The San Francisco call., 1910-03-27
The
Financial
Situation


The status of affairs in the Eastern
securities markets seems TO be largely
one of marking time. Much Oh the
inactivity of the week has been at
tribqted tothe approaching holidays,
much like MISUNDERSTANDING Tor
something to turn up.
1t was freely predicted that If the
Supreme Court adjourned without
handing down decision in the To-
baCco trust case there would be
heavy trading and a sharp advance
in price during the intervening two
weeks But the Court has adjourned,
the decision has not been announced.
and still there has been no marked
change in the general situation.
And now comes Mr.. Gompers with
his manifesto against the Steel Cor
poration, accusing it of violating al
most, if not quite, every provision OF
the Sherman law.
Ordinarily this would have been
seized upon as a pretext to sell steel
down and SO break the market. In
fact, such a movement was started,
but failed of its purpose. Either
the powers that be were able to
check the attempt or else the pubic
is too apathetic about market move
ments, or, as seems more likely the
case, was not tempted into buying
very heavily by the recent advance
and SO is not in a position to be
frightened into selling again.
A somewhat diSquieting feature or
the week has been the lack of sup
port in a number of the minor indus
trial stocks, while the obscure money
outlook has had its effect in keeping
down activity in the stock markets.
There are indications that the Bank
of England will again advance the
discount rate before very long. FOR
eign markets have been decidedly
apathetic in consequence and British
consols sold during the week at the
lowest point since 1907.
The recent advance in prices on
the New York Stock Exchange, with
considered to show, is believed to
have its foundation in an agreement
among the big banking houses and
railroad interests to support the
market in an effort to so strengthen
conditions as to enable the hotatlon
of the numerous bond issues that
must be made by the railroads
The most important of the bond
offerings this month are as follows;
s11,000.000 Jamestown, Franklin and
Clearfield As to yield 4.25 per cent:
sI5,000,000 Lake Shore As to yield
450 per cent; s10,679,000 Norfolk
and ao6 Western oa As to yield per sent Gent;
cisco 5s to yield per cent; s2.500,--
900 Chicago and Alton 5s to yield
5.25 per cent; $12,500,000 Cincinnati,
442 per cent; $4,000, 900 New York
Telephone A. rs to yield 4.65 per
cent: s3,000,O0O Southern Power 5s
to yield $40 per cent; $350,000 Bos-
ton and Worcester 41ss to yield 40
per cent.
In addition to the above the Sea-
board Air Line has recently sold to
foreign interests $1,000, O00. of its
adjustment 5s at 72 and will soon
offer a portion Of its authorized
25,000,000 refunding As.
The list given above does not
include the many millions of mu
nicipa1. Industrial, irrigation and
corporation bonds recently disposed
still in the hands of the banking
houses and bond dealers. 1t is inn
portant to. note that most bond
prices are SO fixed as to yield better
an indication that Investors are de-
manding better interest on their
money.
long step has been taken toward
authorized increase of the Anaconda
capital stock from 100000 to
100000 shares of par value of
SIS each. The merger will take
and Montana, g. C. S. Mining. Butte
and Roston Con. Washoe Copper,
Trenton NJ. d.. Big Blackfoot l.,
Parrott Silver Copper, Diamond G..
Gold Silver companies and will take
stock to the par value of over
500. 100000 to complete.
Doings in the copper world should
improve conditions. and prices, but
there are rumors of scandal in con-
nection with CRANKY that may have
a bad effect on account of the prom
inence of the men on its directorate.
The statement made In the last re-
port regarding ore in sight is greatly
at variance with the present reported
5000, 900 tons available now and Will
be hard to explain. An investiga-
tion by a committee of the stock
holders seems inevitable. The re-
cent drop in the price of the stock
has stirred up some ugly rumors.
Railroad shares have been rela-
lively firmer in tone than the others:
and reports keep coming in of
increased business and larger net
earnings.
The Local Situation
Is one of unparalleled interest in the tre-
mendous growth of the oil industry in this