New-York tribune., 1911-03-01
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Money Rates Easy and Demand
for Accommodation Light.

II Is encouraging TO record the fact
that Wall Street apparently has forgot
ten the recent decision by the Inter
state Commerce Commission against the
railroads In their application for permis-
sion n increase their freight rate sched-
ules. The Street finds that the business
of the country is moving along normal
lines. and that most operators in stocks
show no disposition 10 accumulate short
accounts for the long pull" In yester-
days transactions the general movement
of prices was in the direction Of higher
levels. final quotations in the larger
number Of Issues presenting small gains
as compared with the closing of the pre-
ceding day. Notwithstanding the fact
that commission houses had few orders
for public account. The so-called public
has not been in the market for many
months--that is, in the speculative de-
partment Of the Stock Exchange, but 1t
has. nevertheless. been an active buyer
OF bonds. and from all indications il viii
continue 10 lUNtSl llh lulIo iNl fA iOHS
time to come in the high grade offerings
now reported. There is no good reason
why capital should not move into Amer
ican railroad mortgage issues, and the
same thing may be said of the gilt edged
stocks and bonds OF our representative
Industrial corporations.
Wall Street bears who expected Kill
ing" on the announcement Of the rate
decision made little money, and the poor
souls are now counting on picnic TN
the event Of government victory In the
Standard Oil and American Tobacco
suits pending In the Supreme Court
Stock market prices may suffer passing
weakness if the two companies are de-
clared combinations in restraint of trade,
hut for the information of people who
may hold tho stocks of these concerns
and who may bc uneasy over the idea
that the government may win its suits
il is pleasant to state for their peace of
mind and comfort that tho corporations
named already have made plans for re-
organization along lines that VIII CON
serve the vested rights of every cent in
vested in their securities If the suits 60
against them. II the Standard Oil Com
many and the American Tobacco Com
many are declared outlaws they viii ac-
cent the verdict and come within the
law. There will be no confscation OF
property. The Supreme Court and the
Interstate Commerce Commission al
ready have done much for the Legitimate
holders of American railroad and indus-
trial securities. and owners OF these is
sues NAV look forward 10 further pro-
lection i'm the days 10 come.
notwithstanding the refusal of certain
large banks TO put out call money at less
than o., per cent, borrowers find no diff
ficulty in securing accommodation under
that level loans at / per cent, for in
stance. having been negotiated In tht
current week. The largest banks In
wall Street are rich In cash resources
but they are not disposed 10 make con-
cessions from their minimum rate OF "a
Ter cent. in spite Of the fact that money
is freely offered In other quarters at a
cbeaner price. This situation, however,
is not likely to last for any length OF
time General conditions in the business
and financial world are developing along
lines that suggest a much heavier de-
r,and for funds in the near future, ana
according TO the opinion or the pest
money market judges at this centre the
interior spring inquiry for accommoda-
tion will be large enough TO bring about
material contraction in cash and re-
serve holdings of the New York banks.
,vbile II Is expected that the financing
~ the requirements Of the railroads VIII
tend to strengthen local loan quotations.
That the investment community rs not
bothering itself over the recent rate de-
cjsion against the railroads is re-
elected in the ease with which BANK
ers are disposing Of the new securi-
ties placed in their hands for sale
Several issues that have been offered
since the rate decision have been i.eaVlly
II is encouraging 10 note
that the railroad men who recently prac-
ticallv predicted the end Of all things Ill
the event Of ruling in FAVOR OF the
SINNERS are waking up 10 the fact mat
freight is still moving Every current
indication suggests that the transporta-
tim companies viii handle an enormous
volume of traffic in the present calendar