New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-25
Securities Market Marks
Time-Mercantile Buy
ing Better.
EXPORT OF GOLD TO
EUROPE CONTINUES
New Haven Revelations May Aid
in Passage of Railroad Securities
BiIl-Bank Surplus Up.

The securities market last week
showed little change OF prices, ana
trading, still almost wholly confined 10
professional operations. was dun ana
listless. Little liquidation has ap-
peared OF late from security holders
here or abroad. and brokers expressed
tic belief that when some important
market news comes from the OUTSIDE
TO stimulate business stocks arc moro
likely 10 rise from outside buying than
10 break badly on any unfaNora bic &c
vclopments. The Mexican negotla-
lions. uncertainty over the freight rate
case and the antitrust legislation
pending at washington and the press
ing problem Of railroad financing con-
tinued as depressing influences on mar
kct activity. Added 10 these, the re-
markable testimony Of ex-President
Mellen in regard 10 financial transac-
tions of the New Haven was 3 further
cause of hesitation. General business
showed some slight sign OF quickenlnS,
with the hope that when the bountiful
haryests begin to make their full effect
felt adverse political influences will be
less conspicuous and conservative
advance in buying may result.
Revelations OF New Haven nisrnan-
arement seems TO threaten much pres
en-, difficulty 30 offset possible future
Ill oft u mn
forth. Confidence of European IN
Ncstors in American securities, ALREADY
shaken by other disastrous financing
NAV. il is feared. receive such shock
when the full text OF the hearings
reaches the other side as TO make DIM
cult future borrowing for American IN
dustrX. The proposition pending IN
Congress for requiring railSoad issues
of stocks and bonds TO await the APP
proval Of the Interstate Commerce
Commission. despite its manifest dis
may well flnd in Mr.. Mel
lens testimony compelling argument
for its passage. To the ordinary citi-
zen, who cannot grasp the state OF
mind IN which millions are moved az
chess PLAYER moves pawns, great finan-
cisl irregularities mean dishonesty
rather than mistaken judgment.
Financial Intoxicstion.
one great trouble with the whole
New Haven dream Of transportation
in New England was that it
came out Of its time. In the period OF
expansion that followed the Spanish
American War and the definite placing
of this country on a gold basis a kind
of financial intoxication arose in which
no price seemed too great 10 pay for
combination and monopoly. In many
instances extravagant purchases OF
were written off the books
years Of prosperity But the
New Haven combination was effected
when the lean years were coming or.
In addition. public opinion became more
suspicious of the use OF great masses OF
capital following the insurance investi-
cation. and with the Interstate Com
mcrce Commissions authority over
rates increased il became impossible
increased charges TO make up
for exorbitant prices at which COM
peting lines had been purchased and
every attempt at a hold-up OF the in
tended monopoly had been bought off.
Active efforts were begun by the
mediators toward bringing some or
der into the troubled affairs Of Mexico
and tho enemies Of HUeIts moved
nearer to his capital. 4 disturbing Gle
mcut appeared in tho reported in
eistenCo OF President Wilson that tho
division Of great estates in Mexico into
small holdings for the poems was one
Of the objects Of the administration
policies. Equal opportunities for all
men do not yet exist in the United
States. and it is felt that if We can &C
complish restoration OF some semblance
of order in Mexico the burden Of set
Ting its economic questions is not one
we should be forced 10 undertake.
Labor and Anti thrust Laws.
Progress Of the antitrust legislation
at Washington was heset with some