The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-30
FINANCIAL AND COMMERCIAL.


TUESDAY. March -.
The news OF the death Of Justice Brewer
OF the Supreme Court was received with
rnunity: frsf. because the deceased juriss
was conceded 10 be one Of tho ablest
members of thu tribunal in tho country
charged with ths responsibility Of utter
ing the last word on questions OF inn
portanOs Co financial interests and a. Ons
who although concurring IN many do
cisions OF the court of a sO-called anti
corporation character was yet thoroughly
hostile, 20 ideas Of a sOcialistic caste: and
secondly. because Of the complications
that might follow from his death ~ rs--
CARDS tha pronOuncemsEt of the court
In the Standard Oil and American Tobacco
cases now pending. On this Point great
uncertainty prevailed in Wall Street dur
ing the day and will doubtless continll-
"a prevail for considerable length Of
time. N " 81 courss obvious that u tho
decision m the court in either ono of these
eases has already been privately made
aud IN either unanimous or has been
made by a large ma iority the death Of
any one member OF the court would not
affect tho result and would therefore
not interfere with the normal rendering
Of the decision in the usual course. ~
on tho other hand tho Supreme Court 10
either evenly divided in either one Of tho
matters concerned or has reached q de-
cision where the result depended upon ths
casting OF a single vote IL 10 conceivablo
that the remaining membcrs OF the court
would ask for q reargument Of the cases,
a new Judge being presumably appointed
in the meantime. Inasmuch a. all these
questions depended upon contingencies
regarding which there could bc no positive
enlightenment they figured only vagu.ly
as stock market factors. The market
itself. taking the day ~ a whole. bOre
witness plainly 20 the desire OF speculators
for the fall to hive the profits that yester-
lay accumulated on their ventures. In
tn" early part 81 the day the market was
again weak. falling to a level about a
l'Oint lower in the CASE Of the prominent
stock. than was touched at any time yos-
tsrday. Then the covering process began
and was continued with little int eruption
until the close Of the day. leaving quota
tons in most instances we'll above yester-
days close
The rise was also facilitated by one i'm
portant development and that was a fair
rainfall over at least n portion Of the West
and Southwest. whore tho winter wheat
crop has hitherto been suffering from
drought. This Of course caused a de-
cline in the grain market and was also
partly responsible no doubt for moderate
fall IN the cotton options. IL did not
se,'m tn be- IN. cs,ss that to-day's rain was
very heavy at any place or that IL pre-
vailed more than moderately IN Texas.
whore th., Effects Of the drought had been
NOR" severe than further north. Never
Z .i-ss tho quantity of rain that did fall
was welcome and il IL sincerely to DO
hoped N the general interests OF the coun-
try that " Will b. continued not only in
the Net and Southwest but IN the Fast.
where the spring thus far has be-n I'M
usually dry. II must be- confessed. how
ever. thar various Occurrences to-day
asld" from those noted and the fall OF
moisture were not altogether pleasing.
Sterling exchange again moved up con-
-iderably and 70 L. now a matter CONCERN
ing which no doubt az all IL expressed by
our bankers that a further advance in tho
Bank OG England's discount rate would
Lad to gold exports from this side. with
money rates here. Doubtless such an
advance j. not immediately expected. but
. - clear. ncverthcleS'. that thu rise to
: ger ent. in the Bank Of England's rat"
ha- not thus far bcsn ensct;ve IN keeping
N England tho gold weekly sent from tn,
Sou,h African mines In the present
w,.ek for instance. the sank ~ England
was compelled 20 divide the regular ship
ments with Russia and India. Another
matter to-day which attracted not a little
comment among more thoughtful people
N Wall Street was tho obvious pressure
that existed to sc,l securities of tho high
esi grace The Union Pacific first mort
gage per cent bonds sold to-day upou
relatively large transactions az par the
lo~est price touched by these bonds
within very long period. similar weak
ness was shown by the Chicago. Blriing-
ton and Quincy joint -. tho BROOKLYN
city Railway s.. the Northern Pacific a..
She Southern Pacific convertible ~ and
tho Atchi-on general -. and all this in
dICates beyond any question the unsatis-
factory stat" 81 the present bond market.
at lee-t a. regards securities which
although posse sing tho dcsIrabls attribute
Of absolute saf"ty, vet yield a low rate ~
interest. Thus regarded. comment vas
rather dubious to-day concerning the
probable s,Icosss of the Atchison Rail
ways issue 81 SsS .OOO on convertible Z
per cent bonds. announced this afternoon.
hasnsr inquiry vas perhaps directei 20
tho question az 10 the reasons actuating
the directors n the Atchison company in
raising 50 large an amount 81 money a,
thi.. time. the period covered 10y the term
Of subscription To the bonds running we'll
into the next year. Heretofore the
adoption - such a policy by railway d.
r"rtors has been proved IN many in
rt1nCes 70 Indicate fear on their part
that u might be dific,I!t for them 20 OBJ
tam needed money supplies later on
New YSrk stOch IN change sales. Mar. IN.
.iosTNd PHIcss ~ rNTrGD sTArEs soSD.