The Washington herald., 1910-10-10
WALL STREET NEWS
Signs of Better Things Be-
coming More Numerous.
COPPER TRADE IS IMPROVING
Higher Price Level for that Conn
modify Certain, and Increased
Consumption-Supr Court Must
Decide Antitrust Laws.

new 1eEks OCL 1-ReSultS both in
business and finance last week were OF
the same inconclusive. although by no
means discOuraging. character so far as
foreshadowing the future. that they have
been for several months past In the
| stock market somewhat more cheerful
tone Is In evidence, but the upward move
ment in prices is so slight as to leave It
doubtful If there is any upward move
ment going on at all.
The average range OF prices still holds
below the point touched on the recovery
from the break In July, and from day 10
day tho market does little more than
wabble around, rising a little on profess
sional buying. and then soon declining
10 about the same extent on professional
selling. Ii seems fair 10 say that bank
ing and sO-called larger" interests are
doing almost nothing in a financial way,
save in bonds. except perhaps, that they
buy little stock when the market re-
cedes
The factors making for gre4ter hope
and confidence in the situation than was
felt in midsummer have lost nothing OF
their Forces 1t is becoming more and
moro obvious that the careful prep
aratinns made In the earlier portion
OF the year 10 meet a possible money
stringency at this season were so effect
I've In their nature that there is to be no
money suingency at all Business over
the country continues pretty good, saking
everything through and through. and
only in this city and perhaps certain
other Eastern financial eenters does any
| notable depression exist
Copper Trade Better.
One excellent sign OF better things is
the Improvement that has lately taken
place in the copper trade. a quarter that
for long time has been the weakest spot
in the entire situation. Copper has been
suffering from overproduction brought on
by the very high prices for the metal that
were obtained few years since. But the
balance of nature. always provided in
such cases, is again at work
Just as high prices for copper stlmu-
lated production of the commodity. so
low prices have stimulated the consump-
ton OF II. The use of copper In the
world is now greater than ever before
known, and it is settled economic fact
that a large proportion OF an increased
use of any basic commodity such as
copper is permanent The daily use and
lie OF the world Is now demanding a
much greater production Of copper than
II did four or five years ago, and Will
continue to demand this Moreover. cur
rent low prices for the metal are not only
enlarging consumption, but increasing
production.
In due course a higher price level for
copper is absolutely certain. and possibly
the market for copper securities is antIci-
Dating the fact II is true that there are
those who maintain that the very failure
of business To contract over all sections
Of the country as II has done in the dis
tinctvely financial and commercial sec
tons is not good thing. They hold that |
this means that bank loans have not been /
eurtailed in the West and South as they
should have been. and that there Is room |
for the apprehension that The banks |
there have a lot Of poor loans on their |
books that they Will find II difficult to |
get rid OF without loss.
Waiting on Politics.
Other observers. equally shrewd, main |
tain that such extension of credit as has
been witnessed In the agricultural dis |
tricts is not at all too great considering
their prosperity IN recent years. and the
prosperity that must again flow from the
present seasons abundant crops. Still.
striking a general balance. the attitude
both OF the stock market and all forms !
of industrial business is at the moment |
clearly one of waiting. Just what Is this !
waiting for?
There is no doubt that one thing that |
matters are waiting for is some light |
on the question whether radicalism or
a reasonable degree of conservatism /
is going to rule these United States as |
regards the relation Of politics to bust (
ness, II has at last been put up squarely |
TO the&Supreme Court TO say whether /
the law in this country as It stands is
such that two men who happen 70 live /
in different States and doisg business !
in the same line can take counsel with |
each other concerning their mutual !
affairs as they have done ever since the |
republic was born.
A Circuit Court of the United States
has held that under the Sherman anti |
trust law If these two men put their
businesses together they are guilty of |
conspiracy, and the corporation thus |
formed must be dissolved and the incor- |
porators sent to jail, at the discretion of |
the court. If this view of the law is cor /
rect, the United States Steel Corporation. |
the Standard Oh Company. and pretty |
nearly all the large corporations of the /
country must be wound up. 1t Is all very I
well to say that this way OF looking at |
the matter Is extreme, but there are
Judges now sitting on-the Supreme Court /
bench who have In various decisions In |
the past substantially Endorsed this con- /
struction Of the law, and have held that
1t was for Congress TO amend the law
If the statute was obnoxious, Now the
business men of the country have ap-
parently made up their minds TO find out
Just what the antitrust law does mean
and to rest on their oars as regards the
conduct of any more routine operations
until they DO find out.
In Japan the newest law Is that the state must
find Worx for al discharged prisoners and it Is an
indictable ofense either to modest boycott them
Through a board cf immigration colorado is
srendnQ so 0A year ~ advertise he rss,s,ross