New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-10
FINANCIAL MARKET
Stocks Inactive and Money in
Liuht Demand.

Supreme Court soon hands down its de-
cisions in the antitrust cases. as opera
tons so fer show a total we'll under that
reported in the same time In March.
! Every one who follows market move
ments knows the reason for the current
lack of life on the Stock Exchange, but
competent Judges do not believe the
present listless speculation foreshadows
long period OF dulness or the develop
| ment of q gradually sagging market
| The various uncertainties In the general
situation do not contain the elements of
panicky conditions. Uncertainty some
tines breeds fear and liquidation. but the
stock market has gone through many
months filed with all sorts Of uncertain
ties without rejecting the slightest sign
of alarm on the part of investors or spec
ulators. and from current indications the
market will move along In its present
rut without important price fluctuations
until the American Tobacco and Stand
ard Oil decisions are out of the way.
| II is fact well worth noting that the
Street was visited last Monday by an
army OF bargain hunters who thought
the supreme Court would give verdict
| that day against the companies. They
expected tho market to break wide
/ open" and freely admitted their intention
to buy on such a development. To-day
| the same class OF operators will be on
! hand Their presence in the Street
means that the rich public is ready TO
buy on its own terms. while il also
means that capital IS not at all appre
hensive over the effect of decisions in
| favor of the government upon the coun-
| try's general business. The bond mar
ket is relatively more animated than the
market for shares. but the only active
! investment demand at the moment is for
short term notes. these issues being in
! especially good demand abroad foreign
ers favoring them at the present time.
owing TO the fact that they are less liable
to excessive fluctuations in the event of
adverse Developments
one railroad case just decided--the So
called Minnesota rate suit--may have an
| important bearing on the stock market
| in the immediate future, although il may
not be reflected in to-day's operations.
owing TO the probable unwillingness Of
| traders 10 make commitments with the
! possibility Of an afternoon decision In
the antitrust cases. Too late for use
| in Saturdays market the United States
| Circuit Court at Minneapolis decided in
! favor Of the railroads in a suit brought
by the Northern Pacific, the Great
Northern and the Minneapolis & St
| Louis Railway companies against the
/ Railway and Warehouse Commission Of
/ Minnesota TO enjoin the reduction of pas
senger rates in that state from 3 10 2
cents mile, merchandise rates 20 per
/ cent TO % per cent and ordinary COM
modify rates 7.37 per cent. The suit
was first tried before a special master
who reported in favor Of the railroads.
and his decree has now been confirmed
by a decision that declares the proposed
action of the commission distinctly un-
constitutional.
| The larger banking interests are going
ahead with various important plans for
/ financing the needs of corporations. ir-
respective of the outcome Of current I'M
certainties, but actual business through
out the country is being restricted by the
delay of the Supreme Court in defining
the status If corporations under the
Sherman antitrust law. Actual day-to~
day business however is fair in volume
as our people must eat and buy clothes
| but contracts based upon future delivery
are small. particularly those made by the
railroad companies. The transportation
concerns are not active in the iron and
steel market. but the postponement Of
their orders is adding to their needs, and
when they once begin to buy there will
be something of a boom in the market
for materials and supplies. The United
! states Steel Corporation Is receiving new
business at the rate of about $4,000 tons
a day This is slightly under February's
average, but in view Of the light orders
! from the railroads and equipment COM
| panies il is an excellent exhibit
| II is estimated that the corporations
February earnings approximate $4,000
900. against S6500,000 in January, while
| II is thought that the results for March
will show upward Of sl2.oo0,00 making
| q total for the first quarter of the year
I Of S97500. 900. much better showing
/ than was predicted at the close of the
| last wear. The steel shares arc popular
| fayorites and they are likely to remain
SO. notwithstanding the return TO activ
| itv Of Stanley, tof Kentucky. who an
nounces that he will make the halls of
! Congress ring with resolutions for an in
vestigatjon of the steel Trust" Con-
eressuen OF the Stanley type may be
counted upon to forego all outside pleas
ures in order to serve on committee TO
find out why the octopus is allowed TO
live Fortunately. the United States
Steel Corporation will survive such pa,
! triotic efforts 10 conserve the public veal
| Money continues 70 accumulate ut this
centre Supplies of cash are large In all
prominent cities. banks arc in a sounder
condition than has been reported IN many
months. and rates for loans at home and
abroad are too low 10 bring attractive
profits to lenders. An indication of the
/ light inquiry for accommodation is found
! i'm the recent report Of the Controller of
/ the Currency. showing total rederptions
of national bank notes in the last month
| Of Sig.353.90S, an increase Of upward Of
| $40. 900, 900 as compared with the CORE
! spending period in 1910, and an increase
of more than 81. 900. 900 over March. 1909.