Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1909-01-18
UNEASY
\ Due to
INDUSTRIAL CoNDT4 .ONs MIXED
Steel Trade Affected by Backward
Movement Of Crops.
REGULATION OF CORPORATIONS
Decision In Gas Case is Followed By
belief that Supreme Court
May Uphold Commodity

haWs
NEW YORK Jan. 1.-THE speculative
markets last week showed a good deal OF
hesitation in the attempted appraisement
Of the factors going to shape the future.
The true reading Of the opinions seeking
expression through the medium OF the
stock market operations was obscured by
the complications Of the technical situation
of the market, in which a considerable
short inte est had been built up in the
course OF the previous weeks reaction.
This Interest was uneasy and anxious TO
take profits by buying to cover Occasional
periods OF strength which were shown,
we're attributed largely to this factsr OF the
uncovered short aggressiveness An ele-
ment Of misgiving over the course of values
evidently remained in force in the specula-
tIon, but special stocks were strong In the
strength Of Individual factors and proved
a sustaining influence on the whole list.
Conditions Are Mixed.
Reports OF general conditions showed
enough mixture of the good and the un-
favorable to account fairly for the mixed
and uncertain tone Of the speculation. The
progress of the expansion in trade and In
dustry was regarded, on, the whole. as dis
appointing This feeling radiated primarily
from the great steel industries, and the
railroads, the backwardness In the one
case being traceable to that In the other.
The railroads feel the effect OF the early
movement OF the great staple agricultural
crops, which gave the early appearance OF
quick revival to their traffic, but which
leaves the latter volume of traffic without
its customary proportion of this business
TO maintain the showing. The movement
of coal Is also reported as slow, In con-
sonance with the halt In the industrial re-
vival Hence the renewed accumulation of
surplus idle freight cars, which has proved
"A encouragement. The effect is to hold
back railroad orders for new equipment,
and thus spread the influence of the check
through the wide r3mificatons of the steel
trade Except In special lines of finished
material the demsnd for steel products Is
called disappointing, and some doubts arc
raised OF the wisdom OF the rate of pro-
duction. Of pig iron which is kept up. Par
allel conditions are found In the copper
trade, where the accumulation of stocks
while production is maintained at high
rate, promises difficulty in holding prices,
COntroI of Corporations.
The subject of regulation and restric-
tion of corporations has come into re-
newed consideration by those financially
interested and there has been revision
of earlier opinions of the extent TO which
corporations are to enjoy exemption from
such measures in the future
The abrupt change in the price of Con-
solidated Gas when the So-cent gas law
was approved by the supreme court
first served to revive the subject. Doubts
have since arisen whether the commodi-
ties clause of the Hepburn law may also
find sanction by the supreme court and
thus necessitate the partition of the
railrcaa and coal properties now COM
bined in the anthracite business. There
has been an extensive speculation based
on the assumption that this law was cer-
tain 70 be declared unconstitutional. At
tention has been drawn TO the regulative
powers of the New York State Public
Service commission by the raising of the
question of the approval OF the proposed
issue of bonds by the Erie. necessary to
the financial reh abilitation of that COM
pany Many Of the newly tnaugurated
state executives have enlarged on this
question OF regulation of corporations
Tho far-reaching projects in the rail
road world, which were attributed at one
time to Il. II. Hartman. furnished an
othee topic for the skeptical TO dwell
upon and thus raised apprehensions In
the minds of previous speculative buy
ers of the stocks.
Events Abroad.
The course OF events abroad has fur
nished material for interested conjecture
by ali financial interests and some of this
problems are believed 70 be approaching
solution. Turkeys acceptance of the
enN hA nIi or
of Bosnia and Herzegovina was received
with great satisfaction. 1t is believed
that the issue of the Russian loan II
Paris will serve to tighten the motives
of the Bank of France for Its un
precedented accumulation OF gold. Il
this policy shAlT persist after the flota
tion OF this loan II is feared that graV'
uneasiness will be caused from the In
ferencs that future political troubles arr
provided against by this policy,
The rise in the official discount rate o
the Bank OF England last week was al
expression OF protest against the cours'
of the French bank and not at all a re
Election OF any direct demand for funds II
the English capital. Gold continued to g.
out from New York as an indirect resul
# the situation abroad. and also IL is in
,erred from a redundant condition OF ou
own currency, Current redemption OF bank
notes by the United states treasury on al
enormous scale is measure OF the pres
sure towards retirements from circulation
Of these Instruments. Tho gold exports
the new call upon national banks for re
turn of t26OOO.OOO OF government deposits
the accumulation OF cash by the New Yorl
trust companies in preparation for add
tionai reserve requirements and the larg
flotation OF new bond issues which con
tinues In New York have made no impres
sion on the New York money market
which continued TO relax through the week
Pleads Guilty 10 Indictment.
SIOUX FALLS. s. D.. Jan. l7.-(special
Harvey Smith OF Mitchell appeared befor
Inhre Cnrland of the limited states couI