The Washington times., 1910-04-03

A number of happenings have added
to the uncertainties that surround the
security situation, and to the perpleXi-
ties of the financial interests that are
supposed TO be caring for the bulk OF
railroad and industrial securities, the
portion not locked up as permanent in
Vestments As a result the feeling of
uncertainty has been intensified, and
both the bulls and the bears are so
badly scared and nervous that neither
cares to more than follow the slow
movements Of the market, with just
enough transactions to keep headway,
while at times a drifting tendency
shows the loss Of nearly all interest.
Perhaps the most important happen
ing Of the past week was the passing
CT Justice Brewer. Of the Supreme
Court The Street has not determined
as yet just what bearing the loss OF
this conservative judge will have on
the cases now awaiting the opinions OF
the associated justices. and on which
viii depend the final Interpretation Of
the all-important Sherman antitrust
law.
For some reason or other Wall Street
seems 10 believe that II has sustained
distinct loss IN the death OF Justice
not or the Harlan school. 1t recalls
that the reason assigned by various in
terests for the big recovery following
Jhe Northern Securities decision was
Justlce Brewers opinion in the case.
The Financial Chronicle Of date a
snort time after the decision had this
| 10 say, in answer 70 it's own query,
why has the decision been so hope
fully received2"
Justice Brewer stood between two
forces in the court: ne only got IN
| touch with Justice ldarlan's four, and
thus permitted a judgment by holding
with them that the particular arrange
ments by which the control OF two cor
| pordtionS merged in a single corpora
| non was against the letter and the
spirit Of the Congressional statute"
judge Brewer hCld that the Sherman
/ law did not cover ''au contracts rea-
sonable and unreasonable in restraint
| OF trade but only those contracts
which were In direct restraint Of trade,
unreasonable and against public policy"
| Justice Peckham. recently deCea sed
and Justice Brown, retired In 1905, vote
on the Northern Securities case, the
| FORMER with the company and the lat
1 ter against it,
May Delay Decision.
! Whether Justice Brewers death will
! delay the handing down OF the opin-
/ Ions In the Standard oil and Tobacco
! c;Jses is not known. The court meets
! tomorrow and there are those who lOok
for q decision in the Tobacco case, al
| though it would seem as II the court
might deem II wise 20 report both case.
J at the same time. II is also possible
tnat a rehearinE Of both cases may ID
J necessary. The Administration seems
! inclined to the belief that the passiac
| OF Justice Brewer viii not require this
/ and the Department Of Justice looks
for favorable decision for the Govern
mcnt
And waiting for the appointment OF a
/ successor 70 Justice Brewer might not
help matters in the least-so the worst
I might as well come now as month
from now.
Geld Exports Start
Our foreign trade situation has beer
brought home again by the commence
ment Of gold exports. Our balance U1
trade is slightly in favor of the Unite5
| States. but the excess Is small com
pared with debts due TO England and
the Continent. London has shown Z
disposition 10 increase her gold sup.
ply, the London and City Midland
and the Bank of England making
offers for gold to draw supplies from
this country It is expected that this
movement will require S25.010.G1o ans
that this withdrawal Will serve 10 pre-
vent an advance IN the Bank of Eng
land rate OF discount.
Our foreign friends have given IN,
American stock market the cold shOul
der A few weeks ago they were TAX
ing on stock. but they have Quit-anC
little wonder With the market in 10
present worried existence, IL wOul,
seem surprising II il was attractive u
foreign spectators and investors. Then
too. the London market has foun,
much pleasure and profit in its com
paratively new pie ythinE, the rubbe
! craze, sharas bounding grandly but
with the possibility Of an awful re
IOund. II usually needs but the craz
TO bring the smashing rebound ant