New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-16
REVIEW OF THE
WEEK In FINANCE
Reaction from January'S
Rise Natural-Fear OF
Washington.
TRUST BILLS NOW
BEING MODIFIED
Steel Trade Notably Active
Business Betterment Slow
Ease of Money.

Ease of Money.
The generally declining course Vi
security prices early last week u 10 oe
osor,hcd n the natural reaction follow
ing the strong upward movement III
January. Influenced somewhat oy inc
renewed apprehension of unfavorao'e
,ovolonmcnts in washington. NO
strong selling pressure, however de-
veloped. President Wilson's message
Of reinsurance is gradually being for
gotten in consideration OF the legisla-
ton being planned to carry out MS
ideas The era Of peace between the
federal authorities and big business
heralded after the American Telephone
and Telegraph settlement is now feared
N he only an ar1nistice. a less opu-
mistic view is prevailing as TO the
time Il would take the business OF the
country 20 present the prosperity 1ore-
Swallowed in the market upturn or jan
nary. Reports from various trades
however. show some gradual return
toward normal conditions, notably IN
the steel industry.
Congress is finding some difficulty IN
the bills that are to make into law the
Presidents recommendations for the
~eeulation of business. The Interstate
Trade Commissions powers are prov
ing rather difficult to define. parucu-
lerlv its right 10 examine and make
public the affairs Of corporations en-
gagged In interstate trade. Protest
against making known trade secrets,
lists Of customers and other details or
mana cement that most concerns wish
IN keep from competitors may well pro-
duce considerable modification in the
bill as originally planned. 1here
seems. too. some possibility that only
corporations controlling a large per-
centage Of their trades or doing a large
volume Of business may he made SUD-
iect 10 the commissions supervision.
Some modification of the sweeping pro-
bibition Of interlocking directories in
resnonse TO general protest seems prob
able.
a Virtuous go Per Cent.
The President. it is reported has
listened with interest TO suggestions
that would prevent needless harassing
of corporations, and in private CONVEX
sation has expressed the opinion that
90 per cent Of the business of the coun-
fry needs no attention by federal
authorities. So there is hope that the
legislation TO correct the OFFENDING
tenth NAV be less drastic than at pres
ont threatened.
An example Of the thoroughgoing &C
ton that may be expected from the
present administration when measures
are finally instituted against what Is
considered restraint Of competition
NAV be seen in the suit filed by Attor-
new General McReynolds to dissolve
the merger of the Central Pacific with
the Southern Pacific. That the suit
has been brought is no great surprise,
despite appeals Of the Coast for delay
and forbearance. In his request that
{ the individual shareholders OF the
Southern Pacific Oe forbidden 10 buy
any stock Of the Central Pacific now
owned by the Southern Pacific Com
pany, the Attorney General again
shows how complete dissolution must
| be to meet his approval.
Government relief for the railroads
| through increase Of freight rates has
for the present fallen into the back
| ground, while continued reports Of UNI
satisfactory earnings by the roads are
being presented. Authorities on gen
eral business conditions. however. tell
OF increase OF confidence and some re-
newed activity. Still. az before noted
rather cautious and conservative. In
| the steel industry improvement has
gone beyond better sentiment, 10 be-
come evident in decidedly increased or
ders and better prices. Manufacturers
now have prospects Of fair operation
for from two 10 four months ahead,
with February orders averaging 80 OS
tons a day Of the United States Steel
Corporation. Larger bookings than in
January are returned from the Pitts
burgh district, though this is not true
Of all other sections. United States
Steel's untitled orders on hand January
81 showed an increase for the first
time in months.
Copper Stocks Decrease.
The Copper Producers Association
also returns figures that show actually
better conditions. in announcing de-
crease OF over four million pounds in
January OF stocks Of metal on hand.
Domestic deliveries. over twice those OF
December's, were yet below normal. and
production was less. An unusually
heavy export movement OF the metal
was considered largely speculative.
Better buying is reported in mercan-
tile lines, but purchases are still care
fully restricted close TO immediate re-
ouirements. Retail trade shows in
some departments the stimulating cf-