New-York tribune., 1911-03-06
F|NAK(19A; MARKETS
Confidence Growing in Money
and Business Circles.

onstration. while a further demonstra-
tion of the same sort was made on the
basis of an extra session of Congress. In
both instances prices were hammered 10
lower levels without the accompaniment
Of investment selling or the development
of uneasness on the part OF the business
world over the future course of our In
dustries. Mercantile operations are pro-
ceeding along lines of progressive inn
provement. in spite Of the fact that the
railroads must worry along on the exist
! ing transportation charges. Further
more the business community is not
! botherng itself with the course OF af-
fairs in Washington. although ii natu-
rally would be glad to see our lawmakers
return to their homes for an indefinite
period. while it exhibits no alarm over
| the sad countenances of Wall Street
! spectators who are looking forward to
another of their favorte demonstrations
in the event of decisions against the
Standard Oil and American Tobacco
companies.
The public has outgrown its swaddling
clothes and it no longer is afraid OF the
! Wall Street goblins. The investment
community will not dispose of its stocks
in the event of rulings by the Supreme
Court against the corporations in the
antitrust cases now before il, but spec
ulators may be able to bring about lower
quotations which doubtless will appeal
| =, ,,,g, to1 nit al 10 a
down of the decisions in the cases under
consideration the general business situa-
tion should be clarified and the stock
market in the long run broadened and
strengthened. Wall Street looked forward
to dire results when the Supreme Court
dissolved the Northern Securities Com
pany on March II, 1904 but following
/ the decision business in Wall Street and
| throughout the country showed marked
! Improvement. with stocks month later
selling from 4 to 20 points above the
| level reported at the time Of the render
1 ing of the courts verdict. History is
quite likely TO repeat itself in the case OF
the Standard Oil and American Tobacco
suits. Some Wall Street interests look
/ for decision to-day. The cases were
only recently argued. and it hardly ap-
| pears likely that the decision will come
! this week or next week.
The railroad rate decision apparently
insures a long period of contentment on
the part of the shippers and realiza-
| tion among the employees Of the trans
pcrtation companies that further de-
mands for higher wages are not war
ranted These two factors are Of greater
! importance than an advance in freight
rates would be. and most railroad men
are beginning TO recognize the fact that
/ in deciding against them the Interstate
! Commerce Commission actually has
paved the way for the development OF
situation more in favor Of the railroads
roads can now go ahead knowing just
where they stand. and with the practical
certainty that they will not be bothered
with constln demands from labor for
| higher pay and from shippers for lower
rates. The shippers should he satisfied
with current schedules. which. as mat
! ter of fact. are lower on the average than
/ at any time in the last ten years one
/ important uncertainty affecting the
/ country's business has been eliminated
/ bv the ruling of the Interstate Com
mcrce Commission. and our industries
| will be strengthened rs a consequence,
while further strength will he added to
the business situation by the disposal
of the antitrust cases, no matter which
way the decisions may read. Good stocks
and bonds are not dear at prevailing
quotations for persons who can afford TO
/ buy them for cash but in view Of the
various uncertainties in the general out
| look and the strong possibility of bear
attacks upon the market purchases on
/ borrowed money. except in cases where
heavy margins can be supplied, do not
appear attractive az this particular pc
riod.
! Money is easy, but there is no certainty
that current low rates for accommoda-
ton will prevail for any length Of time.
! Indeed. present indications favor higher
! loan quotations in the course Of the next
few months The needs OF the mercan-
! tile community are growing. the rail-
roads require a large amount Of funds
! for improvement and construction pur-
poses and the government soon will be
/ in the market for from SJ0000.0n TO
| 500 900. .Oo0. to be used in connection
with reimbursing the federal Treasury
/ for money advanced on Panama Canal
construction account and for the re-
Gemption Of a portion of the outstanding
government debt The latter operation
/ of course. will involve the repayment Of
/ funds to the banks, hut in spite Of such
Payments other demands upon the mar
/ kct should he heavy enough 10 bring
about material change in the asked
/ price for accommodation as compared
/ with the levels now reported. Up 10 the
present time there has been expended on
/ the purchase and building of the Pan
anna Canal a total Of S229. .429.222J. Of
which the general fund OF the Treasury
/ has supplied S142119631. reimbursabe
! from sales Of Panama bonds. and SSi.
/ 3Og.J94 from proceeds of sales OF bonds
| including premiums. The total OF bonds
authorized for the Panama Canal is
| S3I5 POO. 600. and the Secretary of the
/ Treasury now has tn power TO issue the
balance not sold OF $500. $4,000. which
will not carry the national bank note
circulation privilege.
Notwithstanding the refusal of certain