New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-07
FINANCIAL MARKET
Virginia Debt Certificates Feat
ure of Stock Exchange Trading.


The stock market was dull and mar
row throughout the day on a movement
o: prices that showed unimportant
changes in the larger number Of issues,
net gains predominating at the close.
Commission houses had few orders for
public account the chief part of the
business representing the operations or
a small professional element. which ap-
parently had no we'll defined ideas re-
sarding the probable course OF quota
tons in the course of the next few
weeks. although some board room trad
ers expressed decidedly bearish senti-
ments. without, however. inducing any
selling There was nothing in the day s
news calculated TO stimulate activity on
either side Of the market. except in the
case of the Virginia debt certificates.
The Supreme Court, as generally en-
pected. failed to hand down decisions in
the corporation cases now before II, and
the opinion in the best informed Wall
Street circles did not favor the theory
Of a ruling in these suits in the imme-
date future The importance of the
questions involved seems 10 preclude the
possibility of an immediate final settle
ment. In some quarters 1t is thought
that the courts opinion will rot be ready
before May. Announcement that the
Western railroads had agreed TO accept
the decision Of the Interstate Commerce
Commission in the rate case was MADE
Yesterday. This is very good Of the
railroads, especially as there is no way
by which they can avoid accepting a
decision that is mandatory in its nature.
Some Of the Eastern railroad presi-
dents have been talking with the MEM
bers of the Interstate Commerce Com
mission in the evident hope Of securing
some modification of the ruling. but their
visit TO Washington appears to have re-
suited in nothing more than loss in
time and money. which ought to sug-
gest to them the wisdom OF forgetting
demands for rates that have been de-
clared unwarranted. There is gossip or
a reduction in the New York Central
dividend as consequence OF the COM
panv's failure to receive the increase in
freight charges asked for. The New
York Central's position at this time last
wear and its enormous needs incident TO
its terminal improvement plans did not
warrant the advance in the dividend
from a ) to a per cent basis, and even
with the increase demanded In Its trans
portation charges the continuance OF a
q per cent rate would not be In line with
good business A reduction In the diVi-
dend at this time would be bull argu-
ment on the stock. The only real &C
tivity on a. rapidly advancing price level
in Yesterdays market was supplied by
the Virginia debt certificates, which rose
more than Il points. following the de-
cision of the Supreme Court in the Nir-
ginia West Virginia controversy, which
has been in the courts for many years.
From the highest point, at 6'i2. these
issues declined 10 59'e at the close, a net
gain of 9le.
The average price Of the leading rail
road and industrial stocks is we'll under
the high Lowell of the year recorded early
I'm February. and from current indica-
tions the course Of speculation in the
next few weeks will not bring any par
ticular satisfaction To the operators who
are CARRYING ON borrowed money securi-
ties bought at figures above those now
prevailing. ON the other hand there
appesrs 10 be no reason why a sustained
hear movement should develop. although
naturally with the reassembling of Con-
sress i'm April there will lie hesitancy in
making commitments Tor long account
and A disposition on the part Of profess
sional traders to work for lower quota
tious. And in the event of decisions
against the Standard oil and American
Tobacco companies some liquidation viii
lac recorded The idea that bear specu-
lation will meet with nothing more than
passing profits is based upon the bullish
attitude of tho larger banking interests
and on their control of the money market
and their plans for financing the needs
of corporations, the success OF the latter
DEFENDING To "A large extent upon staDll-
~ in prices and confidence among In
vestors The general business situation
presents no argument for a declining
market Investment CONDITIONS are
sound and bankers experience no dliii-
Guilty i'm disposing OF new offerings by the
railroads. I'm the best informed quarters
the belief is expressed that eventually
stock market prices will move TO mnch
higher level but at the moment they see
good reasons why long accounts should
rcin