The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-06
PROSPERITY WAVE
IS IRRESISTIBLE
Even Panicky Conditions in
Wall Street Cannot Cheek
Onward Tide of Growth.
WEEK WAS MARKED BY
BATTLE OF THE GIANTS
Outlook Is Not All Bright, With
Troubles in Railroad
Circles.
BY RALPH w. EMERSON.
Ey Leased Wiro to The rrih,,nn

BY RALPH w. EMERSON.
BY Leased Wire to The Tribune
NEW YORK. Feb. 5.--Wan Street
trcmbled this week upon the verge OF one
OF the most disastrous breaks since the
pancfy days OF 1901 1t was literally
giants wa9ed war around and over the
great copper merger which may yet exert
the most baleful influence upon business
and financial affairs OF the country in the
annals oi recent years. Up and down and
up ana down with bear raid after bear
! RAID. hnally consummating In n combined
total drop of eight TO nine points. the
market saggcd, And TO add to the gloom
OF the situation Fisk and Robinson. one
OF the biggest bond houses in America.
failed for $1.ooo.O00 But even the Jug
Cling OF the giants with stocks for the
pawns cannot shake the general prosper
ny oi The country. so far has the rccoN-
cry gone. With nine and oDc-half mil
lions of dollars lost in the copper stocks
alone on Thursday. the railroads and in
dusuial corpora tions go merrlly along cX
pending for improvements. satisfied that
the prosperity wave. as great as it is
now, Will be greater next year and great
CT the year beyond.
The greatest battle was between the
Morgan and Gugeenheim interests with
United states Steel under fire on ono side
and the copper shares under fire on the
other, According to the best belief In
Wall Street the battle Is being waged
over the lesser combination of copper
interests opposing the consolidation OF
the lesser copper companies for fear It
will Jeopardizc tho bigger 500 900, 900
merger. tho GuGgonheimS went into the
market to effect the attack by combin-
ing their forces upon steel No one knows
how many millions the Morgan interests
drew from their resources TO stem the
tide" but when / point 10 the fact that
steel common fell only IA points. while
coppeTs Sa agged \ To points losses. some
idea can be gained of the strength of the
opponents. d,
But. as [ say the integrity OF gem
oral prosperous conditions Is not harmed.
IT Is true the railroads are staggering
under a great burden OF employee trou-
hlcs, but by acting IN concert this week
when sixty western and southwestern
roads unitedly refused wage advances: II
gave the men little chance for retalia-
ton. Twcnty-seVen railroads In the
southwest will have demands Tor higher
wages levied upon them next week. The
result OF these conferences Is matter
for the future but no apprehension Is felt.
The railroads are handling heavy traffic
both freight and passenger. computing
upon the basis of the first six months
OF the current fiscal year, Louisville and
Nashville will earn 20 per cent upon ITS
$50. .O00. 900 stock Reading Is earning 81
per cent upon its common stock despite
tho fact that many of its collories in tho
anthracite region of Pennsylvania arc
closed. According To = statement made
treasury at this moment $l6,6S%.OOO free
assets for any use the directors may
choose 10 make OF it with ! per cent divi,
dcnd In view: From a non.dlvidend road
the Glover Leaf system Is now being
operated OF basis paying per cent 10
holders of its stock Canadian Pacific
directors viii declare dividend tne SlIo
of which is unknown. The quarterly dlNl-
dend Of Il per cent declared by Pennsyl-
vania this week shows an earning capa-
city of & per cent upon its stock FOR the
current year With these figures before
us one forgcts the chickering's of Wall
Street.
Reports from PittsburE and Birmlns-
ham report conditions In steel aud orc
better than prevailed during the holidays.
The announcement of nearly $50 oOo.OoO
worth OF foreign contracts for steel con
structIon work this week rs Gratityns'
southern ore conditions might be better,
but induStrially speaking the soutn Is
enjoying full need of prosperity, inc
Alabama City furnace Is being started
this week and tho new nail and wire mill
at Gadsdcu Will soon he ready for opera
ton. \ new steel mill at The Alabama
city will go into operation late thls
month Approximately 90 per cent OF
the mills OF the United States Steel cor
poratiou are working. The corporation
now has "A total surplus in It's treasury
OF $3.50 00u, 400
wage increase demands OF the coal min
crs, who arc in convention AZ lholanapo-
lis Eut while higher wages are d"
mandnd Joint conferences are being
planned and 1t Is NOR" than likely q
compromise can he Effected. The mon
ask Il wage increase ranging from y"
cents 20 81 per ton.
With the first annual meeting of the
directors of the Central Leather com
pauy, NC hear ot ruinors OF nc HlirIaI li!rG
dividend ON the common stock. Ihe |
of the merger OF the United
states Leather company and tho Central
gives rise to the dividend report
Weather conditions have become more |
generally In the west and
northwest congosted freight traffic Is pc
ing cleared away The cost OF living agic
taton stIll summers. but the hSstcr'a oi
Tia" crusade has abatcd. . |
Money conditions are improved Al |
though the redemption of national bank |
notes continues 20 increase, it Is merely |
an argument Tor currency reform.
Brisk buying in the two hours OF trad
ing on The stock market today WAS re-
ncct"J IN substantial gains OF iiom TO
a. the last named rise being in pullman |
Palace Cur so far as the course ot
prices indicated. there seemed 10 he
pYolty general desire 10 buy stocks ht
prcscut levels. in the belief that the IN
fl1,ion has now all gone from the mar,
Sct II was "A satisfactory market all
around, not at all animated OF nervous
'rhr opening was active. With cousid
cradle variation In the degree OF strength Il
and American smelling and Rchning was
ioI It's overnight auNanTp,
the third sale being at So. where The
stock closed ON Friday night The short n
Interest here was said to he gIcauE
United states Strri
lsocll Island was in fair demand. and the
london cables showed pronounced IN
,rcasc I'm strength abroad,
The first break came in Cuppcrs, WITH
american Smelling and -ima(Gamatcd
'eacting nearly a point, and the rest of
ho market iraCtionally sympathiziNE.
rhc bears. finding IL impossible 10 force
hc stocks. resumed their covering,
Tho report today that George w. Per.
Sins the partner Of j. T.. Morgan, had
old President Taft he favored federal
.bnrlNrs for inrornorfiionS. gave an
,asicr tone TO Wall street. for the ad
measure Of federal iucor-
,ura ton was one about which there had
lccn some excitement.
Cables told OF better conditions I'm Lou
lon. but there was scarcely any activity
lpon the London stock exchange all the
securities being quiet. but firm. Con-
os rreaincd one sixteenth OF their loss
Il Yesterday. and few small increases
rcrc shown elsewhere. Foreign discounts
we're unchanged In the money market.
Expectations of tho cutting OF "a sub
tnntial melon was the ground for heavy
'uying of Pullman Palace Car. 1t Is be-
he of lp,Il