New-York tribune., 1911-11-16
FINANCIAL MARKET
Time Money for Short Periods
Easier on Heavy Offerings
by the Banks.

y
Activity in yesterdays stock market
was at the expense Of values, although
declines were not heavy and repre-
sented in large part selling by the pro-
fessiOnal element and profit taking by
interests whose book accounts showed
substantial profits on shares accumu-
lated before or following the announce
ment Of the governments suit against
the United States Steel Corporation.
Sentiment was not bearish over the
future, but the average operator be-
lieved the market was entitled to a
further reaction and that there was
enough weakly held stock on brokers
books warranting transactions for lower
quotations At the low points of the
day the chief issues showed material
declines from the high levels recorded
last week, and the fact that the larger
interests did not appear inclined to take
back stocks sold at last weeks high fig
ures. together with the apathy of the
public. encouraged the idea that prices
could be brought to a cheaper range in
the course Of the next few days. The
theory may be all right, but theories
have a habit Of going astray in Wall
Street.
II is quite evident that the banking in
terests are not especially concerned at
the moment with the course Of market
prices. but as they are the chief owners
of stocks and money it is not likely they
will permit anything in the nature Of a
sustained decline, especially as they are
beginning to figure or new financing op-
erations. There are persistent rumors
that the Pennsylvania Railroad is
planning for a large issue Of bonds.
Traders take the report as bear argu-
ment. but il is not so considered by men
who know the needs Of the company and
the large earning power of the road. If
the Pennsylvania offers bonds II is a safe
indication that tho chief railroad COM
pany in the country is confident over the
outlook for business and that its ideas
are indorsed by leading bankers. The
decision Of the Court Of Commerce in
favor of the transcontinental railroads
in the long-and-short haul case may be-
come an important factor in inducing
the transportation companies 10 make
more liberal expenditures and 80 como
into the market for funds Despite the
fact that room traders INDUCED them
selves i'm predictions of ali sorts oC low
prices FOR stocks before the end of the
year. little attention was paid 20 their
talk. and no uneasiness was noted in
commission houses over the downward
movement reported IN the day. Traders
are counting on politics as q bear club.
Time money for short periods was lower.
notwithstanding the Improvement that
has taken place I'm stock market prices
IN recent weeks the average FOR tho lead
ing railroad and industrial issues is well
below the high records Of July and Au-
gust. though il is bovc the average re-
ported at tho beginning Of the current
year. In some banking circles the opin-
ion is expressed that. barring adverse
DEVELOPMENTS. tho close OF 1911 will be
marked 10y the best quotations reported
in the twelve months. II is conceivable.
however. that orr Democratic Congress
may do things and say things in De
cember that not only will repress bull
enthusiasm but encourage aggressive op-
eratiOns for lower quotations Under
lying conditions are improving and con
6denco in money and business circles is
more pronounced, but spectators may
as we'll bear in mind that the wise Wall
street mariner always shortens sail on
the reassembling Of our law makers.
who. as a rule look upon Wall Street as
a flea does upon = dog. The flea does
not Eil the dog. but it gives him some
mighty uncomfortable moments
Irrespective Of what Congress may do
in the matter Of tariff leeisls tion. high
present figures for Investment account.
the issues Of the companies
that will not be affected by tariff re-
vision. as. for instance. all railroad COM
panies, the railway equipment COM
panies. the electric manufacturing com
panies and the public utility companies.
Both great political parties are COM
mitted 90 a revision of the tariff, but
business men are exhibiting no especial
apprehension over the outcome OF tariff
legislation The sooner it comes the bet
ter. as the business man is waiting To re-
adjust his affairs 10 new order OF
things. which appears inevitable With
the trust and tariff problems settled. d
new era of industrial prosperity should
1e,,otou in this poIntrv