Bisbee daily review., 1911-07-06

New 1efk.-1 ne dec1sloh oA enS circuit court that tke unioR Pacifics control of the Southern Pacific by ownership does not contravene the sherman antitrust act is develop nent of distinct importance. h re- moves a barrisr that has existed Tor soae time. preventing the open, con certed operation of non-compeutiFel IiRes or transportation. Coming al this time when court rulings have been so uniformly against formal so- operation among our great iRdustr1&i and raflroas combinations it wul exert a steadying influence on the mind of the investor, as tt IS al rect evidence that the courts may he depended upon to protect proper tv interests as faithfully as they do public interests.
 The shaIa advance in the secek market rrice lsvel that accompanied the declsioa received somewhat or A check. howeves as result of the weeks additional and conclusive eyt dence of the disposition on the part ot the admiristration 70 continue 10 probe the current methods Of our large industrial corporations. And there is evidently substantial ground for the belief that until after the presidential election ot next year both of the great political parties may be depended upon to make as great a spectacular display as pos sibIe in the direction of appealing to popular prejudice hy attacking trusts --iR less dignified language of con tinuiRg a "trust-sassing campaign Each political party is jealous of the other in this connection, and the one in office is hardly likely to leave any stone unturned that will per init important advantage to be taken by a competitor in the approaehins lolitical campaign Thus, we have still in sight a period Of unsettlement- There has this week. for instance. been the action of the local federal grand jury in Sling criminal incict- ments in the case Of officials and corpirations, Qncluding Steel corper- ation subsidiaries) in connection with the wire price agreement Of some years ago. and this follows similar information connected with iRvssti- gations of the Steel corporations ee- rnent activities. The bsffeaa of cor porations today furnished to the pres ident a report giving the result or it's studies into the iron and steel industry in this country. In this report the commissioner, Mir. Her bert Knox Smith, presents statements to show that the Steel corporation IS much greater dominating infiu ence. though chiefly as a result or its ore resources, than nas been generally supposed. The report as awhole is favorable to the corpor- alton. but it will nevertheless consi- ute what may be termed text book for campaign orators of both political parties to denounce trusts. during next years presidential cam paign.
 Favorable influences.
 Thus, we have before us in this direction incentive for no little IT. regularity in the market for Stock Exchange securities. On the other hand fundamental influences are cer- tsinly favorable and the outlook therefore, suggests a period of aetivs fluctuations that will constitute an ideal and protractea market Tor traders.
 Looking at the more favorable in huencex that present themselves. we have in the first place what are un- deniablv excellent crop prospects Rains in North and South Dakota have measurably improved the spring wheat harvest outlook. An ex cellent winter wheat yield is al ready assured, and corn. while still subject to the yicissitudes of wearh- CT. is thus far in good shape. Co., ton giTec every promise of a satts- factory yield at excellent prices, re suiting from an accumulated demand Hay ana oats are rather disappointing and will therefore, stimulate the demand for corn as a feed But the harvest outlook. considered as g whole. certainly suggests anothei fink in the long unbrokea chain of years of agricultural prosperity. This rnasns in turn. a tremendous pur chasing power for the products oi industry which cannot fail to show itself in general mercantile activity when the improved movement onct really begins Stocks of merchandise fin course of distribution and in ths hands of manufacturers are unusual Ix light and must be promptly re plzced. The demand from consumer has during the fast few months beei restricted to day-to-day requirement. and has been supplied out of stock fn process of distribution both retal and wholesale meTcnanls m thei own purchases from first hands mere lv refIecting the limited demands fo actual consumption. Thus OFT nsz ufaeturers will be face to face < a short time not only wiik suppiytn- 4he accumulated demand of soaseK CTS. but also with supplying the o' dinary channels of distribution pros uefs to bring supplies is these ohai mes up 10 normal distributing prop' Eitions-
 An evidence Of the continue abundance or uoney--a feature ths has been the pxinsarv cause Of ;E ereadv advance that has taken llac in the market leysl-is tHe fao tks ae~ssatsiafions of faEGs te Bay "a large semf-annuaI dividends and ! 4erezt disbursemenfs have been mad fhle year without sz apprecsabls ar' epinr in rental rates TOT none
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