The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-06-26
DOUBT IS MAIN
MARKET FEATURE
First Half Of Present Year Has
Been Time of Much
Uncertainty.
READJUSTMENT LIKELY
AT AN EARLY DATE
Political Strife and Administra-
ton Policies Added to
the Turmoil.
BY RALPH EMERSON.
BY Leased Wire to Tho Tribune,


NEW YORK. June 25.-The stock mar
ket this week was unusually dull and
featured by declines. although there were
exceptions TO this when the trend broke
sharply upward. There Is a division Of
opinion in Wall street whether the mar
ket is not seeking a firm level with the
elimination OF imitation, Against this
opinion have heard students Of the mar
ket say that political and general busi-
ness conditions are giving rise to fluc-
tuauons. The programme before con-
sress and the attitude OF the legal de-
Dartment OF the administration have
great deal to do with the restless condi-
ton OF tho market. June finishes the
first half Of the present year. The end
of the present month writes finish upon
a very uncertain six months, so far as
the affairs Of Wall street are concerned.
Some improvement has asserted it
self in the call money market and by
July / business will be done at much
higher rate.
Looking out beyond this period July
promises to be very important month.
Statistics show that $3.50 900, 900 will be
disbursed in July in interest and dividend
payments This Is big increase over
last year and shows a healthy business
condition. Industrial and miscellaneous
corporations Will pay out In dividends
S35,S2l.000. Railroads will disburse .s32.-
100000. The railroads lead in interest
An utterance made this week by
Thomas +, Ryan, who now is enroute
for Europe, is interesting, in so far IL
shows the vast political power Of j. ?.
Morgan, Mr.. Ryan says that II will re-
qulre the combined genius of seven Of
the most brilliant business minds In the
world TO handle the affairs OF Mr.. Nor
gan In case the Napoleon should sud-
10 relinduish active control of his pres
ent enterprises. Mr., Morgan arrived
this week from Europe, but aside from
his declaration that he would reappoint
three trustees to administer the affairs
of the Equitable Life Assurance society.
he had nothing TO say.
Weather conditions in the northwest
have given rise to some trepidation, but
rains have now been reported through
Minnesota and the Dakotas. which is
very good thing for the crops, The pro-
tracted drouth promised for time to be
disastrous.
The advent OF easy money in London
at this time OF the year is always more
or less OF an influence upon the Amerl-
can money market What effect IL Will
have upon the political occasion Is more
or less problematIcal Bankers here may
avail themselves OF the opportunity to
borrow money abroad at cheap rates.
There is no immediate demand although
bull movement may be started for
personal advantage: II this is done there
is no doubt that the monetary situation
here this fall would feel 1t.
During the present week New York
banks gained s2.43S. 900 cash on the regu-
lar currency operations.
An important incident in the railroad
field was the action OF the directors OF
the Minneapolis & St Louis In deciding
not TO pay the semi-annual dividend OF
"a per cent on the preferred stock which
was payable in July. This dividend has
been in force ever since 1900. For the
past three years 1t has practically been
paid out of the surplus.
While II is not known that copper pro-
ducers have taken concerted action TO
curtail the output. nevertheless a num-
Der of important mines in the west are
now working up to their capital
The Anaconda Copper company is lead
ing. being in a position 10 turn out much
more copper than ii is at present. The
general, copper situation remains un
for the next few weeks.
At the meeting of the directors of the
United States Steel corporation next
month it is unlikely that there will be
any change In the rate of = quarterly
dividend on the common, The balance |
available for dividends this year is esu- |
mated at 2T,2 of the preferred stock. The |
tent that there is talk of an extra dis
bursement upon the preferred stock Of
the trust.
Taking forty-one important railroads OF |
the east. west and south, it is estimated |
the surplus for dividends in the present
fiscal year will be SlS9. 900 600 against the |
present requirements of $l79.o0o.oo0. Both
the gross and net railroad earnings show !
healthy Increases With allowances made
for high wages, labor troubles and bad
weather. this year ought to be the best
since 1906 for the majority OF the rail-
roads.
In the bond market principal interes,
is attached TO the sale of sl0.00O000 ST.
Louis e. San Francisco. New Orleans.
Texas & Mexican division bonds i'll the
French market. Other negotiations abroad