New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-29
FINANCIAL MARKET
Substantial Interests Not Part
inn with Their Stock Holdings.


ina with Their Stock Holdings.
The character Of current operations III
IRE stock market does not Suggest INC
the substantial interests are parting WIN
their holdings Traders OF consioe' '''.
,.or,anco from a financial point ol
~, .re working on the bear SIDE lot
the time being. and sold OUT oui'S
exercising their talents to bring ABOUT
,ovrer nrices in order 70 be able 10 re-
accumulate stocks at more ATTRACTIVE
esures hut the general market exhipi's
-o,,arta hle resistance to selling pressure
.sreciailv United states Steel common
which recently has been sold in tremen-
deus volume without the accompaniment
NJ heavy depreciation in its price Inc
declaration Of an open market FOR s'ee'
bv the Republic Iron and Steel Comp'nS.
ui,h the subsequent unsettlement ol
,rices for finished materials failen 10
hiring about anything in the nature OF
slump in quotations for the steel shares
and close observers Of market move
noents were unwilling 10 believe thaI
these issues would seek levels far under
those that marked the closing Of the last
week
The first cut in steel prices may not
he followed by much of an increase III
new orders. but apparently II is the IN
tention OF the companies 70 make iui-
ther cuts If those made last week are
50, att Of
from, consumers. The latter naturally
will he cautious in placing orders unul
they feel assured that prices are al rock
bottom In February. 1909, the United
states Steel Corporation declared an
open market for steel and it was not
lorg before the announcement was FOL
lowed by Improvement in the trade ana
In the price Of the concerns securities'
particularly the common stock. winch
was then selling in the forties. In that
wear this stock paid total dividends OF
"a per cent. while il is now on per
cent basis, with no indication in condl-
tons governing ii that the rate will he
lowered The beginning of the investl-
cation OF the big steel company by
Congress committee likewise has failed
10 be seriously considered by steel IN
si6ers as an argument favoring the sale
of the common shares.
Believing in publicity. the management
of the United States Steel Corporation
has presented the public with a vast
amount Of information regarding its al
fairs IN its annual reports and IN official
statements from time 10 time from head
quarters and II is not likely that Mr..
STANLEY and his fellow committeeman
will be able 20 bring forth much add
tional information Of value 10 the own
ers Of steel securities. Public curiosity,
however. over the exact relationship be-
tween the various companies making up
the combination methods employed in
organization and the inner details Of the
absorption OF the Tennessee Coal and
Iron Company in the time of the 1907
panic may be satisfied. From the date
of its organization. in April 1901. 70 the
end Of the last year the net earnings
Of the United States steel Corporation
have amounted 70 more than 81 .2OOo1-
200 on gross business Of more than
$500 100000, and in the same time The
concern has paid in wages more than
81 300 600 900 and in interest and divi-
dends upward Of $3.50 OOO Oo0 Further
more. In that period the tendency Of
prices for finished steel products has
been IN the direction Of lower levels
The corporation is working in active
competition with many large companies
and II is in no sense Of the word
monopoly, although n is by far the larg-
est producer.
The copper shares are attracting more
attention because Of actual Improvement
IN the copper trade and the belief that
the decision in the standard oil case
has removed the chief obstacles 10 a
combination II various large copper
producing and smelling companies
Com binatlons that can be effected with
out being in restraint Of trade promise
20 become popular. and eventually the
ruling Of the supreme Court against
monopolies viii. Il is believed in bust
ness circles be reflected i'm marked OK
rsnsion in our general Industries. not
outstanding the opinion Of Justice Har-
Ian. who apparently believes that in
stead NJ giving rest and quiet 10 the
business Of the country the decision will
throw business into confusion and invite
extended litigation. The decision in the
American Tobacco suit is looked for to
day and II is expected that the ruling
Of the court IN give the country a
clearer idea of the difference between
reasonable and unreasonable restraint Of
trade The stock of the American To-
bscco Company has not been moving in
a manner that suggests market disturb
anCe in the event of decree in favor
Of the government. indeed. as eXpeCta-
ton is general that the company will
lose the movement Of the stock appears
70 reflect wish on the part OF Toba Geo
interests in the market that the dissou-
ton OF the company viii he ordered
Breaking up the present corporation
doubtless would involve the exchange of
the existing securities for securities in
subsidiary companies, which would be
listed on the Stock Exchange with the
prestige OF the high price prevailing for
the old stock and with excellent chances
OF finding q broad and strong market.
While the banks are in a well fortified
position 10 handle a big speculation IN
stocks. heavy financing by the railroa ds
the requirements OF the agricultural
community. general business necessities
and the governments issue q Panama
bonds do not warrant extreme delay on
the part Of borrowers IN the matter Of
providing for their needs in the second
helf Of the year Time money has re
la1ed from the frmer tendency reported
week ago, due IN part 70 the heavy
offerings by the trust companies and the
sele If short-term notes. which has in
creased the immediate available supply
Of funds Demand from interior points
for MONEY here is not active. but heavy
shipments of gold are being made -
Canada where rates for money are
higher than reported here. owing 20 the
Increasing commercial activity in the
Dominion. our position in the interna-
tionsl money market is one Of extreme
strength Exports Of merchandise from
this country continue heav". in spite "
falling Of in shipments ~ cotton. The
outlook favors 2 good cotton harvest and
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