New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-12
FINANCIAL MARKET
Reasons Why Stocks Are Ex'
pected to Sell Higher.


is no reason why the trend SHOULD hot
be upward. Technical conditions are
sound. and underlying factors governing
the actual worth of investment issues
ore strong. while all indications point to
gradual EXPANSION in our industries, the
maintenance OF money rates on basis
attractive to borrowers and the gather
ing OF large harvests According 10 the
government report showing crop per-
cent? ges on June l, the yield Of winter
and spring wheat Will be much larger
than that Of 1910, and, as a matter OF
fact larger return than recorded In
1909. which was the banner year In the
wheat belt. OF course, The final harvest
Will not be as heavy as the estimate
based on June conditions, but as that
estimate figures out combined winter
and spring wheat crop OF b4'oVo'oVV
bushels. compared with an actual yieiu
in 1909 Of 49,, 100000 bushels, material
decline from the June figures would sui
! Permit a bumper harvest. Government
returns on about 9O.Ooo,ooO acres VI
cereals indicate total yield Of wheat
oats and rye Of 1.775,OOO000 bushels
against total Of 1.S96,OO0,oOo ousheis
IN 1910 the estimated falling off pelng
dine 70 q loss in oats which on June
showed a percentage OF oo.'' coir''i e'
with Of per cent a year ago.
Farmers have enjoyed many Eeais -
nrosperity and the current year promises
IN be no exception. Wealth proouceu
froro the PRODUCTS of the GROUND III
oreases the buving power or consumers
and strengthens the genera ous'ii''
situation. In recent months th's pu9 iNe
,or,er has been held in check owing 10
voriops perplexing uncertainties anec'
.,, r,orev and business, but to great
rtart srch uncertainties have oeeh
su,.n, aside. and already demands from
consumers are increasing IN the iaiee'
nuroher Of lines Of trade, lncluoiis ''.'
,u, o,a steel markets. in which the raii-
,,ror,,se soon to become active
soo.rs The United states steel Cor
g. he;ne investigated by the De
,or,n,ent of Justice, by the Dun
Cornorations and by conml''ee IL
80, hronch Of Congress, nut no saH'
,o,,ayes that results Of these III
..,ore will In any way aftecu 'ne
,,or,er Of the big steel concei"
~ that a possible suit against tn uu,
o.,on under the antitrust Id"
,"o, the value Of the company seoui,
panorts that the government wiz
s,,;, against the corporation a.
'i'"9 and the idea that II Is IA
.ho same class with me S'dhua'u not
ona American Tobacco companies
well founded .bo supreme
s;a,on IN the American To-
co appear 10 be TO the advances
o.'o. CO., Cornoration. In the 1ooacoo
sr,t the court held that tine coii'iU5,U
- wrongful purpose and liiesai u0
.,..s &c Overwhelmingly estao"sheU
,'' .oos,aArations among which the n'os'
~ was the fact that the hrst u
or combination IN the Iopacco
oose was impelled by prevlousiS
,na trade war, evidently >nspheu
, -. more Of the minds "hlch oio'e
~. and became parties TO the COMB
No+hing Of the sort proush'
49, orsanization Of the Unlteu
coates steel Corporation Inc poSHi'.I'U'
:. ,,,,reasonable competition ana 'iie ieNi
.be+ Mr. Carnegie was ABOUT -
'"0' &c., ,yere the underlying reasons
torr,a+ion Of the United States
| -, c,o~noration. The court points out
=, the Tobacco suit that tine ac's "hiON
arsued justified the inference 'hat '"e ~
-. axisted TO use the power OF 'iie ooiii
,o.,o,, &c q vantage ground TO turther
ono,,ze the trade in tobacco oy
- =. trade conflicts designed 10 IN
iure others. either by driving coiip7'''0
o,,+ ~ the business or compelling theHl 10
becoroe parties 10 the combination. iH0
r...o States Steel Corporation can
.,,s.1,, Mead not guilty TO this policy. IL
=. ,o+ a roonopoly while It seeks 10 nam
tain stability IN the whole trade thereby
be,n,ng both producer and consumer
p.or efforts 10 demoralize speculation III
/ Tho ctee, shares have not been success
D
| full ,,n,
Excellent buying is reported in the mn
lie CT Paul. the Erie shares ana
r,anv other issues Important announce
r,.,te affecting the Hill properties are
,oo,,ed for in the near future. but the
u,,,,,or that the Great Northern soon VIII
,oo,,re control OF the Erie go far mas not
made much Of an impression IN the
street The Erie stocks appear 70 De
advancing on their merits. Erie stands
-6av where such companies as Atchl-
sor and Union Pacific stood ten years
ago. when their stocks began the ais
counting OF the position the companies
occurv to-day. and while at one time II
| oo,,,a he honestly said that Erie common
was not worth 81 share, the same thlng
&c not true now, as the company could
ro+ now he reproduced for a great deal
,oorn money than is now represented by
tho mar value Of its entire capitalization.
Under the management Of Mr.. Under
wood the Erie has been brought 10
high plane OF efficiency, and IT rapidly ~
becorning one OF the country's great ave
rues of traffic. It's steepest grades and
biggest curves have been eliminated, It's
rolling stock has been renewed, its train
load capacity has been heavily Increased
erd us operating costs have been estab-
rsbed IN a scientific basis People who
have not watched the progress Of the