New-York tribune., 1911-02-28

FINANCIAL MARKET
Stocks influenced by Rumors Of
Trust Decisions.

Although little more than month has
elapsed since the arguments in the
Standard Oil and American Tobacco
cases were heard by the Supreme Court
of the United States. and in the normal
course Of things the decisions are not
likely 10 he announced for many weeks
to come. Wall Street. acting upon -
cautious policy Of you never can tell"
sold :.acks in the early dealings yester-
day. because Monday is the Supreme
Courts decision day" London sent in
a bower range Of prices, and under that
influence and that of the possibility Of
the handing down of the decisions in the
two great trust cases the local market
opened down from saturday, and i'm the
first hour continued TO decline. the move
ment being partly due TO extensive sell
ing for foreign account. caused by the
same apprehension as 10 the decisions.
and partly also TO the closing out or
stocks bought on FRIDAY by interests
acting 10 sustain the market in the
break following the announcement Of the
refusal Of the Interstate Commerce
Commission to allow the railroads to
advance their freight rates. Bcfc- the
morning was over the improbablity Of
the immediate handing down Of opinions
in the trust actions began TO be gem
orally recognized, and q recovery set In.
nouncement that the Supreme Court
would hand down no opinions this week.
The Improvement continued until the
last hour. when on professional selling
the market gradually declined, the close
being irregular. with about as many net
losses as net gains and with most Of the
changes only fractional. The volume of
trading was comparatively small, and
the market during much Of the session
was dun The chief net gain was made
by American Agricultural Chemical,
which advanced "a points and which
for several days has been conspicuously
strong. Time money rates We're un-
changed. but the call rate touched l per
cent. the lowest since August "a.
Notwithstanding easy money at this
centre and declining discounts in the
foreign markets. to say nothing Of in
creasing exports of merchandise from
here and sales of American railroad
bonds abroad, foreign exchange rates
have developed a firner tone than re-
Gently reported. with the current quota
ton for demand sterling near parity.
Present indications suggest further ease
in the London money market Bills
shipped from New York can be nego-
tiated at the British capital under per
cent. and at a still lower rate in Paris,
while further evidence Of the declining
tendency of money in London is found
i'm the reduction last week of one-half Of
| per cent in the contango rate on Amer
lean stocks in the fortnightly settlement
from the figure quoted two weeks be-
fore Although the supply Of cotton bills
In the local exchange market shows
decided contraction as compared with
the offerings Of recent weeks, marked
in the amount OF grain
hills coming 10 hand is noted. Exports
both Of wheat and corn are increasing
as result Of the lower prices for these
but il IS quite apparent
that at the moment our growing export
trade and the recent placing Of new
American railroad bonds abroad are off, |
set as an influence upon sterling eX-
change by the demand for remittance in |
connection with the March interest and |
dividend disbursements, and sentiment |
ally by the idea which is held in some !
quarters that Europe Will become |
seller rather than buyer Of our invest |
ment issues az consequence Of the re- |
fusal Of the Interstate Commerce Com |
mission 10 grant the application of the |
railroads for higher freight rates. The |
local demand for loan accommodation |
is light. but bankers are looking forward |
{ a better inquiry in the spring months. |
Domestic exchange is no longer moving |
i'm favor OF New York and 1t is quite |
likely that interior Withdrawals of funds
from the local banks in the course OF
the next eight weeks will be as heavy az.
II not heavier than. are usually reported