New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-26
FINANCIAL MARKET
Further Shipments Of Gold Coin
to Canada Reported.

az the total dealings in yesterda!
stock market large proportion was sup
n,iad nv United States Steel common,
which in the first hour OF trading alone
Furnished about 81 per cent OF the ous'-
ness reported. Notwithstanding the az
oressive efforts Of rather powerful specn-
lative interests TO bring about material
slump in this issue. its loss for the DAY
was less than I point. the selling hndlhS
ready buyers and support from supstah-
tiaI sources where the unsettlement IN
stool Drice schedules is not considered
adequate reason for liquidation OF steer
COMPANY shares. Lower quotation OH
finished steel products should serve ~
induce expansion in the demand from
consumers and eventually much higher
figures for the steel securities, just as
they did following the announcement OF
an open steel market IN the earl! pal
If 1909 At that time United states
steel common was selling under oo out
tho stock then was not, as at present on
= : ner cent dividend basis. There Is d
largo short interest in the issue. but the
fact that it is now selling upward OF y
noints under the high point recorded
eolloUing the STANDARD oil decision ought
20 suggest extreme caution on the part
of the small trader in making commit
ments for bear account at prevailing
quotations
OF course there arc many persons VINO
would like TO sec q break in the price of
the United states steel shares IN order
f. accumulate them at more attractive
figures. Notwithstanding attacks on
steel and pessimistic talk in bear QUAR-
ters on the general list. the market az
g whole acted we'll failing 10 move IN o
manner warranting the expectation 81 q
sustained decline. The larger number
of conservative houses advised the pur-
chase Of stocks on all weak spots and
thcv we're able TO report An excellent
class Of buying on the forenoon reac-
ton. Afternoon transactions were con
fined 10 small totals. and while no et-
forts were made 70 bring about higher
quotations bear traders were unable 10
induce liquidation, the chief effect OF the
weakness in tho morning being reflected
in n tendency on the part IF commission
house interests to stay out Of the mar
ket A number 81 weak bull accounts
have been eliminated I'm the last two
DAYS. which with the increase in tho
short account has materially strength
crod the technical position Of specula-
ton
Further Withdrawals Of gold coin from
the local Sub Treasury for shipment 10
Canada were reported Yesterday, making
e total on the current movement since
MAY of moro than 81 ,OO0 900 At the
is the chief item I'm the currency opera
tons at this centre and from present
indications il viii continue to be the
chief drain on New York bank resources
in the immediate future owing 10 tho
demand for money IN the Dominion in
cidept 10 unusual commercial activities
throughout canada. Montreal banks
have substantial balances in New York
while they evidently are now drawing on
credits ina London by tho sale Of drafts
in this market, q reflection Of which is
found i'm the price OF Montreal exchange
on New York which is at tho gold i'm
porting point. Western exchange rates
do not indicate the development i'm the
| immediate future OF All active movement
of funds in either direction. The Bank
/
mum rate OF discount Yesterday, al
| though its weekly return showed pro
portion 81 reserve 10 liabilities seldom
exceeded in this week in preceding years
At JlIG per cent, the proportion COM
pared With a ten-ycar average OF 4S24
per cent. the strength of the Institution S
position resting on a further addition 10
bullion holdings. The fact that the Con
tinent is borrowing money In London
evidently makes IL an easy matter 10
maintain the discount rate at = pcr cent
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