New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-23
REVIEW AND DIGEST
Prices Improve on Encourage
ing Events of the Week.
The Railroad Situation
Market Outlook.

disturbing influences during last "eeA'
The Hartman merger suit decision
handed down by the Supreme Court on
Monday of the week before was still
puzzling the minds of the public at the
beginning of this last week. and instead
NJ offering encouragement the effect
was one of depression. On Monday last
the supreme Court handed down It's de-
cision in the anthracite coal case an"
the tension which had held in check an
activity in the market Advancement OF
the coal owning roads was released by
the favorable findings of the hishes'
tribunal in this country. The action OF
the stock market following this de-
cision was indicative Of the apprecia-
tion with which Wall street financial
interests received the announcement
Then came the summons from the PuJo
committee for J. Pierpont Morgan to
appear in Washington and give his tes-
timonv. The announced departure or
Mr.. Morgan, with his retinue OF law
vers. associates and clerical star, Gre
ated a profound impression In the
financial district and set in operation
numerous rumors OF an encouraging
and discouraging nature relative TO the
probable result of his testimony. n
day on the witness stand, the frank
answers to Mr.. Untermyer's questions
admitting the existence of the stu
pendous financial connections generally
credited to Mr.. Morgan, had tendency
TO uuiet the fears of traders and TO
make less serious in its appearance the
effect Of the money trust" investiga-
ton. On Thursday, after an Initial
weakness in the stock market. the at
ternoon developments presented by
contrast a strong trading position. APP
parently the oppOrtune time had ar
rived and prices started on the road to
Improvement. Thursday was a day
of digestion for Wall street. Chair
man Lovett Of the Union-Southern Pa
cifc lines had issued a statement on
Wednesday evening which was noted
more for what could not be done than
what would be accomplished in the
distribution Of the Union Pacif1c-
Southern Pacific holdings. BY process
Of elimination, however, this statement
had the effect of showing that the road
was nearer a plan Of distribution by
having some definite lines along which
to work for a final solution. The APP
peal by the Union Pacific and Attorney
General Wickersham to the Supreme
Court for ruling on the questions in
volved indicates that stockholders III
both the Union and the Southern Pa
cific road will receive just considera-
ton.
The Balkan war disputes seem 10 be
nearing a peaceful solution, though
there are vet possibilities Of q failure to
secure harmony. The cloud in the sky,
which last week apparently was gath
ering to engulf Wall Street, as a result
of the Pujo Investigation Of the Stock
Exchange. seems TO be dissipating, and
the various suits which have been
awaiting rulings by the Supreme Court
have been reduced for the present to
the Minnesota rate case az the next i'm
portant decision. so that altogether
these troubles at least are growing
fewer. However. the way is not yet
clear for a very strong bull market.
Money is a factor which will show a
striking control over the actions of the
stock market. The foreign demand will
probably be very great. Already Aus
tria and Hungary have each borrowed
SO 100000 Turkey will require money,
as will Italy and the Balkan States.
Coupled with these demands is an i'm
mense business already apparent I'm this
country and a general revival which
will take place abroad after the settle
ment Of all the Continental differences,
all Of which will necessitate vast sums
TO allow a full and free movement.
While the local stock market and the
foreign bourses may show a remarkable
bull movement in the face of very high
money, 1t is not probable, and the out
look would seem TO indicate a conserva-
tive course in stock market transact
tions, to say the least
James j. Hill, chairman Of the board
OF the Great Northern Railroad TO
whom the Northwest owes much for his
efforts in the development Of that Sec
ton Of the country, and who is ac-
knowledged one of the greatest railroad
men in the world to-day, presented
some statistics which are impressive, in
his speech at the fourth annual ban
quet Of the Railway Business Associa-
ton on Thursday evening last. Mr..
Hill stated that railroads must have
large sums of money, but that, owing
to decreased earning power and in
creased expenses, their credit has been
impaired. He recited figures TO show
the increased expenses and the gradual
decline Of rates. For instance the av-
erage freight rate a ton mile was re-
duced from 927 mills in 1890 to