New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-27
FINANCIAL MARKET
Wall Street Sentiment and
Prices Show Distinct
Improvement.

There are some persons who insist that
orr Industries are in condition ot
acute depression. and they make no at
tempt to conceal the fact that their SEN
sitive feelings are painfully touched al
the mere suggestion that their Ideas on
the Industrial situation are awry. WIN
all due respect 10 our pessimists' we
are compelled to state that their posi-
ton is not based on fact and is wholly
untenable The commercial agencies
which receive accurate reports from all
industrial centres note a distinct change
for the better I'm the larger number oil
lines. reflection of which is found In
growing bank clearings and Increasing
railroad earnings. 1t is quite true that
there are many uncertainties in the sit
uation. but the broad minded business
man and the financier who know the
productive resources Of this country and
realize that common sense always pre-
walls in the end In the United States are
not worrying over the bear argument
that these uncertainties will develop
business destroying elements.
The railroads are coming into the
market for rails, equipment and general
supplies. No better evidence of dis
tinct turn for the better can be found
than the resumption of buying by the
transportation companies. Wall Street
recognizes the significance Of the move
ment. and as a consequence the tendency
| Of stock market prices is in the direction
Of higher levels, accompanied by ?
growing investment demand and dis
position on the part of corporations n
seek accommodation for betterments
extensions and improvements. The fut-
ure Of our industries will not be upset
/ by political incidents or by the reorganl
cation Of corporations TO conform with
the law. When IL is realized that the
| idea of independent tobacco men that the
/ American Tobacco Company should be
/ split into more than seventy parts and
| that no stakeholder of the old company
| should receive shares in more than one
company has been repudiated by the
government which has Endorsed the plan
| by which four companies will handle the
business. IT will be seen that the worst
phase Of the trust problem has been
/ overcome. In the event Of the govern
ment winning its suit against the United
states Steel Corporation the American
! Tobacco precedent doubtless would be
( followed.
/ Sentiment among our big capitalists
| has changed materially regarding the
trust question since Attorney General
Wickersham gave his Q. K. TO the Amer
| lean Tobacco plan. The theory that
prosecution of the trusts means persc-
cution no longer obtains in intelligent
quarters. and the Improvement in our
markets testifies TO the more confident
feeling in business and financial circles
over the trust situation. An interest
| identified with the big Jones e. Laughlin
Steel Company said last week: Poll
| tics is the one great element of uncer-
tainty and Presidential elections create
caution. but the people are realizing
that fundamental conditions are sound.
cannot help feeling confident Of an eX-
pansion in general business Bank
clearings increased more than IS per
cent last week, compared with the same
time In the year before, and the gain
was not confined TO centres where the
speculative markets are important fac
tors in the volume of payments through
clearing houses. Bank exchanges Will
be worth watching from now on, and the
same thing may be said OF railroad earn
ings. which for the first week in NOvem-
her. fortv-four roads reporting, show AN
increase Of upward Of 3 per cent over
the corresponding period in 1910. Net
! earnings as a rule present moro encour-
aging results. especially those reported
bv the companies in the South.
Stocks Of the Southern roads are in
better demand and marked price en-
hancement is shown by the Louisville &
Nashville and the Atlantic Coast Line
The Atlantic Coast Line has advanced
its dividend and there is talk Of some
sort of melon" for the owners of
Louisville &, Nashville According, how
ever. 10 people closely identified with the
management Of the Louisville, cXpecta-
tious that there will be an extra distri-
butiou to the stockholders in the near
able rights" will he issued are not like
~ 10 he fulfilled. The company is max
ing money. but stockholders already are
well taken care OF in the matter of divi-
Jonds Lehigh Valley shares also have
been advancing ON the theory Of a
melon" II was reported in the week
on Trustworthy authority that the segro-
cation Of the company's coal properties
would be on basis that will give 10
I,ebigh Valley stockholders one share OF
the coal company for each four shares
Of I.ehigh Valley stock now held. II also
was reported that the coal company
stock would be placed on an S per cent
dividend basis Wall street has an idea
that there will be a number of melon
| cuttings" i'm the course Of the months n
come from undstributed equities in or
der to forestall recommendations that
the Hadley commission may make in the
matter Of regulation Of capital issues.
Money rates arc easy. but IN view Of
the growing strain upon the banks for
funds for Canada and California. prera-
rations for December interest and divi-
dend payments and the indications Of
expansion in corporation borrowing quo
tations soon ought to reflect irmer
tendency Through facilities offered here
| .f fte ,.iIi lon
I'm South America through exports OF