New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-24
FINANCIAL MARKET
Hiuher London Discounts Re-
fIeCted in Firmer Local For
eiun EXCHANGE Rates.

The remarkable resistance eXhloiteo
by United States Steel common TO heavy
offerings OF the stock and manipulation
by hear operators was an effective in
nuence in bringing about strength in the
larger number Of issues IN the late deal
ings following period Of moderate
weakness in the early transactions IN
Yesterdays market. OF a total OF moro
than $4,000 shares dealt I'm Steel com
mon supplied more than 10000 shares.
The stock was sold by several promi-
nent houses in heavy blocks, presum-
ably for the account OF an operator VINO
has long been identified with the bull
side OF the speculation in the security
while it was understood that a pool
handled by a Wall Street character of
rather shady reputation was actively
engaged in efforts TO bring about a
lower quotation for the issue. The sup
port was so good that in spite Of the
enormous selling the stock closed al
net loss Of only I point In the larger
number Of stocks prices were heavy IN
tha best part of the day. although an
upward movement I'm the last hour lett
the majority Of active securities at
small net gains. especial strength helng
shown by Western Union and Anal
earnsted Copper. Compared with last
weeks daily average Of transactions the
dealings. outside Of those In United
states Steel. were light In volume and
representative Of little beyond the opera
tions of an unimportant professional ele-
uent. The public speculative buying
movement has subsidized, while the larger
Wall Street interests apparently are not
inclined TO encourage activity on me
bull side Of the market pending the SUI
nreme Courts decision I'm the govern
ment's suit against the American To-
bacco Company.
Judgment in the Tobacco case doubt
less will be rendered next Monday. II
is expected that the ruling Of the court
will remove all uncertainty over the
exact meaning of the decision In the
Standard Oil suit in regard to reasonable
and unreasonable restraint Of trade on
the part Of corporations, and In finan-
cial circfts n is thought that with the
clearing up OF this important point the
confidence inspired in the business COM
munity by the opinion of Chief JUS
:ice White against the big oil con-
Germ will be strengthened TO an OK
In, lyfA n
crease in our general markets. There
are many sold out bulls in the Street
who are exercising all their talents TO
get their stocks back at cheaper figures
in expectation Of such movement.
Good buying was reported in Amalga-
mated Copper, which was among tho
few strong features in the general mar
ket Copper trade conditions are i'm
proving. An active buying demand for
the metal is looked for. and the same
thing may be said Of pig iron and fin
ished steel products. Conditions under
living the metal markets are sound,
while in all lines OF trade weak spots
are difficult to find. One Of the strong
est factors in the situation, outside Of
easy money, is the scarcity Of goods on
merchants shelves and the growing
needs Of the railroads for new equip
ment, rails and structural materials.
Firmor discounts in London have not
materially affected the local foreign ex-
change market. although rates are a
trifle higher than reported at the open
ing of the week. Demand for remit
lance is light, while a fair supply Of
bills is noted, especially bills represent
ing exports OF merchandise from this
port. which continue in heavy volume In
spite OF the falling off I'm shipments Of
cotton. Our position IN the interna-
tional money market Is one Of extreme
strength, compared WITH one OF decided
Weakness at this time a year ago, and
the local money market contains all the
elements that make for industrial ac-
tiyity and enlarged operations I'm securi-
ties. both for speculative and investment
account. Borrowers Of time funds are
not active at the moment. but bankers
EXPRESS the greatest confidence in the
theory that the inquiry for funds viii
expand at no remote period, with a
widespread demand for accommodation
i'm the autumn, when II is believed mer-
camille needs will be large enough Ia
bring about substantial advance in
loan mutations In all departments Of