New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-20
FINANCIAL MARKET
Steel Shares Advance on Termi-
nation of Hill Ore Agreement.

Speculative trading in yesterday.
stock market was centred 10 large eX-
tent in United States steel common, the
Great Northern ore certificates. Read
Ing. American Smelling, Amalgamated
Copper and Union Pacific. As rule
prices tended in the direction of higher
levels. although the upward movement
was not based upon an active outside
demand for securities. the general OPP
eratious representing little beyond the
transactions Of professional interests.
Commission houses had few orders for
so-caIled public account. and practically
no orders for substantial Wall Street in
terests except in the stocks named,
especially United States Steel. which WIS
bought on the idea that the company
position would be strengthened by its
proposed termination of its contract
with the Great Northern ore Company.
The certificates of the ore company were
pressed for sale by the professional ole
mert and i'm spite Of some supporting
orders the final price for the issues was
rot much above the low point. at which
q maximum decline Of points was re-
corded. Great Northern ore Company
certificates have tangible value, but the
termination Of the lease between the
company and the United States steel
CORPORATION certainly is more Of a bull
argument for the shares of the Steel
Corporation than il is for the certificates
Of the ore company.
The general market presented nothing
OF interest. Stocks in most instances
moved within fractions. but their prices
showed a noteworthy resistance 10 Of
forts 10 bring about lower figures.
Securities are in strong hands and there
is nothing in the situation governing The
actual worth of stocks and bonds that
warrants enthusiasm on the part Of
stock market bears. Local money rates
show no disposition 10 advance. and
while the weekly return of the Bank If
England does not suggest an urgent
need Of gold shipments from here 10 the
British capital. the current course of
local foreign exchange quotations and
the difference between our rates for
money and the rates prevailing abroad
indicate the possibility Of exports Of the
yellow metal from New York. Exchange
on London at Paris and Berlin was
weak yesterday, while our own sterling
market exhibited a hardening tendency.
The termination Of the lease by the
United States Steel Corporation Of the
Hill orc lands should work TO the benefit
of the big steel concern, as the royalty
paid to the Hill people is excessive. while |
the operation Of the ore beds under the
agreement has not been productive Of /
the favorable results predicted at the F..
time the lease was effected. AS a con- /
sequence of the cancelling Of the ar I
rangement between the Great Northern /
Ore Company and the United States !
Steel Corporation by which the latter is |
compelled 10 pay an enormous amount /
Of money into the treasury Of the ore /
and the Great Northern Rail /
way Company. the holders of the Great /.
Northern ore certificates will he in a /
ess favorable position than they have /
5een in the past. reflection of which is /
found in the course Of the certificates or
the Stock Exchange. The operation /
should work to the advantage of the /
Steel Corporation. for the good reason /
that the leasing Of the ore lands SO far /
has been a paying deal only TO the ore
company. Whether or not the buying /
by the independent steel concerns from /
The Great Northern ore Company VIII |
be large enough TO offset the business
ost by the termination Of the lease with |
he Steel Corporation is a puzzle tina. .
line alone will solve IT is quite certain /
he independent steel companies. which. |
is a rule. are well supplied with ore .
holdings. will not be willing 10 pay 20
he Great Northern ore Company the I
involved in the agreement be /
tween that company and the United 1
States Steel Corporation.