The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-02-27
STOCKS FEARFUL OF
An EXTRA SESSION
Wall Street Would Regard
Such as Nothing Less
Than Calamity.

New York, Feb. 27.-Now that the
Interstate commerce commission has
broken the endless chain OF rising
prices the stock market Is not really
afraid OF anything but an extra ses-
sion OF congress.
An extra session OF congress would
be positive calamity 10 the stock
market. Such "A development would
Justify wholesale liquidation of invest
ment securities. 1t would be doubly
disconcerting since the Republican
party would be held responsible by
the country for the extra session, be-
cause OF the Republican senate's refus-
al to take final vote on reciprocity
with Canada. In addition to the up
roar that might be caused by Demo
cratic revision OF the tariff just when
business is beginning to thrive again
chances OF "A complete change OF ma
tional administration in the election Of
1912 would be increased. A period Of
readjustment must come within a few
years anyhow and an extra session In
congress would precipitate 1t.
Overwhelming In interest any 9th
or recent event in railway, Anancial
and business circles. the decisions OF
the interstate commerce commission
that the railways east and west are
not entitled to the advances in freight
rates they sought caused a pronounc-
cd impression In the latter part of
the week
Waiting for Court Decisions.
Industrial interests are still await
ing the decision of the supreme court
In tho Standard Oil and American To
bacco cases. which, II not forthcoming
tomorrow. will be anxiously looked for
on each succeeding Monday until
they are handed down and the status
of the large corporations settled.
While the executives of the rail
roads are generally disposed to take
the rate decisions to heart, the optim-
list points to the fact that at least the
railways now know where they stand.
and have "a definite basis upon which
to work during 1911. There Is talk of
rctrenchment on some lines. but 9TH
crs. notably the Hartman system, will
go right ahead with projected i'm
provcments. The double tracking of
the Union Pacific and subsidiaries to
the Pacific coast, entailing an expendi-
Gnrc OF $75.0O0.O00 at least during the
next Ave years will be pushed.
I'VE cannot stand still: neither can
we AFFORD to 20 backward: we must
grow commensurately with the terri.
hks,k y,,I II
s. Lovctt. head OF the Hartman sys-
tenn. And on the heels of the adverse
decision the bankers Of the system an
nouncc negotiations for the placing of
$50. 0OO.O Central Pacific 4 per cent
bonds In France.
Railway presidents representing the
eastern lines traversing classification
territory" are TO meet today at the
Trunk Line association Offices to dis
the decision.
Not Much Chance for Appeal.
Appeal Is talked of. but the decision
was based upon facts and figures of
the railways own returns, and IL is
questionable whether any point OF law
can be adduced upon which to hang
program Of recourse to the new COM
mercc court. The decisions contain a
proviso that II the roads can show in
ability to make both ends meet they
may protest to the commission and
their appeals will be given attention.
Meanwhile general business Is good
and money Is easy. Reports from the
steel companies indicate improve
ments I'm nearly IL not quite all the
branches. Export orders during the
week included $4,000 tons of rails for
Uruguay and $1,000 tons for the Arg
cntine, 10000 tons of billets and 10000
tons of bars for Canada. Domestic
roads placed orders for $4,000 tons of
rails. including 10000 tons for the Chi
cago and Northwestern. February
rail contracts aggregate 81 900 tons.
The stock market here. influenced
by London's opening declined consid.
erably at the opening on Friday but
much OF the loss was recovered A
feature OF the bond market was the
advance Of "a, points in Wabash first
refunding tours on transactions in.
volving $4.S41,o 900. Commodity mar
kets, especially in wheat. declined dur.
ing the week