Bisbee daily review., 1911-05-11
STOCKS IMPROVE,
 INDUSTRY RECEOES
Henry Clews Thinks, How eyeg, That on Whole Out
 look Is Much Better

rents at the moment are to some extent natural, since in both in- stances they bear directly on the supply Of money and the channels In which money can be employed. Because our merchants and manit facturers are not requiring their usual volume of working capital and banking facilities in their own special lines, money is accommodating at an exceptionally active rate. some other profitable use must there fore be found for this great accum uiation unless the owners of the funds are willing that they shall remain idle and in turn unremuner atiYe The latter would be entirely repugnant to all precedent. In nor nal times people with money seldom allow it to remain idle; the natural course is to seek the securities mar kets In this connection it is worth while recalling that surplus reserves of our clearing house banks, If we exclude the abnormal year ol 1908 (that followed the financial upheaval of 1907), are the largest held at this season in any year slnce 1898, amounting to S4O,6S3.11o. A year ago, the corresponding surplus reserve was only S6,71Il5O.
 Floating Surplus.
 What are usually spoken of a5 the floating supplies of securities are now very largely in strong hands. There has, however, for some time been a gradual accumulation oi diyldend-paying stocks, and particu' larly bonds, by smaller interests who have decided to use their money
 .h, appears available 1t is not only the buying side of this proposition that should receive consideration ll. this connection. Buying naturally advances prices. but when as at pres cut there is an indisposition to sell, that feature adds many fold to the stilnulative efficiency of the demand Money is so superabunGant at the present moment that not only IS there inducement to sell, but dls- tiuct encouragement exists to re- train from selling securities, as II is freely recognized that it would De impossible to utilize the proceeds to advantage. Bank and trust con panies which allow interest on de- Dosits do not, for instance, pay any thing like the returns that are now available from equally safe invest ments in seas 1ned and sale sec1r- ities. 1t will thus be seen that the money situation remains iunda- mental feature of strength ID the stock market situation.
 Other Influences Weak
 Other influences, though more O. less unsettling, are not sumclentI! strong, in my opinion, to courteract this fundamental feature of strength that has already been mentioned. The Trust decisions are, accordlns to the best opinion available, to De handed down on May l5. If not pro mulgated on that date, they cannot be announced until May 29, for the supreme court will take fortnight recess on May 15. Furthermore should a further relay take place l' yiu have to be until the October term of the supreme bench. Inesl trust cases have for so long per fod been the source of such iutermlt tent unrest in the stock marke' that their ultimate influence Is prob ably e-reatly Overfated Comments by Nil. Justice Holmes in a recenl decision involving another question suggest that he is still in the minority on trust and Jrade coMOlla t1on matters. It will be recalie1 that he was on the minority sloe oi the Northern Securities case, anu also presented a dissenting oplMo' in the recent medicine contract prlct case. which seemed to. so clearly demonstrate the mental attitude O a majority of the court as regdTu' mestIons of restrain of trade. Th' delay in announcing the trust de cisions has suggested a deadlock O four in the court ! have ID dlrec information that such is the case hnt it will be remembered tha MT Justice Van Devanter was on' of the four judges who unaLlIno decided against the Standard V. oonarauy in the St Louis declsioi from which the present appeal z the supreme court was taken. Ml Ipsfice Van Deyanter will, II understood, very properly deciln' 10 take part in the decision oi th higher Tribunal of when ne L' recently become a member, and ta court for the purpose or trust oe cieirT thus reduced to eish
 Not Vital Matter.
 can see ID reason Co cDahSe ti opinion recently SADltssee th .'-~
 sagices that even at the worst ai adverse ruling in tae trust eases D. sEa supreme court w3ald not be vital matter. It would merely mea, mat legal methods of doing 0us ness must. in the future, be pursue, bv our great industrial corporations
 There is no question of punisn ment or penalty involved ID ln .Na aN1d
 - readiustment IS necessary ' meet the views of our highest ul nmnSl will undoubtedly be promptI met. Standard oil interests nay. ', in mt the past proven themselves to ID, D, snch shrewd merchants and panu faeturers-such shresd and eifleleh ,le11, business men-that t would pe cn,.- ssb to suppose that they nave n5 ,a-efsad their full powers ID con section with this important deyelol
 ,t in their business to prepaf'