The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-03-12
VALUE Of TRADE
At Low LEVEL
Narrow FluctuatiOn in Prices,
but Stocks Are Holding
Their Own.
DEVELOPMENTS OF WEEK
CONSIDERED ADVERSE
Uncertainty of Pending De.
ciSiOns in Antitrust Cases
Hangs Over Market.
BY RALPH EMERSON.

BY Leased Wire to The Tribune.
NEW YORK, March 11.-Business
dealings on the stock exchange during
OF equilibrium, but while prices held
their own In 2 narrow nuctuatlon the
value OF trade is at the lowest level since
of the market is not an indication OF
a lack of prosperity among the manu-
featuring and agricultural classes, but
rather TO artificial conditions that may
finally make for permanent development
for the great industrial enterprises and
business operations of the country.
The current movement Of prices on the
stock exchange has a negative side which
is important. During the last two weeks
one adverse development after another
has come forth to test the markets po-
sition. First there was the rate decisions.
followed by the refusal of the Interstate
commerce commission to entertain the
appeal by the eastern railroads that the
order to cancel should not take effect
the companies to make out a stronger
case for higher tariffs, Next came the
anxiety over the extra session of con-
gress and the reopening OF the tariff
controversy. This week a more serious
phase for time was given to the po-
litical troubles In Mexico by the massing
Of United States troops on the frontier.
The New York Central cut It's dividend
from to per cent and the permanence
of other railroad dividends was called
Into question by the poor comparisons
which many OF the january net earnings
statement made with a year ago.
Copper Situation.
The monthly figures OF the Copper
Producers association exhibited no de-
crease in the rate of production while
foreign consumption was shown to have
fallen off and stocks Of the metal TO
have Increased 1920. 900 pounds Over
all there was hung the great uncertainty
OF the pending decisions in the anti
trust cases In the supreme court of the
United States. the recognition that may
involve changes of the most vital char
acter 10 the business organization OF the
country and the consequent determine
ton of investment capital to hold aloof
from stocks until the opinion OF the
supreme court is known.
II can be seen then that In the appar-
ent lack OF interest there has been re-
ally purely natural market holding
It's grounds on It's merits The general
trade movement has been all that might
be expected. American export trade In
both cotton and grain shows an increase
over former years. England and other
European countries are importing more
grain this season than usually.
wheat on passage for Europe has
is probably nearing the maximum OF the
season, The increase during the past
week was 100000 bushels and brought
the total up TO 52,576 900 bushels, That
is several million bushels more than last
year and over ten million bushels great =
er than a month ago. The increase is
due mostly TO Argentine. Australian and
Indian as well as Russian and American
shipments Russia and the United States
are both very heavy exporters and In
dia and Australia together contribute
about as much as each Of the other two.
Condition of Steel Trade.
The United States Steel corporation
reports untitled orders as 3,4O0, 5i3 tons
on February 2S. This compares with
untitled orders OF 3110.9l9 tons on jan
mary 81, 1911. an increase Of 100000 tons.
The principal feature OF interest in cop
per for the week was the February re-
port of the Copper Producers associat tlon.
which showed an Increase of ii. l9S, $50
pounds in surplus stocks. which on the
1st OF March were 156, 6,637770 pounds.
which is nearly fifty million pounds
greater than the stocks carried a year
ago. The statement OF domestic exports
for the month Of February did not ap-
pear TO receive the attention that it de-
served. IT. quarters where the figures
were commented on the showing was re-
carded as excellent The months ac-
ceptances amounted TO nearly SSS, 600 900
compared with si9, 400, 900 last year
and S6S,cO0,O00 for the same month in
1909,