The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-13
MARKET FLURR|ES
PROBABLY HISTORY
Big Men Who Support Stocks
Find Comfort in Attitude
of Administration.
INDIVIDUAL BUYING
FEATURE OF WEEK END
Nothing Doing Saturday, but the
Outlook for Monday
Promising.
BY RALPH EMERSON.

BY Leased Wire TO The Tribune.
NEW YORK, Feb. 12.-Events of this
week In Wall street have established the
opinion that tho violent nurrie5 are over
and that the big men are now supporting
the market. This conclusion Is reached
through the attitude Of the adninistra-
tlon- il is fully thought that the So
called warfare" Is done; that the money
kings now know President Tafts future
policies as well as those OF the present
Naturally there Will be reactions. With
the best OF prosperity there will ever be
reactions. But the violent declines re-
sponsive TO a iack OF financial essence VIII
not be In evidence. The big men are boil
STEERING the market. They are buying
| that Is the only way that the market can
be materially strengthened,
There was no market today-Lincoln' 8
birthday-but the close yesterday was eX-
| tremely good. with shares up from 80 TO
~ points. There is ever tendency TO
dread weekend holidays. .Speculators
over A two-days period when there is no
market. But il was noticeable that the
| buying was more active at the close OF
the market last night than at the OPEN
| ing in the morning.
Technically and literally the market la
better now than II has been for some
| their equipoise, and the Oppressive inhu-
enco such as labor troubles and bad
weather arc not sufficient TO harm.
the ehs Sesk skfP punSns In tee ssis comos s
| and 6s in Ataalgamated Copper, was
| nothing very surprising when the yio-
lence Of the recent declines are consid-
| cred
Some are disposed to look with trepida-
| ton To the wage conferences between the
| bituminous coal miners and the opera
| tors The present agreements expire
| April !. and IL cannot be denied. that
trouble looms up on the horizon. An un-
| satisfactory session OF arbitration was
held yesterday in PIttsburg and others
| will be held next week.
Wage conferences between railroad Of
| fcials and representatives OF the train
| men and conductors most OF tho
roads In the east will be OF q perfume
| tory nature until the negotiations which
more & Ohio officials and their employecs
are definitely settled. The proposed
| leaders elected the b. 81 o. for the first
test because a great many OF the wage
schedules on this road are on the west
err basis which Is nonniDally higher
than the scale now paid on the eastern
lines. II is the purpose OF the trainmen
! TO exhaust effort TO establish the west
| ern wage scale on lines IN the east, and
IT is argued that this could be accom-
plished more easily on the b. & q, be-
| cause OF the few changes Tor the acop-
| ton
Despite the shadow of wage trouble,
the railroads are going ahead with thcir
| 1910 plans, and reports OF earnings sho"
| that an. unusual tide OF prosperity Is be-
ing enjoyed Analysis OF the statistical
position OF the leading southern railroads
! with reference to their selling prices re
! veals the fact that Louisville & Nashville
| Is earning the greatest return on market
| valuation with Norfolk & Western sec
ond. Curiously, Illinois Central and MIS-
| souri, Kansas Il Texas stand together ar
! the bottom OF the list. The southern
railroad has total capitalization OF ap-
| proXimately 1868 900 600. On market
| valuation It's earnings reached 81 per
| cent. In the southwest there was I'M
| provement. as shown this week by the
report OF the Texas g. Pacific, which, II
was set forth. that in the past six
months Texas & Pacific had earned over
| six points on S24,96S,9OS second income
the weather and the swtchmcns strike.
The gross earnings for January were
5000. 900 less than for the corresponding
period last year.
I ing which have been tagging on earn
| ings. have come out OF the rut: Inc
net increase for December oyer Decem-
ber 1905, for seven OF the biggest an
| thraclte carrying roads shows an agSre-
gate increase OF IS Il per cent \ new
plan for the financing OF the Wheeling &
| Lake Erie. which is now in the hands OF
| bankers, VIII soon be made public.
| In the steel situation / learn that the
| southern iron men are quite content VIA
contemporary conditions Charles NJ
! schwab Is having his trouble with
/ strike at Bethlehem. The strike has
grown until now IL looks Ike the Beth
|
J aced before a settlement Is enected. III
the earnings Of the United States Steel
| corporation reach sal 800 900 In the cur
| rent quarter, they will have established
| n new high record A compilation based
| on conditions show that this VIII; In all
| likelihood come TO pass. Al Birmingham
| tho price OF No ore remains at $l4
| The Alabama Consolidated leads all the
| sellers In the fore part OF the month.
| booking orders for $4,000 tons In four
| days.
| ANY market effect from the failure OF
! the Central Foundry company OF New
! Jersey also called the competitor of the
| steel trust Will not be felt,
The street was engaged tins week IN
| speculating upon the federal incorpora-
| ton act but tho biggest interests ap-
parently Will come under the legislation.
| A decline early in the week was attrlb-
| uted 10 sentiment over the FEDERAL IN
| corporation act. but II amounted TO no
| Importance.
| Nothing OF specific Importance came ID
the street this week on the copper mer-
ger. There was good movement IN
| leather following the report that the di-
rectors OF the Central Leather company
will declare "a dividend on the common at
their next meeting February %.
Monetary conditions arc good both
here and abroad The New York banks
lost SS 200 900 to the sub treasury, while
hut little came from the interior, The
banks have gained S35.T79 000 from the
Interior since the beginning OF the year.
Tho Eank OF England reduced its dis
count rate to per cent this week.