New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-29
FINANCIAL MARKET
Advance in French Exchange
Suggests Possibility of Gold
Exports to Paris.

Wednesdays stock market was not re-
peated yesterday, trading being con-
Quoted on a somewhat lighter volume,
with prices enjoying in the best part of
the day an orderly advance, in the
course Of which maximum gains Of from
8 TO 3 points were recorded among the
prominent shares. A better realization
Of the significance Of the United States
Steel Corporations statement and a
fuller appreciation of the great strength
Of the corporation, its studied policy to
work within the law and in the interests
Of its stockholders, encouraged more
bulIish sentiment on the Steel issues,
which ended the day at net gains Of ga
ana IL for the common and preferred,
respectively. II the Department OF Jus
tee should proceed against the United
States Steel Corporation, about two
years doubtless would pass before
final decision could be rendered, and In
that time much could happen on the bull
side of the market and the steel trade.
The ease with which prices advanced led
TO a large amount of covering by opera
tors who went home on Wednesday
with bear accounts outstanding and al
though the completion Of this movement
was effective in bringing about recess
sions. final quotations presented sub
stantial improvement.
Union Pacific advanced sharply under
the influence Of covering Of short con-
tracts and buying from important
| sources, at one time its price showing a
gain Of more than points, the labor
situation on the Hartman lines for the
| time apparently having been forgotten
/ Real holders of stocks evidently have re-
covered their composure, and while there
are many uncertainties in the current
| business and political outlook, it Is to be
| hoped there will be no more Of the reck-
! less selling that has marked the market
/ in recent days. There is no good excuse
l for investment liquidation, and If the
/ strong interests who are now supporting
prices maintain their present market
position stocks ought to move to a
higher range. The bear party, however
has made an enormous amount Of
money. but the biggest bears, 1t is
understood have changed their position
Talk of a fight between Morgan and
Standard Oil people is not well founded.
According TO well informed market in
terests the strength in st. Paul and New
York Central was due almost entirely to
the liauldation of short accounts that
had been in process of accumulation sor
many weeks.
The practical settlement Of the Mo-
roccan affair has exerted a reassurlng
effect upon the foreign exchange mar
ket. and current indications suggest the
probability Of lower rates for sterling IN
the coming month, especially as there
appears to be a speculative account out
standing created on the assumption that
DEVELOPMENTS abroad would carry quota
lions to a materially higher range The
possibility Of gold exports from here to
help out the Bank Of France still exists,
however. Discount rates in Europe are
well above rates for money here, but In
suite Of heavy Withdrawals Of gold from
the Bank of England the British IN
sti.ution is in a strongly fortified posi-
ton. as reflected in its weekly return,
showing d proportion Of reserve to
liabilities Of 1914 per cent. comparing
with ten-yesr average for this week Of
1852 per cent. Preparations for the
large October interest and dividend dis
bursements are not affecting local money
market rates for the good reason the
banks are so well supplied with funds o
time when demand for accommodation
IS light and because interior demands
upon this centre incident TO the fnan-
cling Of the crops are abnormally small
There is an absence Of inquiry for money
throughout the country, one evidence OF
which is found i'm heavy shipments Of
national bank notes 10 Washington for
redemption. the total Of which in the cur
rent month TO date amounts 10 S33,194,-
O4S. against S27 $50 354 IN the same time
last year The federal government is
making a good showing in its revenue
and expense account, the excess Of all re-
ceipts over all disbursements since July
! amounting 10 81 34s6 SIS which com
pares with deficit in the corresponding
period in 1910 Of more than $4,000 600