Comparison of
Average Prices of Stocks
Today and Year Ago.
GETTING DOWN AGAIN
TO A NORMAL BASIS
Railroad and Financial Situa-
tion Continues to Play an
Important Part.
BY RALPH EMERSON.
BY Leased Wire to The Tribune.


BY Leased Wire to The Tribune.
NEW YORK, July 9.-The average
price Of thirty standard industrial and
railroad stocks Is now 11s; one year ago
the same stocks averaged 1894. Slowly
and surely the market is sagging to a
level where bear rumors can have no ef-
feet. The bottom must soon be reached
We are certainly approaching firm
standard when fluctuations VIII be UP In
stead Of downward
The stock market during the present
week was In nervous and unsettled
stronger tone has prevailed. With the
improved sentiment prevailing, Wal
street is inclined to pay less attention
to reports OF lowered dividends. A more
Thus tho rumor that Union Pacific
may reduce its dividend is being ridi-
culed. The gross earnings OF Union Pa
from railroad operations would begin 10
reduce From 1907 to 1905 Union Pacific
gross earnings fell off 100000. Income
from investments would have to drop
SIC. 900 900 before the margin OF safety
over and above the per cent would
have been wiped out.
The directors OF the Chicago. Milweu-
kee G. ST. Paul railroad took the effectual
means OF dsposing of the rumors that
the roads dividend was to be cut by
declaring the dividend for tho haf-year
just ending at the usual rate. 81. Faui
Is In stronger condition than many OF
the Wall street interests realize.
The promulgators of the wild rumors
got another shock from Chicago, Atchi-
son g. Santa Fe The declaration OF the
quarterly dividend on the common stock
on the Atchison was what generally was
expected
However, as usual. the dividend was
discounted In that stock, The company
gross earnings in the fiscal year Just end
ed were slO5. 900 900. the largest In the
company's history.
The street. or. at any rate, great
part OF It, got a good surprise In the ad-
vance OF the annual dividend rate oil
Virginia Carolina Chemical company
from 3 TO per cent Evidence that the
Increased dividend rate had not been dis
counted by insiders was shown by the
fact that the stock has advanced hYe
points since the declaration of the divl-
dend.
The bank statement shows another
heavy outflow OF the currency from New
York banks TO the United states SUD-
treasury. From the Interior there was n
net inflow Of Sl,9oe.OOOD but on operations
with the sub treasury. owing TO corpor-
ate payments, there was loss OF sS,.
169, 600. the net result being a drain OF
So, ,263. 900 from the New York banks Inc
first gold import movement has been IN
augurated with the engagement OF VI
$50 600 gold bars in London. This is the
first large Import Of gold from Europe
since January. 1908. Other engagements
checked by raise in the exchange rate
Producers OF copper are Of the opin,
ion that the price OF this metal has found
Its S2tsom vii, Ihey be etHSS Upward. T Adoph
Lewisohn, the copper magnate, VINO ar
rived In this country yesterday from Eu-
rome IS Of the opinion that there Is no
necessity for an amalgamation OF the
copper interests OF the United States INTO
a combine" Mr.. Lewisohn belives nat
ural laws will adjust conditions In the
market without TelYlnG upon
n Capitalization OF the producers 10 raise
and lower the output as the orders seem
TO Justify. He said that the present cop5 d
prices have always adjusted themselves
Mr. Lewisohn looks optimlsticany upon
the situation, He says condiOons gov
erning this metal are very priSht JUST
now
speycr & Co. have purchased from the
Missouri, Kansas & Texas Railroad com
pany $40 600. 900 one-year per cent Sc
cured gold bonds. The proceeds OF these
notes will be used to finance the cost OF
new terminals In ST. Louis, new equip
ton OF the stock OF the Texas Central
railway, a valuable feeder. The Texas
Central owns fraction over 26' miles OF
line from Waco Tex, TO Rotan' Tex;
The settlement OF the labor difficult
ties upon southern railroads has Charmed
the atmosphere In that section How
the east and middle west again, with
employees OF the Pennsylvania lines de-
manding higher wages An amlcaoie al,
iustmont of this difficulty Is anticipated
soon, The Pennsylvania roads trouble is
modified by the conciliatory attitude
adopted by both sides
Louisville & Nashville earned less for
It's stock In the second half OF the fiscal
year than 1t did In the FIRST half The
road has just closed Its fiscal year with
nearly II per cent earned upon It's lines.
No steps arc being taken TO regulate
the prices IN the steel market. y shrink
age is shown. but the outlook for trade
is good. Statistics compiled today show
that actual sales of new railroad. indus
trial and public service bonds OF nll
classes during June reached q total OF
Sl20. 600. 900, bringing the grand total for
the first half of the year up TO SS15.o00,-
600. The bond market has not been so
completely apathetic as some thought
An Item OF interest is the election OF
Edward II. r. Green son OF Mrs. Hetty
Green, as a director In the Seaboard Ma
tIonal bank. When Mr.. Green arrives
here later in the month from Texas. |
where he runs the Texas Midland rail- |
road. 1T is reported he Will make another
attempt TO become factor III Wall
street.