New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-04
FINANCIAL MARKETS.
Money Rates Firrer and Heavy
Cold Exports in Sight.


situation which have afforded profes-
sional operators an opportunity 20 con
duct transactions for the decline with 3
. moderate degree Of success in the larger
number OF issues. Opinion Ia Wall
Street circles at the close Of the week
favored the theory that in spite Of the
I death 81 United States Supreme Court
Justice Brewer a decision would pe
handed down to-day in the American To-
bacco case, while earlier in the week it
WAS thought that the passing away OF the
/ eminent iurist would cause an indefinite
4 delay in the final disposition % the suit.
which, Of course. would tend to create
unwillingness on the part Of spectators
TO make extensive commitments on either
! side Of the stock market The Street is
not worrying over the ultimate effect of
4 decision against the Tobacco Trust. as
/ il recognizes the fact that the court can
not destroy tangible property and that
the concern viii reorganizc on lines with
IN the law If il should he judged a com
I bination in restraint Of trade. but l. ap-
preciates the power Of such a decision 20
cause Uneasiness FOR time among hold
] ers of securities and believes that more
or less liquidation viii develop following
judgment in favor Of the government.
Should the court decide cor the com
pany stock market prices doubtless would
enjoy a material rally. yet i'm the best IN -
formed quarters OF the street it is not
believed that sustained Improvement AZ
present can be brought about from cur
rent levels. The labor situation has not
vet been eliminated as a factor working
FOR lower prices. Many roads are Offer
ing increases in pay, and the chances are
that there VIII be a general advance IN
the schedule Of wages throughout the
country. the burden Of which viii fal!
upon the ultimate consumer. The New
York. New Haven & Hartford Railroad
has raised the pay Of its employees and
as an offset it has advanced its passen-
ger rates, while from all indications there
viii be a gradual increase I'm freight
rates Throughout the country il a gonor-
ally higher level OF wages is adopted.
The high cost OF living is chiefly re-
sponsible FOR the demands from laoor for
more pay. hut il is doubtful If the better
wages viii bring much benefit to the
consumer. for the good reason that higher
railway rates serve 10 induce higher
commodity prices. There is no iudica-
tion that the cost OF living is coming
down at present. and some Of the best
observers Of economic facts believe that
there viii be no change in favor Of the
buyer until we make our land produce
what il viii and should produce.
The president Of the New York Cen
trial Railroad, who has made 4 close
study OF economic conditions in this
country. says that in the ten wears from
1899 to 1909 the area Of cultivated land
in the United States has increased -
per cent and the volume Of agricultural
products 36 per cent, while in the same
time consumption OF foodstuffs as repre-
scented 10y population has increased 90
per cent. Production simply has not
kept pace with consumption. anos ia this
fact lies the real economic crisis of the
+ present day. Mr.. Brown SAYS that Con-
gress. legislatures and grand juries may
Investigate the high cost Of living. but in
every case they are compelled TO get
. back 10 the one single fact that the
country is not producing enough 10 meet
its needs. In January this country came
within J. OF I per cent bushel Of
importing wheat in spite Of the duty Of
- cents d bushel. and if IL had not been
for the duty We would either have
brought ~ the staple or else have wit
messed a sharp break in its price as
l. IS interesting To note that the New
Work Centrars president takes issue
with James J. Hin OF the Great North
crn on the question Of the need for in
creased railway mileage and terminal
facilities as the backbone Of continued
Industrial prosperity. Mr. lIiU asserts
HAT We have a great insuhciency Of
trackage and terminals but Mr.. Brown
states that our most serious problem Is
/ not lack 81 transportation. bat lac.
OF production. Many thoughtful men
doubtless viii agree with Mr.. Brown.
An influence that has eXerted an i'm
portaut effect upon stock market opera
lions. both IN tho speculative and r-
Vestment departments, is found IN the
great demand for uen capital bv the
corporations and the heavy outpouring
: o. new securities in the last three
months. Unprecedented activity among
. the corporations and underwriters 10
market their new bonds has Ieesened the
demand tcr older and more seas oned So
,u~lties and comparison of current
f. prices of Tho latter class with the quota
J lions prevailing - this time last wear