New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-19
ALLAWAY'S REVIEW

Transactions in the security r,a-
for the week have been insienfaca-.s.
volume-of slight Importance as "a =
movement. Most OF the Ieadins-
lative issues are somewhat bieba.
trading has represented nothing -
than intermittent floor traders trar-.-
tons. There has been no evidence ~.
soever of public buying, either for -
ulative or investment account Thu -
ket is dead-loeked-awaits some g.,
impetus.
Many stories are current Of 'Goea-y
lacks and raids-they are Just storiss.
nothing actually develops. Mean,,,s.
stock market discussion runs on fs--,,.-..
lines. with opinion pretty evenlv ),
vided.
AS to basic conditions. it seems
sonably certain that abnormal wea,bo.
has wrought some damage to gro,v,-'.
crops. but there is no reason to be So
about the situation yet Consida-.s,-
damage can be suffered and still 49,
harvest yield about normal. Coramod,,,.
markets show no apprehension OF cour,,
we are at critical period. and furrss.
destructive weather would wreak a good
deal of harm.
There is some slowing I'D of busins,-
most notable in the West Here sg.,.
unreasonable weather has fnterfered vvi,r
the customary progress OF sales at tina,
time Of year. There is further caneepa-
ton of equipment orders by railroads ara
a general disposition to await event,
All of which. while not necessarily harm
full. is at least sufficiently discourauin.
TO prevent speculative enthusiasm IN tba
stock market.
Progress of legislation at Washingto,-
is anxiously watched Apparently soma
modified form Of railroad bill win no.
come law. Certain of the features siren
uoIsly objected to by the railroads have
been eliminated. but as the proposed en-
actment now stands it is not agreeable
to railroad authorities On the otbe-
hand. any settlement of the question will
be more or less welcome.
Threatened investigation Of the United
States Steel Corporation. which has a~.
be regarded, seriously. There is nothing
TO investigate.
a development dispIeasing to Wall
Street is the indictment by the govern
ment in what is called the cotton casay
of a number of men prominent in fnan-
cial circles. This action is taken square,
" and fatty under the provisions Of the
sequential people will question the in
tegrity of the government in taking such
action. Should the government prove its
case it becomes pertinent TO ask why
similar act should not hold against stock
market pools and banking combinations
which may be found 10 traverse the pro-
visions of the Sherman law Certainly
the time seems to be at hand when this
vital question can be threshed out 20
definite conclusion-the sooner the bet
ter for the financial community and the
security market.
The money situation remains IN
changed. Despite the ease Of the market
here and in London American railroads
continue to be forced to seek loans
abroad-Ioans absolutely impossible Of
fotation here. In our own bond market
bids for first class mortgage securities
continue so low as TO preclude trading
in the bond department. There is ar
present no pressure 10 sell bonds, cur
rent bids being quite unacceptable. but
our big banking and brokerage houses
do not like this feature Of the situation.
Certainly the inability 10 sell existing
Taf "a ha ziz
with interest yield heavily handicaps the
of new lOans-which are, and
for a longtime to come must be. ind1s-
pensable for the carrying out OF rail-
road plans.
1t is unfortunate that Just at TINS
juncture there should be ominous signs
of growing friction between capital and
appearing in New Eng
land. taking the shape particularly OF
opposition upon the part Of employers
to trade unions. Manufacturers Of high
character and undoubtedly with the best
intentions are coming out publicly IN
favor of the open shop" Naturally the
trade unions resent this and, naturally,
will fight all such attempts to the exIenT
Of their power. Thus, therefore. the Iol-
lowing remarks from leading New
England newspaper, JHe hdIt4OLu A'0~
goes straight to the point:
Whatever the feeling of those on BON
sides of the controversy, those IN control
Of the situation should hesitate lons
time before they precipitate warfare
which is bound to be long. bitter anG
disastrous in it's results-disastrous "
both sides"
1t is futile folly to expect any sus-
tanned security market boom while So
many uncertainties becloud the situation
Of course. so long as speculation remains
in the narrow and meaningless groove Oh
professionalism. prices for active issues
can be jerked up in a limited way WneA-
ever the professionals are disposed
favor the bull side of the market bu.
that is not the kind of buying which @SS
the foundation of continuing improve
nent. On the contrary. it invites SolD'
iQuidation-nOt Yet apparent IN any
arge volume-and tempts the Prol1S
SIGNALS themselves 20 switch quickly !"
The selling side. 1t is just such eoHu'
ions which have brought about the
attic markets of the last few WesAS