New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-11
FINANCIAL MARKET
Capital Is Moving in High Grade
Investment Issues.

Activity in Yesterdays stock market
was confined to the dealings In few
issues the total business amounting TO
only 169059 shares. Of which the larger
part was supplied by the operations in
'he metal securities. Reading and Union
Pacific. The general market was with
out distinctive price movement. At the
close there were more net losses than
gains, but as rule final changes showed
only fractional differences from the last
quotations Of the preceding day and re-
fected nothing upon which bear traders
could figure out the development OF
downward movement in the immediate
future The fact that announcements OF
2 reduction in the dividends Of tho Ros-
ton & Maine and Vandalia railroads and
report that the federal Department Of
Justice would bring an action against
the United states steel Corporation UNI
der the antitrust law was utterly disre-
garded by the market. as far as the
course Of prices indicated, suggested
strone speculative situation and the
danger If position on the short side at
/ this particular time.
Attempts were made TO induce a sell
Ing movement IN the Hartman shares on
reports OF new financing by the Union
Pacific. but no response came from COM
mission house customers. The directors
Of the Union Pacific probably Will meet
to-day 10 declare the regular dividends
on the preferred and common stocks, and
il is quite certain that no plans viii be
adopted for the raising Of new capital IN
connection with the company's contem-
Mated expenditures upon its property.
The Union Pacific IS In position 10 wall
for new capital until II can make its own
terms with it, bankers. II IS understood
that the company at the present time has
q working ash CAPITAL Of from S4oTpo.-
onO 10 SjOoOo.O 600. Although the steel
shares showed no activity on the publica-
ton Of the report Of the United states
Steel CORPORATIONS untitled tonnage. as
Of April 80. the figures served 10 create
more confidence i'm the theory that actual
ionerations in the steel trade are not on
starvation basis. on April 30 unified
orders were 3.21S1o4 tons. against
3.4l7.201 tons on March 81. 3,+H'@3
tons on February % and @.674.,51 tons
on January 81.
While business conditions Throughout
the country are not a. satisfactory as
the ordinary merchant and banker would
like ~ report II is worth noting that the
men az the head Of our leading corpora
tions are not losing any sleep over the
activity Of pigmy Democratic politicians
20 bring about Congress Investigations o.
big industrial concerns that are being
ably handled and supplying work for
millions Of laboring men. Investigations
az this sort may result in Increased IN
vestment buying Of stocks and bonds as
they should show the remarkable prog
ress Of the country industries IN recent
years and a high plane of operating ell
cheney on the part 81 the larger number
NJ companies that are in business to
s1pplv the needs Of consumers Con-
eressmcn with axes 10 grind may he
able to depress trade for time by their
attacks upon our corporations, but the
outcome of their activities will not drive
the country into bankruptcy. Capital -
moving into high grade investment issues
in spite Of politics and the uncertainty
over the position Of corporations under
the sherman antitrust law. and the fact
that this buying movement SO far has not
encouraged public speculative demand
for stocks does not prove that eventually
prices for most securities viii not he
oJotcd at level well above that now
Prevailing. The speculative account at
the. present time Is light.
\ small bull account was shown III
American securities in the London mar
ket at tho fortnightly settlement at that
centre Yesterday, where the contango on
our issues in the carry-over was 81 per
cent, against I per cent two weeks ago.
Stock Exchange loans were quoted at 8
Der cent. compared with ga per cent at
the last settlement. Although the for
eieners arc doing practically nothing In
American stocks. so far as speculative
oueratiDns are concerned. European capl-
tal Is moving I'm fair amounts into our
a. -.