New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-02
FINANCIAL MARKET
Stocks Up on Heavy Speculative
and Investment Buying.

lions i'm the iron and steel industry the
limited States Steel Corporation Is oper-
ating on a basis that insures the main
stock, a reflection of which is found in
the advancing tendency of this issue
price on the Stock Exchange. At its
high level quoted yesterday the security
showed a gain Of more than : points as
compared with the low record made on
the announcement Of the governments
suit against the corporation, while the
preferred likewise enjoyed noteworthy
Improvement. Investment, holders of the
steel shares are not alarmed over the
action Of the Department Of Justice IN
bringing an action against the United
States Steel Corporation, and SPECTATORS
who have been selling the Steel securi-
ties short in expectation of general liqui-
dation are now tumblng over one an
other TO cover their contracts. The
whole market. with only few excep-
tions. was strong, and prices. As rule,
closed at substantial net gains Ameri-
can Smelling and Refining again was a
feature: also Amalgamated Copper,
Reading and Union Pacific. The Erie
shares were i'm demand. the character
OF the buying suggesting further ac-
cumulation by interests identified with
the Canadian Pacific. The stock Of the
Canadian company advanced. while the
shares Of its subsidiary, the 500 like
wise moved 10 q higher range. Senti-
ment was bullish throughout the dav,
indeed. il was too hullish to suit the
ideas Of financial interests who do not
care to see a big advance in prices until
they have increased their speculative and
investment holdings. United States
Steel common ended at net gain Of
3s4 and the preferred at gain of 2@s
All stocks were strong in the last hour
although heavy realizing sales were re
ported. Active buying for investmen;
account was noted.
Exchange rates at interior points on
New York indicate a movement OF
money 10 this centre. Notwithstanding
the fact that the West and South gen
orally call upon our banks at this season
for funds incident to the financing nf
the harvests. The interior has more
money than il needs for current require
ments. and as a consequence II is In
creasing it's balance with New York in
stitutions. which are finding an eX-
tremely limited home market for their
funds Fortunately our bankers arc
borrowers. So far in the current week
the local banks have lost more than
81 .O0O. 900 on their operations with the
Sub Treasury. despite excess expendi-
lures by the government. Federal eX-
penditures are widely distributed. while
government receipts come chiefly from
New York and it's vicinity, including
Philadelphia and Boston. and further
more Western creditors of the govern
ment are in the habit OF paying their
obligations through drafts TO the As
sistant Treasurer Of the United States
| in this city on their Eastern cora
spondents. On ali accounts the govern
ment's figures for the month just closed
one day missing. show a deficit Of So
49,. 16S, as compared with a deficit IN
the same time last year of Si,301 ,4oS
and for the fiscal year to date deficit
Of S4.244,O97. against one of S20.302, Is
i'm the corresponding period in 1910.
The lighter movement of imports
which has been under way for many
months. is reflected in falling off in
customs receipts since July !. compared
with the like time in the preceding year
of little more than S7000,o00. Total
government expenditures on Panama
Canal construction account now amount
10 upward of $253.000,00o, Of which
more tnan S1f4.000,000 represents ad-
vances made from the federal Treas
ury's general fund. The national Treas
ury is in n strong position, its working
balance, outside Of deposits in national
hanks and in the hands of disbursing
officers. approximating SIS,OUVOO. The
collateral loan market is inactive, and
as money continues TO pile up at this
centre Europe will experience no diff
cuItv I'm drawing gold from New York
If the necessity for such an operation
should arise There is. Of course, the
possibility that the plethora Of funds
here will result in heavy and dangerous
stock market speculation, and at the
moment the outlook for movement of
this sort is more promising than noted