New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-23
FINANCIAL MARKET
Money in Light Demand. with
Rates UNCHANGED.

stock market prices showed declded
frmness throughout the day, with small
net gains in the larger number OF issues
at the close Operations for bull &C
count, however. were confined 10 few
issues. including some OF the specialties.
as. for instance. American Can preferred,
which rose to A new high record on
buying. apparently based upon revival
Of the old rumors Of tremendous earn
ings and increased dividends. and Amer
lean Car and Foundry. the latter being
in demand on the we'll founded theory
that the railroads soon will become ac-
tive factors in the railroad equipment
market Pressed steel Car shares also
showed considerable strength on the
same argument. There is every reason
10 credit the idea that business in this
country is about TO expand. and, there
fore. 1t is not unreasonable to look for
ward to an increased traffic movement
on our railroads and to increasing rail-
road rolling stock needs. The American
railroads. from current indications, VIII
spend a large amount Of money in the
course of the next two years. In the
late afternoon the general market was
somewhat heavy under the influence OF
scattered realizing sales, and prices for
the leading issues showed fair reactions
| from the best figures OF the day, with
the chief weakness in Missouri Pacific
which closed more than one point under
the final figure in Saturdays market.
II was reported that the Missouri Pacifc
has A floating debt of S15,Ooo0oN The
directors If the company are scheduled
to meet next week TO authorize an issue
Of 100000 short term notes, but IT
| is quite apparent tina. the rehabillta-
ticn of the property will call for much
! larger amount Of funds than this. Bonds
wore active and in good demand.
Holders If the securities Of the United
States steel Corporation evidently are
not Worrying about the outcome OF the
Congress investigation Of the big steel
concern. There is no reason why they
should. as the corporation Viii continue
10 make steel and pay dividends in spite
Of the efforts of little Congressman TO
convince the public that there Is some
thing unlawful in the operations Of the
company and nothing but water In ITS
capital. The water In the United states
steel Corporations common stock vas
soueezed out wears ago. This issue rep
resents actual value and. according TO
I The opinion Of tho most experienced
Wall Street men. it is not good long
time short speculation. or wise invest
ment sale at prevailing prices. inc
United States Steel Corporation is not
a monopoly. and 1t even is not doing
/ business on the Supreme Courts reason
able restraint Of trade basis, its trans
actions comprising about one-half OF the
output Of the finished steel industry III
this country. II is in active competition
with the L.ackawanna Steel Company,
the Republic Iron and Steel Company,
the Colorado Fuel and Iron Company,
the Jones & Laughlin Company. the
bethlehem steel Company. the Pittsburg
steel Company. the Crucible Steel Com
pany and smaller concerns. and even
though its physical facilities and finan-
ciaI backing are enormous II could not
become monopoly If its directors mad
such az idea in mind.
II the Congress committee headed by
the would-be trust busting Stanley. OF
Kentucky. conducts an intelligent ana
impartial investigation of the United
states Steel Corporation the members OF
the committee doubtless will b. quite
willing to invest the savings from their
government salaries in the preferred
stock OF the company. The stock mar
ket, as whole. is paying no attention
20 the virtuous Democrats in Congress
who are Willing away the hot days in
Washington b. resolving 10 Investigate
our corporations. The Department o'
Justice and the Supreme Court VIII at