Bisbee daily review., 1911-05-03
TREND OF AFFAIRS IN
 MARKET FAVORABLE
Henry Clews Thinks Coadi- tons Are Surely Working
 Toward Better Times

eltl situation this week has oLce agaln gIgsn evidence O. underlying stTsngth. An excellent test was the quarterly report of the United States Steel Corporation, which WAS pnl lishcd alter the close Of business on Taeslay. This report fell very materially below general e.pecta- tons ia tte matter of net earnin S. fhe exact figures as given were ses.- a39.2e3, while what were in advance eonsi -e-td conserva atFe estimates had fanEei aryc here iron s2G.0Q0.- eco to S2S.5cO.oo0. At London on We nes fay morning the coreWOn stock or the Stcel Corr orction de- cliuc1 haf Q point. and D sin.lar reduction tcck place in the carly market in New York. But 8 general ira O ement then set iu which was irreEaiariy naintsined during the fest of the week
 This reception by inc market of such an uuexrectei showing IS tots si nt6cant and irunre sive. 1T confirms what has already been re- ucatefiv sscEn in these odriceS, that securities are in the hands Of strc1e nfonis who are oN eat.si e1 with fun sauental conditions and are not 10 he friehtene1 into hqtn- datiol bv srasIodic influences, AS invest ems. our standard securities arc u~on a fav oral le basis and t IS wisely argied that any reduction ID dividends wiil certainly not be gen e4al. even if thev should occur n ono CT two instances where current disbursements are not justified by revenue returns.
 We have in sight whst is usually one Of tha most potent factors in a substantial siock market. namely, a perlo1 Of rrctracted abundance or money that can hsrrly fsil to con tinue until the early autumn, when fur s will be required to finance the c-ons. Until then aHd rendlnE ahe fevelounent or activity ii in- dustriaI ana commercial channels, this une nrloved money, as has been the case in the last few iuonths, Will au2omatically seek reTnneratiye emrIQvr1ent in the stock market. Meanwhile, before it is called back for use in these ehanRela, the un- settling facts that are now re- tarding general b1siness viii have rnatured. P this we mean that the sapreme court will have rendered its decisions in the Standard Oil and American TO, acco cases and tarif revision as an influence of discour- aperent and unre1t will, most Ike ly. have Teen completed.
 This general clearing of the situa- tior the stock market will undo1bt- edsv discount. We have the cur rent example Of srectacular British trade recovery from a period of duIluess and depression that not unlike our own situation, vas caus- ed primarily by political influences. ff will be recalled that the British budget and the contest over the ye' to rover on appropriations by the house of lords upset British trade and caused uertod of keen depres sion and unrest throughout Great pritsin. But throughout this perio. the reople continued their usual functions as consumers Of food and raiment. and since the poliuca ouestions have been settled tor al any rate row that the house ol Io-as' rrerogative has become the snhiect of compromisel tfao' ,soven1enr has set in that has as surned record-uraking proportions TEfIEEELL= NAAI AAt-Ns-+ --'
 ,,Iaffon of demand by consumers We, in this country, are il s. much the same position as the peo ple of Great RTitaln were yea - so svo O1- trade and industry hay been gradually becoming leset ~ a5. manufacturers have conflne their operations to the tasls or " duced requirements TOT. eohs ton and merchants have iperniltte their stocks to decline 70 po-n wnere replenishDent will be uIsen Iv demanded at the first sign or a onward movement. Before IhiS oL ward movement can began We lnus have some reliable forecast or "a tff ieeislatiou and We must hno .he effect Of the supreme court o' cisions already referred 10. rue u' cisious have. it may be observed, . rea5y teen accepted at their iS MoiS
 +hat ia 10 say, the market believe ,hat inc two corporations coneerhe UiI1 te declared in restraint traae ana will be compelea q q corsiinglv to adjust their affairs II ~scent decisions against fixed PIT a ana its uneauivocai ruling Tn tn ,orr,odisy clause are widely accep "a as showing the mental attituo os inc supreme court in regard .<,.,s,i,faf lions. other corporations, ss... indication is fulfilled VII as .,' be colrpeIIed to ecmity ~i1n eN rrovisions Of the sherman law. 2 inns for the first time deflnitel 5etermincd by oar highest tr1Ouns eut this does not mean there VI be any confiscation of property interference with property nsne ubether these property rigats al ealied goodwill or selling organiL ion or anything else It slmpl means that business must pc co ducted in Q perfectly fair ana ies' eav which is a position t.sst eve rafriotIc citizen will eordisiiy q aroxe. At the same tine II snoa nd te forgotten that stock.os.s ~5il stgu retain the full i1t1'ns salue of fkeir property.
 Az far as the tariff is eoneeTns she prospects are that before none I'd needed fof the crops tpis retaf Inr influence will be quite out