New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-22
FINANCIAL MARKET
Wall Street Looks for Forward
Movements in Money and
Business.

was not even passing uecnHe oo
the verdict In favor Of the government
doubtless was due to the announcement
of the decree after the close OF the mar
ket. which allowed bankers and specula-
tors ample time to study and digest the
opinion of Chief Justice White before the
beginning Of another business day AS
a consequence of the courts dinerentia-
ton between reasonable and unreason-
able restraint of trade and its interpreta-
ton of the true intent Of the sherman
law the position of corporations uhuei
the act Is made clear and the way mas
been paved for resumption OF CONNER
cial and industrial activity. wall street
has begun to discount expansion IN our
business In the period OF uncertainty
about the character Of the ruling IN the
Standard Oil case fundamental conol-
lions have been strengthened through
the accumulation Of large bank reserves
the building up OF American GREATS
abroad. the practice Of economy on the
part of the corporation and the inul-
vidual. and the liquidation in our mar
kets. We have the money upon which to
base Industrial growth. and at this early
stage Of the crop growing season we
have the promise of bountiful harvests
of wheat. corn and cotton
The fact that the Standard OIL Com
pany Will be compelled to reorganize
along new lines. while the American To-
bacco Company doubtless Will be ordered
TO follow suit, does not suggest that
these two concerns will make less money
in the future than they have made in the
past. or that there will be depreciation
in the intrinsic value Of their securities.
Standard OIL stock held remarkably firm
last week, and the shares Of the Ameri-
can Tobacco Company sold at level
near the best ever recorded. The entire
market was strong and buoyant, with
every indication pointing toward further
improvement, although at the close OF
the week experienced traders thought
that the pace had been fast enough TO
induce reactionary tendency. with the
main movement, however. in the direc-
ton of higher quotations for some weeks
to come. AS we are approaching the
period Of usual summer dulness in our
Industries A marked enlargement in gen
eral business may not develop until later
in the season, but 1t Is the consensus OF
opinion in commercial and manufactur-
ing circles that the element making for
trade depression has been eliminated
from the situation and that gradual
recorded.
The removal Of the uncertainty re-
garding the meaning and intent Of the
Sherman law. the favorable reports from
the presence In the bond market of will
ing investors. the April statement OF
exports and imports show
ing a large excess Of exports over i'm
100000 Panama Canal bond issue are
factors making for better demand for
stocks both on the exchange and in the
outside market. The excess of exports
Of merchandise over imports in the last
month to the amount of s37.S76094
months from July to April 80 to s47S,-
S39,S99, against an excess in the same
time in the preceding fiscal year of $751;
7S0,014. Exports in April were heavier
than in any corresponding month In the
history of the country Bankers believe
that the Panama Canal bond issue will
be an unqualified success, and they look
for large public subscriptions direct and
active public demand for the amounts
that may be apportioned to banking syn
dicates. as a government per cent ap-
peals TO small investors. The bonds were
quoted on the curb last week at 1927.
which compares with 90 for French 8
per cent rentes. 81 for British 212 per
cent consols and SO for the German I'm
perial 3 per cent loan.
Need for an issue of Panama bonds is
found in the daily Treasury statement
which shows an unusually low working
cash balance in federal vaults at time
when expenditures on Panama Canal
construction account are increasing, with
ordinary government receipts not espe-
cially heavy. The working balance in
the Treasury has been decrea sing ever
since tariff tinkering has been under dis
cussion In the Democratic lower branch
Of Congress. In the local money market
q slightly frmer tendency is reported in
time loan rates. and while bank reserves
are enormous ii is not unlikely that quo
year while the same thing may be said
of commercial paper. for which there is
an excellent demand by New York and
out -of-town institutions. If the stock
market continues 10 exhibit increasing
activity q somewhat higher market may
be looked for In collateral loans, although
Il is not likely that we will have a strong
money market before the autumn
United States Steel and American
Sugar Refining securities have not been
adversely affected by the virtuous efforts
of Congressman TO find out why the con-
Germs are allowed to live. and il is quite
likely that a Congressional inquiry into
Steel and Sugar will supply ammunition
for the bulls in Steel and Sugar shares.
Neither company is monopoly. The
United states Steel Corporation con-
trolls from 30 to 60 per cent OF the trade.
while the American Sugar Refining Com
pany Il. forced to meet the keenest sort
OF competition. Both companies are ably
handled. and they doubtless will welcome
a Congressional investigation Of their af-
fairs, as such an investigation will re-