New-York tribune., 1911-04-03
FINANCIAL MARKET
Stocks and Business Waiting for
Supreme Court Decisions.


tirely the operations of the professional
element The stock market. like general
business. is waiting for the decisions In
the American Tobacco and Standard oil
companies cases before extending itself.
but with the elimination Of the uncer-
tainty over the Supreme Courts attitude
on these important cases there doubtless
will be an active forward movement, al
though in the event Of ruling in favor
of the government enough stock may he
sold to bring about brief period OF de
clining prices. In the best Informed
quarters Il is not thought decisions
against the oInranes VIII have an ad-
verse effec: upon the general business IN
this country. Indeed. II is generally be-
leved that when the corporations know
lust where they stand in the sight OF the
law plans Immediately will be made 10
go ahead with new propositions In the
world Of money and business. The banK-
ing community appears TO be quite con-
fident that nothing will occur in the near
future 10 unset financial operations II mas
in mind while in mercantile circles the
utmost confidence prevails over the out
look for new business after the supreme
Court renders its verdict in corporation
cases now before It.
Money is so easy and is accumniat'ne
so RAPIDLY AZ all financial centres az
home and abroad. while our credits in
London and Paris are increasing as
consequence of our growing export trace
and sales of American securities 10 for
eign interests. that It is difficult to find
any excuse for pessimism. While arpi-
TRACE trading on the Stock Exchange be-
tween New York and London is connhed
TO small daily totals an excellent demand
Is reported for our securities for foreign
account. and IL is noteworthy fact
that shipments Of certificates Of stocks
representing American railroads are eH-
ceedingly heavy. Every steamer no"
sailing has a big consignment OF our rail-
road stocks billed To European investors
In the larger number of cases railroad
issues WELD at current prices conser'a
tive investment return. and as there is
little possibility of dividend re0uctohs
among our best properties there Is no
good reason why idle capital shouin
rot move into the first class issues. En-
cenent OPPORTUNITIES for the safe invest
ment Of capital also may be found IN
the industrial list. as. for instance IN
United States Steel preferred ana slnk
inc fund rs. American Sugar Rennins'
United States Rubber first preterreo ana
American Locomotive preferred.
since the time of its organization the
United States Steel Corporation mas put
back into it's property from earnings an
amount Of money equal TO the common
stock outstanding. and IL has shown
earnings In every year with the eXcep-
,icn Of two. after expenses and heaVE
apIror riations, equal 70 more than per
cent on the common stock. People VINO
do not know how 20 analvze report ot
- ,orporation. which in the case Of tn
United states steel Corporation is al
v,avs most complete and full 70 the
snallost detail. or either do not care ~
bother their minds with figures. appaE-
ertIv believe that the common stock OF
the big steel concern is made up ot
wafer. but whatever water may nave
he.r represented at the start has wholly
disappeared: and there are many other
corporations OF which the same tnihe
may be said.
+, is quite nroha ble that in the next
active bull market the industrial shares
ui1 receive more attention than mas
heen accorded them in the last year,
while, il also is probable that such ra''-
road stocks as Atchison. NortolH
Western and the Eric issues VIII De
come popular features. The Erie ISSUES
have been unusually active in the last
few DAYS. With buying reported for lot
eier account. but there is nothing in the
rerort that tho Canadian Pacific Is on
deavoring 10 secure control OF the MOT
gan property Erie securities nave pc
,entjal value that is becoming rec"t'
n;zed In railroad and financial circles
II Is not the Erie of OLD with lts saho-
hoogers and vreckers in control, ana
,be more fact that in spite of diNiden"s
earned on the preferred stocks in the iast
wear the management OF the company
will not make n disbursement IN NIL
b,, Mace every dollar after charges am
,.ntals into the property. ought 70 IN
,,,,e, confidence IN the future of the
Erie stocks.
Money rates presented no important
change last week. and notwithstanding
;bo financial requirements incident 10
,ba April interest and dividend dishurSH-
.ronts no, even hardening tendency
vas reported. Furthermore. CONTRARY 'o
it's usual course 81 the end Of the month
and tho quarter. the sterling exchange
market did not advance. demand quota
,ions showing decided weakness az times
Commercial paper rates EXHIBIT an
oasiar tendency. and banks that usually
depend upon the stock Exchange to ap-
sorh tteir offerings are in tho market
for mercantile bills, without finding a
marked demand rn the part 81 mer-
cbants for accommodation. The COM
mission house demand for funds is nghf
Mos, Of the larger houses are in the
position Of lenders rather than borrow
ers but this situation is not expected 10
prevail for any length of time. especially
n the Supreme Court decisions should be
handed down to-day. Bonds are i'm fair
demand hut in recent weeks the local
movement of capital has been into short
term obligations rather than railway