New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-15
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
United States Steel Common
Heavily Bought on Rising Prices,

Sentiment in Wall Street commission
houses is bullish. and although the gen
eral public is not an active buyer, despite
the optimistic letters put forth by brok-
ers. there ia enough interest in the mar T.
ket to indicate willingness on the part
If rich outsiders 10 accumulate securl-
Ties at prevailing quotations. Good buy
ing is reported in the copper shares
Marked improvement is under way in the
copper metal industry, while in the iron
and steel market conditions much better
than those reported few weeks ago are
developing. Expectation OF expansion
in the market for finished steel materials
IS attracting an excellent class of orders
for the steel securities. and notwith-
standing the vigorous efforts Of certain
speculative interests TO induce a liquidat-
ing movement in United states steel
common the issue stubbornly refuses ~
move to lower levels. In YESTERDAY
market steel common was one OF me
strongest features Shorts who tried to
cover found II difficult 10 obtain sup
NV ~ The stock. while in many other
rarts Of the market the same trouble
was reported. especially In Reading. the
Early advance in which led cautious trad
ere 70 call in their short contracts on
the old theory that signs Of life AND
strength in Reading Us a danger signal
for the bears. There was some selling
of Denver &, Rio Grande issues on the
naesing Of the dividend but the move
rent was without effect in other parts
NJ the list. the action Of the Gould d.
rectors being considered a favorable IN
dication Of the adoption Of new methods
in the handling Of the Gould roads ooth
financially and physically, Prices were
strong in most departments Of the mar
ke, in the last hour. the upward move
ment being helned by reports Of heavy
rains IN crop sections Of the country
where there recently has been notable
lack Of moisture steel common ended
at net gain Of 1ss, while other espe-
ciallv strong features at the close were
American Sugar Refining. Atlantic Coast
Line. Baltimore & Ohio and Northern
Pacific. Realizing sales were responsible
for small losses in Union Pacific. Ca
madam and the copper issues.
The detailed statement IF this coun-
RVS foreign trade in MAY makes most
fottering exhibit. showing the heaviest
exports and imports Of merchandise ever
reported in a corresponding month. and
On excess Of exports over imports to the
value Of 500 5S3. 500. compared with an
excess in the same time last year Of
SO 245 SS3 The best preceding record
~ exports for the month Of May was in
1907. when the total reached value of
S134 759, 27s against 1853, 261 .27s in Nav
cf the current year. It is worth noting
that OF the imports IN the last month
S63. IA 93S entered free Of duty. against
| SCI. $50 e15. on which a tariff was col
| lected The total exports for the eleven
months Of the fiscal year amount IN
value TO 81 .907 .O41, $50, indicating that
the total for the twelve months ended
June go will exceed $1,000 100000. the
highest figure ever known in the history
Of our export trade. Imports OF mer-
chandise for the eleven months have
amounted to 81, iOj, 2S2.5l4. a decrease OF
S31. 7SS. 400. as compared with the same
period in the year before against an in
crease in exports Of merchandise OF
S2s9944 500. The excess of exports over
| imports since July | in 500. 1896 In
the corresponding time year ego the
excess was only SITS gs9.616, and IN
| 1909 S35S. 336, 400 Figures for the last
eleven months ere extremely impressive
They reflect remarkable change In this
country's position in the internationa
money market and warrant the expec-
! teton of an increase in the supply OF
money in this country through imports
/ Of gold later on In the season. We could
bring in the precious metal now If the
banks needed additional funds. IN
| banking circles the foreign trade situa
lion and the willingness of European
bankers 70 take American securities are
considered the best bull arguments or
| the stock market
|