New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-26
FINANCIAL MARKET
New York City Bonds Active al
Advancing Prices.

lower ISVel OF PRICES III ytSlSiUdS SWIM
market on the decision overruling the
Southern Pacifc's demurrer IN the gov
ernrnent's suit to recover 100000 acres
Of land from the Oregon & California
Railroad. subsidiary Of the Southern
Pacific, and on a report that Judge Gary
would retire as chairman Of the board OF
directors of the United States Steel Cor
poration failed to attract important SELL
ing pressure. There was some liquida-
ton for the account Of stale bull ac-
counts. but the weakness that developed
at times in the day was due almost en-
tirely TO the operations of an insignifi-
cant professional element. Certain
specuetors who gre short Of United
States steel common are employing their
limited talents TO induce bear sentiment
OF the issue The stock is so well held.
however. that attacks against IT do not
bring substantial results to the persons
who are intere In carrying It's price
to lower figures The United States Steel
Corporation, despite the present de-
pressed state of the iron and steel mar
ket. is earning it's common stock d'vi-
dend. with balance to spare
The report Of this big concern for the
last quarter makes an excellent showing
IN the face of adverse conditions In the
market for finished steel products. No
we'll informed person expected an ek-
hibit presenting the net earnings re-
ported In the same time 2 year ago,
when A profit after operating costs Of
more than S37 600 900 was recorded. And
il is not likely that real holders Of the
steel securities who know the ups and
downs OF the iron and steel industry will
feel any uneasiness because net results
Of the corporation in the last three
months did not equal those noted in the
corresponding period In 1910 Even
worse net returns in the second quarter
of the wear would not Justify bear talk
on the future Of the so-called steel trust
which controls less than 60 per cent of
the steel business IN this country, espe-
cially in relation to its preferred stock.
which always has been a sound invest
nlent issue. The general market was
strong and relatively active in the late
Afternoon under the lead of the steel
and copper shares Sentiment on Anal
gan1ated Copper is more bulish than re
ported at any time i'll recent weeks.
owing to a visible improvement in the
position of the copper metal market
New York City bonds were active and
higher.
In the fortn,ghtly settlement on the
London Stock Exchange yesterday the
contango on American stocks was 4 per
cent, while the banks charged 3l7 per
cent for Stock Exchange loans, the same
quotations as reported two weeks ago
The rates quoted do not suggest mate
rial change in money market conditions
at the British capital in the immediate
future, nor do thsy promise an increase
In activity in the American department
Of the London stock market, where tbs
cost OF carrying accounts IS well above
that prevailing here. There was no de-
ve,opment Of importance in the local
money market yesterday. Currency con
tinued to move to this centre from the
interior, except from far Western points
but on their operations with the Sub
Urea sury the banks showed a loss Of
almost 100000, due in part TO trans
fers Of funds to San Francisco. Ex-
change ct San Francisco on New York
| indicates further remittances from the
East, while It is not unlikely that with
drawals from this point for Canadian
account soon will be made, as money 4.
active in the Dominion. with Montrea
exchange running against the local mar
ket The banks have SO much idle
money on hand that demand from al
most any place will be welcomed. ST
far IN the current month the federal gov.
eminent shows an excess Of expenditure.
over receipts on ordinary account o.
more than $1,000 900, but for the fsca
year 70 date the deficit IS only S2.3SI,
574. compared with a deficit in the same
time last year Of S1s,O2e, 527. On all &C
counts. including expenditures on the
Panama Canal, there is a deficit Of
S24. 227,135. compared with one OF S44
347, 100 for the corresponding period &
wear ago The working balance In tn
federal Treasury now stands az less thar
SOB. 100000, but the Secretary Of Tn.
Treasury apparently does not intend Il