New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-19
FINANCIAL MARKET
Time Money Rates Begin to
Show Hardening Tendency.

on nedNN volume OF business SlOCh
market prices made further progress in
the direction of higher levels in yester-
days operations. Commission houses re-
ported an increase in public buying or
ders. and while many substantial Wall
Street spectators took advantage Of the
rise to sell stocks bought at lower figures
the liquidating movement failed to bring
about important reactions in any part
of the list. Enormous dealings were re-
ported in United States Steel common in
which the basis of trading appeared TO
be on the 1000 share unit. the activity
huying suggesting that the market was
not for the small man, especially in this
particular stock, which apparently moved
under the influence of a powerful specu-
lative pool headed by an operator re-
Gently identified with the chief banking
house in the Street. The steel shares
and the general market evidently are dis
counting the return Of period OF &C.
tivity in our industries. St Paul and
the Hill stocks were in demand, also
Amalgamated Copper. American Smelt-
ing and the Erie issues the last named
finding many buyers on the basis of the
excellent operating results of the Erie
road in recent months and the improb-
ability of the necessity Of additional
financing by the company in the rest OF
the wear. Reports have been put in cir
culation that the Erie soon would put
out a large refundng bond issue, but
from what can be learned in official
sources nothing of the sort is intended.
Amalgamated Copper and American
Smelling appeared to be oversold and re-
sponded quickly to an inquiry from the
shorts and from buyers who were bullish
on the metal shares. while the idea that
merger of the copper interests could
now be carried out without violating the
antitrust law encouraged following in
commission houses in the copper and
smelling stocks larger than reported on
any preceding day in the last six months.
Wall Street is positively enthusiastic
about the Supreme Court decision in the
Standard Oil suit as a factor making for
better times in our industries. and as the
street has the money for bull speculative
operations ii sees no reason why a long
period Of advancing prices can be avoid
cd 1t is to be hoped that the bull side
OF the market will not be overdone ana
that small people who trade on borrowed
funds will not make the mistake OF buy
ing 100 shares on margin when their re-
sources only warrant ten shares. Big
price reactions always are incidents OF
bull markets Bonds continue 10 be alb
CORDED by investors. and there Is no
doubt that the government loan OF SJo'-
100000 on Panama Canal construction
bonds will be d distinct success.
better market for money is looked
for at no remote period. owing to the in
creased activity in the stock market and
the expectation that the elimination OF the
uncertainty over the standing OF cor
porations under the Sherman antitrust
law will result in marked expansion In
,ur industrial activities. There Is an
amount of idle funds in the
counTy anxious to find employment.
Rates are low for collateral loans and
for commercial paper. but in well IN
formed banking circles II is not believed
ruling quotations will prevail for any
extended length of time. although MOTH
ing in the nature of high money mar
ket is anticipated before the autumn
crop demands develop. In addition to
the large reserve of the banks through
out the country the money market en-
Joys a further element Of strength In
the foreign exchange market. which re-
fleets heavy American credits abroad
as consequence Of an increased excess
of exports from here over imports and
investors. The Bank Of England made