The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-03-13
Week Has Been Marked by
Stress and Strain Of Con-
ficting Forces.
LABOR SITUATION IN
PHILADELPHIA A FACTOR
Affairs in Mining Circles Be.
come Less Cloudy, and the
Outlook is Bright.
BY RALPH EMERSON.
eased Wire TO The Tribune.


NEW YORK. March 12.-Throueh the
turmoil OF this week the stock market
staggered upward and then declined.
Yesterday there came a. rumor Of the
death OF J. P. Morgan, which might
have caused sharp excitement II it had
not been instantly denied in an authori-
tatlve manner by ]. r. Morgan, Jr The
general strike situation. spreading In
serious fashion from the nucleus Of the
trouble In Philsdelpbis.. hovered like
in the makeup of tho situation. The
domination OF Wall street fears is clear
~ reflected in the nervousness abroad
through the country despite the efforts
OF prosperity 10 extend beyond its pres
ent bounds. In spite Of the alarm which
the week brought forth, there were indi-
are being smoothed out The election
on Thursday OF three representatives Of
the Guggcnhelm family 10 the board of
the Nevada Consolidated company
smooths the way toward the merger OF
the Nevada and Utah Copper company,
while the increase of the dividend OF the
Utah Copper company To sc on the
shares assisted in dIspelling gloom and
doubt in that quarter
The report that Mr.. Morgan will cor
ner the automobile industry and merge
has been denied. but the fact remains
that J. p. Morgan q Co purchased the
plant and good will OF the 2. NJ T.
company of Detroit for 81. .0o0. 900, and II
is an axiom of finance that Mr.. Morgan
never does anything on small scale.
One automobile factory would not mean
even the shadow Of an investment to
him The hearing in the government ;
prosecution against the Hartman merger
was closed this week. and, while IT pro-
duced some very interesting, testimony
bearing OH the old squabblc between j.
j. lin and l.. H. Hartman, 1t was not
OF nature to have a broader effect on
tho market. Additional evidence VIII
likely be submitted later, but this Will
scarcely have a marked effect. The an
nud report of the American Tobacco
company, which is being prosecuted by
the government. was made public this
week. showing enormous earnings OF 90
per cent. The earnings In 1909 were $780,
4iS.3Si. practically 5000 600 more than
in tho previous year II this shows
nothing else. it reflects u prosperous
condition In the tobacco traffic.
The money situation showed good
influx into the interior, the iirst loss IN
that direction since the beginning OF the
year. The total loss to the interior and
on sub treasury operations proper was
S5.071 600 DeductiuE therefrom the
gain BY new gold. the net loss by me
banks was approximately S3 .055 600. The
outward movement OF currency began IN
earnest this week. There were no gold
exports OF any consequence. AS taG-
tor. the strike situation regards rail-
roads and industrial companies is blight
ing trade and commerce. IL Is y COM
forting circumstance. however. that the
r. * .. situation is not so serious. In
upper New York state the International
Paper company mills are tied UP. while
In Trenton. y. j., there Is a trolley
sit,Ia ton similar TO that in Philadelphia.
although ON a smaller scale. The BethlG-
hem Steel mills are still crippled. while
. sort OF cllmac,cric stroke was made
this week in the refusal Of the middle
west coal operators to grant the de"
nands Of the miners. The disquietinS
news from Newcastle. Pa. that the
Pennsylvania Federation Of Labor was
urging a national strike was offset by
the subsequent petition Of tho body that
President Taft end the Philadelphia
strike.
The western locomotive engineers and
firemen's grievances VIII be settled by ar
bitration.
The most Important announcement In
the railroad field was the financing plan
OF the San Francisco system. The alrec-
tors authorized the issue OF S26.0oO.0oo
mortgage 5s and at tho same time pre-
pared 10 retire on January ]. 1911, sn5oO,-
O00 OF 4 per cent notes. Four UNDERLYING
tem-thc Beaumont. Sour Lake q West
ern the Colorado Southern, New Orleans
g. Pacific, the Oranse & Northwestern
and the Brownsville railroad. which were
recently purchased. These will be known
a the New Orleans Texas & Mexico d.
vision.
The safe by thc Baltimore Ohio OF
$40. .OOO. .000 worth OF notes puts that com
pony into immediate possession OF vast
sum OF assets.
The most favorable financial showing
came from the railroad Held. The At
lantIc Coast Line is earning 10 per cent
ON its new and higher capitalization. The
Missouri Pacific Into whose directorate
Cornelius Vanderbilt was Induced this
week "a earning S2.000,000 year on us
present basis. The St Louis South
western Cotton BclD lines earned 1866, 900
I'm tho seven months ended January 81.
The Southern railroad has earned SO per
cent on its preferred stock iD the last
year with better prospects ahead
The St Paul has been crippled by labor
troubles and bad weather and ! estimate
the cost OF these disturbances TO be over
So 600 900. although there is 10 danger
ahead.
/ understand negotiations are well ad-
vauccd for the sale of the Hooking Val
ley railroad to other companies. The
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