Salt Lake Tribune | 1908-01-05 | Page 10 | More Confidence Appears in East

IppeE i east Payment of Dividends Causes Standing Orders to Sell to Be Withdrawn, THOMAS WEIR ON THE NEW CONDITIONS Confidence Naturally Follows Discovery That Situation Has Been Exaggerated. Thomas Weir, ono of tbo directors of tho Ohio Copper company, and one to whom the Bingham camp owes a deep debt, of gratitude, when asked by The Tribuno Saturday for an expression regarding re-garding tbo brightor appearance of things generally in the East, reflected at tlio present b'y the great improvement in the markets "East, stated that there were several causes responsible for thc improved conditions. Tho extensive curtailment cur-tailment of copper production throughout through-out the country has cleared up tho copper cop-per atmosphere just as the present shutdown shut-down of lead and silver mines will bring a speed' solution to tho present unfavorable levels of both these metals. In Mr. Weir's opinion, tlicre nro some very far-reaching causes for thc betterment of tho financial conditions in tho East. Beginning with November Novem-ber tho Eastern investors began to be called on for money that was not easily procurable. To get it many had to sacrifice thoir securities, both" railroad rail-road and mining. This tendency nat-j nat-j urally spread to thoso who could afford to hold on, but became frightened and widened out tho disposition to sell stocks' until the inclination becamo general gen-eral nnd oven-ono wanted to sell regardless re-gardless of loss. But to tho surprise of ovoryono during dur-ing December, various railroad and industrial in-dustrial enterprises held their usual meetings and decided to post tho usual amount of dividends. Those who had become panic-stricken began to open their eyes, and they naturally found out that a great mistake had lieen made. This stimulated tho markets, not so much by orders to buy such securities, but by countermanding standing orders to sell. So when there came a strengthened strength-ened tendency to the markets, thcro was an absence of orders to sell, and this shows returning confidence. Mr. Weir also points out that January is a period when tho greater part of the dividend or interest money is paid .bv various municipal corporations. These payments either are annual or semi-annual, but tho first month of the year catches tho main outlay for this purpose Theso payments aro distributed distrib-uted in Now York, "for tho buying eiid of all such bonda is Now York with but few exceptions. Money to meet these payments is sent from ench and ovcry town and city in tho country; it i3 not takon from, "but to the New York banks for distribution. And with stronger markets and more confidence, those to whom the money is paid aro not going to draw it and allow al-low the samo to romain idle. Much of it will be put back into securities that aro dealt in now on tho Eastern markets. Thc local situation still is bad on account of tho smelting condi tions, but with thc 6trong operators determined de-termined not to givo away their ores under a prohibitive contract, relief is .bound to comc from thc present or now smelting sources.