The Birmingham age-herald., 1910-09-26
FEATURE[ESS WEEK
 IN STOCK MARKET Minnesota Rate Decision Has Had Helpful Effect SMALL ADVANCE MADE While the Railroad Matter Aided Prices Other Considerations Have Had
 Deterrent Effect and Prices
 Gain Little
SMALL ADVANCE MADE
BY RALPH EMERSON.


 has gone into the history of the stock market.
 Perhaps the most interesting feature of the weeks market was the way in which stocks were supplied on the de- velopment of strength stimulated by encouraging information. Probably the most bullish news. to use Wall street phrase, which the speculative com munity has received since the collapse in July was the announcement of the referees finding in the Minnesota rate case. There were, to be sure, qualify ing considerations affecting the import of these findings, but in the last anal ysis both in respect to their conclu- sions on the subject of values and rail- road property rights and in their opin- ion limiting the state rate making power they were of a distinctly re- assuring character. Viewed in it's re- lation to the stock market, Judge Otis report was the first crumb of comfort which Wall street had had extended to it in a period stretching far back ward as the time is measured in that restless district. Moreover, it was an- nounced in formsfcalculated to impress the stock market following with the bullishness of it's significance and it is not surprising that on the strength of it a sharp and rapid advance was forced in the stock list.
 What is of more consequence is the fact as the subsequent sessions dis closed advantage was promptly taken by holders of stocks to hurry their supplies to market, and the presump- tion is warranted that these supplies came from more important quarters than the commission houses which have been notoriously barren of com lnittments for weeks. The same con clusions from the course of prices and the nature of the dealings might also be drawn with regard to the effect of the important output of official op- timism respecting conditions in the steel trade. Wall street has rarely been more firmly advised by author itv that it was forming mistaken inn pressions about industrial tendencies than 1t has this week been instructed concerning the steel business, It's prices and it's prospects. Yet stronger dis position to sell than to buy United States Steel seemed to be fostered by these assurances.
 All this may go on to show that in these disjointed times Wall street may be expected to comfort itself Tn more than it's customary topsy-turVy fashion. In the long run the stocK market has a little logic, while all lts own. quite in accord with the factors NqlileS 9nC are translated into prices. There is no evidence, apart from official satis- faction. than basic industries are in any but a contracting condition with an accom- pa niment of lowering prices
 The stock market itself has for weeks been reflecting uncertainties and all that the stock market following really knows is, that there has been great nouidation in the market, that prices are down to level which pre- pares for much diversity, and that ln- yestors and speculators have far more in their favor when making long con tracts than they had a year ago when ouotatfons averaged two points high CT and a prolonged fall was yet to come.
 That there Is need for haste in mak- ing such contracts is doubtful. When the supply of stocks increases qulck- ly. as it did this week. on the ap- pearance of nasty buying. doubts on this score are not dissipated.
 The interstate commerce commits sion,s inquiry into railroad freight rates based on the advances which the continuation carriers have asked Is not exactly gaining in importance, but Il is gaining in recognition of its inn nortance. The hearings are now be- ing conducted in the presence or mem hers of the committee instead Of De- fore examiners only. In Wall street more attention is being paid to the re- ports of the proceedings and there IS q growing discussion of the bearing of the inquiry on the whole question of the relation which Is to obtain In the future between our railroad sys- tenn and public necessity.
 Is AS a result of the investigation some Fundamental conclusions are es- tablished for a rational theory ana method of rate making, long step VIII have been taken toward the problem to be solved.
 As the days pass belief strengthens that although the worlds money mar Lat may grow somewhat tighter before the end of the year, such rise in the level of interest rates as likely to be ,ytinassed will have no disturbing con- sequences. ,,,
 The week ends with the cotton bill of lading controversy just about where if is. but It's bearing on the money market is of not much practlcal sig- nificance as would been the case year ago.
 The country Is in a position where apparently it can afford to walt be- cause it must wait, upon the money market as we'll as upon events. It may indeed be that waiting, as contrasted with the general liquidation which so many have been expecting, is all that tbe country will have to go through. A neriod of rest, dullness, flatness and quiet may be as effective once more as it has been at least twice in the last decade in restoring our economic equilibrium.
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