New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-02
FINANCIAL MARKETS
Bears Experience Difficulty in
Retirinu Their Contracts.

Stock market prices moved to higher
levels in yesterdays trading. Anal figures
in the active list showing net gains of
from | 70 more than > points. The fa1l-
,Ire Of the public 10 respond 20 the selling
pressure Of the preceding day and indica-
lions Of steady absorption OF good secu-
rites by substantial interests induced
covering of shorts and incidentally at
tracted tome rather important new com
r,itnnents for bull account by large COM
mission houses. the effect Of these move
ments being reflected in a gradually ris-
ing level Of values. with marked strength
in the final operations. Washington
houses bought despite the Virtuous ef-
forts Of the Congress investigation COM
nittee 10 find some reason for demand
ing Of the Attorney General the begin
ming Of an action against the United
states steel Corporation under the Sher-
man antitrust law. This concern IS not
q MONOPOLY in restraint Of trade. and
the same thing may be said Of the
American Sugar Refining Companv,
which also is 10 be investigated by our
worthy lawmakers who So far have been
unable TO differentiate between a cor
poration doing business in restraint Of
trade and concern that is fighting
against widespread competition. Under
A management past and gone the Ameri-
can Sugar Refining Company cheated
the government. but the government
never accused il IF being monopoly.
The Congress committees that are in
vestigating the United States Steel and
American Sugar Refining companies will
simply bring forth facts that have long
been public property. All the leading
issues enjoyed marked Improvement in
the afternoon. and the shorts expert
enced difficulty in retiring their con
tracts except AZ losses. especially in the
case OF Northern Pacific. Great North
ern. ST Paul United States steel, Read
ing and Union Pacific. There is reason
to believe that material further adj
vance will result in uncovering large
number Of hear stop orders. The fact
that the Great Northern Railway found
no difhcultv Yesterday in disposing Of
$40. GOO 600 Of AZ per cent bonds secured
under its new $500. OOO. 900 mortgage was
not without favorable effect upon senti-
ment and prices II is worth noting
that following the announcement in 1906
of an offering Of SG0,OD0000 Great
Northern stock and S93.0O0NU by the
Northern Pacific the general market
broke violently Money market condi-
tons are vastly different now. as COM
pared with those prevailing five years
ago. Tobacco stock was weak or the
curb
The Erie Railroad and the Delaware a.
Hudson Company are adding TO the gay
ETY. % nations by their action in reduc-
ing their Chicago rate on freight traffic,
for the reason that only few months
ago the two roads were pleading pow
erty. the Eric i'm particular. the man
agement Of which declared at the time
mission that no money could be made on
a 7j-cent rate to Chicago and that 90
cent rate would he about the proper
charge Now the company proposes 10
put i'm "A differential of 81 cents and -
cents between New York and Chicago,
while the Delaware & Hudson wants To
do the same on its proportion Of Chicago
traffic. but the proposition is violently
opposed by other roads handling New
York and Chicago freight. and the whole
subject will come up for a hearing be
fore u special examiner Of the Interstate
Commerce Commission to-day Most
railroad men believe the action Of the
Erie and the Delaware a. Hudson III
timed and wholly without warrant.
Furthermore they believe that the sug-
gested new rate removes for long time
come the possibility Of more remuner-
alive railroad trsnsportatior charges
That the railroads gradually ,r whip
rims operating costs into H.. a with the
increased cost Of labor and higher gen
eral expenditures is reflected in the net
earnings Of the Atchison and the Penn
syIvania for the month Of April. both
companies showing gains
On its lines east Of Pittsburg the Penn