New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-05
FINANCIAL MARKET
Bonds in Good Demand with New
1iqh Record for City 4Hs.


firm in the early dealings, but exhibited
a reactionary tendency in the afternoon,
when maximum declines in the promi-
nent issues ran from good sized fractions
TO more than ! point, with an eXcep-
tional loss in Canadian Pacific. which
declined more than 4 points from the
closing Of the preceding day. The weak
ness in this stock was merely a sequence
OF its recent heavy advance. In most
parts OF the list the selling movement
represented nothing beyond natural de-
cline incident 10 the exhaustion Of the
buying power and the elimination Of the
short interest There was no important
liquidation, and the larger number Of
traders could see little in the character
of the dealings to suggest the develop
ment of a sustained downward move
ment. In the bond department activity
was reported in many issues, especially
In the Rock Island As. the marlborough
Metropolitan 415s. the Frisco refundng
Is and the Wabash refundng and extern
sion As. international Harvester was
feature of the forenoon operations. its
price making a new hieh record and
showing a gain from the low Of 1910 Of
upward Of - points. American Beet
Sugar also was a strong feature Of the
industrial list
Efforts were made in some quarters TO
create an impression that stocks should
be sold as a consequence Of the activity
Of certain Congressman Of an invest-
eating turn Of mind In introducing reso-
lutions making many corporations the
subject Of an old-fashioned legislative
inquiry but there was no response from
the actual holders Of securities. Invest
ors are SO accustomed to the ranting Of
unsea soned lawmakers against corpora
tons that they no longer pay any atten-
ton to the news from Washington that
another resolution has been introduced
in Congress 10 find out what excuse a
corporation has for living. The Supreme
Court Will attend 10 corporations that
are existing in violation Of the law
Nevertheless. certain interior Congress
men must let the old folks at home know
they are attending TO business. Although
the poor earnings Of the ST. Paul com
pany for March were responsible for
decline Of more than point in the COM
pany's stock. there was no important
liquidation of the issue. 1t IS thought
that despite the fact the road has not
earned its common dividend so FAR in the
fiscal year, there will be no reduction
from the per cent rate. unless the
directors should be convinced that gen
eral business will remain inactive for
long period.
a new h'gh record was made yesterday
by the New York City Al per cent bonds
at 1O4ll which compares with an av-
erage price Of 10000. which the city re-
ceived for these issues last January.
The demand for all bonds of this nlu-
nicipality has been unusually active in
recent weeks. and from current indica-
tons the movement Will continue for
some time 10 come. while in the general
bond market the character Of the pres
z NJ inquiry S4BEt%lS Il steady HOW tl
capital into investments Of this sort in
the course Of the next few weeks. The
actual volume Of business in bonds and
the tendency Of prices are a source Of
profound satisfaction to our bankers,
who see in the daily operations in this
department Of the market reason for the
belief that al no remote period there will
be a general expansion in investment and
speculative transactions and an active
recovery in the business world from the
semi depression now prevailing. Money
conditions are forcing investment buy
ing. and conservative persons with idle
funds on hand can find no better outlet
for their funds than in high grade mu-
ncipa bonds and railroad mortgage
issues.
The federal Treasury reports the
amount Of money in circulation as Of
May at 1921 G3S,1 an increase Of
as compared with the total on
April |. and a gain Of Si33,OJO,Sli over
May | a year ago. There is an ample
supply Of money in the country for in
ycstment and business purposes on
much larger scale Of operations than
those reported al the present time,
and just as soon as the various
uncertainties that are restricting new
business are eliminated there UNI
doubtedly will be "a big forward
movement in all lines as Il consequence