New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-01
THE FINANCIAL MARKET
Increasing Demand Reported tor
Bonds and Short Term Notes.

ness in state and municipal lssuee'
neciallv in the New York CITY f'ts'
which are making new high price rec
ords almost daily. Well Informed pohu
mon believe that these issues VIII ma
+he,r permanent level IN the nelgilpoi
hood of 105. There is no more coiise'
vative investment on the market 'hah
bo,d of the city Of New York. The sta'e
canal bonds also are selling well, "hiio
oar,tal is disposed TO move into the Sc
cur,ties of various municipalities ol Wv
erst class An active bona narhe.
o,sidared a forerunner Of an expahoine
~.,o,. market. but local speculative CIT
o,.s are not looking for any marheo ca
mansion in speculation in shares III NV
immediate future, although they
that in the event of Supreme oou''
~,..s today IN the antitrust cases
a,re, the corporations involved thete
III, ~ enough activity on the bear s'u7
ne the market 20 add MATERIAL!
Income account of commission lioo
7, banking quarters ii is generall'
thought that no matter when way ''0
s,orooe read the financial markets event
o,,,. nil enjoy Improvement. further-
more they do not hesitate TO eAplese ,'l'
on,nion that the passing oil 'heso
cIe,ons will mark the first stage ~
ao,,o,onoent Of a long period OF lndus-
st., oc,ivitv. Tho elimination oil 'hs
..;rtios in the current SITUATION
and the clearing OF the poht'cdl e'iii'''
,,ere should be strong oull areuiiio"'
-, stocks as underlying conditions d'e
.h.o,,+e,v sound and money VIII "
90 move into the channels OF trape
inst as soon as our corporations A"0,
wbere they stand under the oiel =
ANTITRUST law. Strengthening OF id''0, .
,ra,..roine the economic situation Is
.,,oL,rg nrosress. Economy on the part
- ,or,,orations and individuals, the con-
serving Of capital for future neeuS anu
bea1thfll liquidation that has oeeh eoine
nm IN all lines for many montis a'o
Loving the foundation for q 1oT"di'
,,oo,.a,nent IN money and business 'hdI
MI, increase the buying power OF inc
nation and make our securities more
trac,ivc to foreign investors. Reac'iol'
arv tendencies in trade DO not speli u'0
ssteT. ea..or
1roraien trade continues to run III FAVOR
Of this country. and as CONSEQUENT
our credit balances abroad are lnc'c''
ing Furthermore, money IS dccu'iiu'''
inc, AT all financial centres III 'h'S oou"
~. Domestic exchange at most interior
a,,,sSan Francisco rates presenting
the chief exception--is al rei''''''.
large enough 10 bring big amount =.
currency 10 this centre ana III spi'e "
.rarsfers Of funds 10 the Pacific coast
,,.;,bdravals of gold for Montreal ac-
count and excess payments 10 the gov
eminent the local banks are addins u
,bair cash and reserve holdings lhe'c
&c = good demand for money III Cahaud'
,,.bAro rates arc much higher than they
are here while the inquiry for cash IN
california IS active incident to the
financing of the citrus crop require
rnonte. There is no indication Of I'M
mediate Improvement IN tho local ue-
mand for accommodation. Quotations LOT
loans are at the lowest OF the year anu
far under the level prevailing at TINS
roriod IN 1910. A year ago something
~ a furry was reported in the call &c
nartment OF the market per cent
being reported, against high of -i@ per
cent last week.
S,ocl,s arc well taken on all declines
Tho big" men have the money and they
arc tho chief owners Of securities, thclr
control of both the money and STOCK
market suggesting trouble in the bear
camp when they believe the time ripe
for "A demonstration against people
loaded 40 with short contracts. Stocks
may sag for q time as consequence OF
traders selling and liquidation by timid
holders in the event Of Supreme Court
DEGREES IN favor of the government in
the case of the American Tobacco and
STANDARD Oil companies but outsiders
will not be warranted in taking me
short side Of speculation, notWlthstand-
ing surface market indications. On any
sharp decline the professional element
will cover it's contracts, and prices sub
sequcntly doubtless will recover their
loss Railroad earnings in most parts
of the country compare well with the
returns reported at this time last year,
and in the case Of many companies
scientific management to offset the in
creased cost Of labor is reflected in i'm
proving net results. The Hartman lines
are an exception, but in spite Of the de-
cline in the ner earnings OF the Union
and southern Pacific companies, both
roads are earning well in advance Of
dividend requirements. The Atchison,
which can boast Of its position as a
pioneer i'm the matter Of cutting down
operating costs without injury TO the
physical efficiency Of the property. makes
an especially good showing for March.
Although the report Of The United
states Steel Corporation for the first
quarter Of the calendar year makes d
poor comparison with the figures for the
preceding three months and with the
spending quarter ia 1910 progress
siye Improvement IS shown, nevertheless,
in the results for January. February and
March. While dividends on the common
stock arc fully earned. II is understood
that April returns win not be a. favor
able as those recorded IN March, but
The decision Of the directors - declare
the regular dividend on the common
does not suggest unessiness on their
part about the future Of the iron and
steel industry. Consumers Of iron and
s'eel are waiting for the elimination of
.s.,,i