New-York tribune., 1910-02-14
FINANCIAL MARKET
BIG MEN HOLD SIOCh.
Foreign Houses Buy american
Tnvestments at Present Pr7ces.

fancy r-;oes recorded in 1909 have lost
their money, and the so-caiieo Dig inter
| ests are again the chief holders or Sc
curities The character of speculation
:, the olosire days of the last week sug-
gested the probability OF gradual In
movement in quotations, though uncer-
tajnty over the outcome OF corporation
cases row before the Supreme Court and
3 certain poorly defined feeling in bank
ing circles that the prospects for busi-
ness activity throughout the country
were not as promising as they were at
the opening Of the year prevented an
outbreak OF intensely optimistic senu-
rnent over the course of prices in the
Immediate future. And in some circles
II was maintained that in spite OF the
rebound OF prices from the low points
registered at the opening IN TUESDAY
market new low levels would be reacheo
before genuine improvement could be
Looked for, this idea being based in large
part on the theory that the persons VINO
bought stocks TO prevent demorallzatlon
were the chief sellers on the advance
that ran from to 8 points in the 1at'er
mart Of the week It also was NAM
1ained that the advance had eliminated
2 large short interest, which. Of course
weakened the technical position Of the
market. Professional sentiment appears
10 he bearish. but the fact remains Ihat
weak bull accounts have been forced INTO
1io7,idstion. leaving the market in con-
dition that ought to respond easily to
+he develorr1ent Of favorable influences
II the Supreme Court sustalns Ihe
lower courts in the Standard Oh ana
American Tobacco suits the cecasaoIl
might call for farreaching fndustrlal re-
adjustments. and until Judgment. there-
fore has been rendered, il hardly ap-
-,e.rz r,-oF,a lle that the chief financial
interests in the country will care 10
make heavy commitments for the futuFe-
Whether or not stock market prices nave
Il, their recent decline discounted z oe-
cisior, against the corporations VIII DC
shown in the course Of quotations N IIl7
-. eav- v-eeLs but even assuming that
-,e S,,nreme Court decides that ooIh
the STANDARD OIL Company ana Ihe
American Tobacco Company are -opefat-
f,p ;r violation Of the Sherman Ia"
.ny ,7,1ist be disbarded. there Is no sooo
raaso,, why American investment issues
sro,lId not he bought for the 1nCoH1e
zie16 they return al existing l7'e-S-
washington reports that President 1all
will make the decision of the Suprel-ie
f,o7,-+ IN the cases named the guloe Of
-b. Governments further action n re-
.-,-5 N co7-norations charged with v.0ia-
ron If the antitrust law. If there a.e
had trusts IN the country Ihat eai
menace to permanent prosperity tiie
sc.orer they are compelled 10 reoF sdIiiA0
.1ong lines that will work TO the aoFah-
-aae Of both the producer ana the con
s,7-7sr, the better il VIII be for rhe ruIuse
,~a7l@a-a Of the nation. though the pro-
cees NAV hurt most painfully. \ r1ahs
,a,+ MINOR cannot be removed without
main 10 the patient. Neither can an m
5,,<+-ial combination be carve6 up VIII
ont temporary disturbance.
v-.u street speculators were upset last
--..,, oyer the proposed federal incor-
-,,ra-;o, law. Leaders IN Congress are
authority for the statement tha' inc
chance Of the enactment OF such law
AZ this session is extremely urprornis1flg'
and thev point out that even the pa aSsase
- hill permitting Incorporation under
. federal charter would not, as some per-
sons apparently believe. afford n1aterlai
relief for conditions which depend on
the forthcoming decisions N the cases
ROW before the Supreme Court. NO I'M
T77rni1y Is promised in the bill Tor cor
n aY7 =
Wall Street has been very much mixed
in lis ideas OF federal Incorporation pear
speculators apparently having taken Lhe
,-ievr that the Presidents. recommends
rions foreshadow government control
that viii materially interfere with cor
poration profits, while certain oanhers
and officers OF corporations seem TO pc
Iieye that federal Incorporation viii pro-
vide : shelter and q refuge free from the
danger of the operation Of the antitrust
1az against them. A federal incorpora-
ton law would afford rellef from the
abuses Of high finance, and II WOULD
strengthen the investment value Of secu-
rites. though IL might reduce the amount
of stocks svaiIa ble for Wall Street gam
bling purposes.
Whatever the government may do IN
-l7e matter Of legislation affecting cor
-,orations. and whatever passing disturb
a,,,e may result from the practical ap-
nIication Of the Sherman law and from
the high cost Of living, our natural re-
sources will not be destroyed, and the
United States will not go to the dogs.
The great agricultural section Of the
country which supplies the backbone Of
the nations wealth is exceedingly pros
porous. and the prospects at this early
period favor another year OF abundant
crops The winter wheat acreage has
been largely increase and weather con-
6itions for this important crop so far
have been ideal Money Is easy and IN
good supply. while the general position
Of the banks IS unusually sound. with no
indication IN the percentage Of loans 10
deposits and the percentage OF specie
10 loans Of Z coming storm in the tinan-
cial and business world General bust
ness is as 2 matter Of fact on a safer
basis than il was last autumn, when
overstinulation began 70 develop, while
the same thing may be said Of the stock,
grain and cotton markets, IN which
speculat ton ran riot last year. Irregu-
larirv in our industries may be expected,
5a SerreSsi0r iS nt