New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-20

FINANCIAL MARKET
Bear Traders Make No Progress
on the Stock Exchange.

while the volume ~ trading IN vestNr-
ao,.,s stock market was light. prices as
r,,le were strong. with net gains ln
most parts Of the list az the close. sen
+ir,An+ in commission houses was helpeo
b,- the repeated failures Of the bear ele-
mont in recent weeks 70 bring about ma
+o,.;a1 declines in quotations, by the sue
ces1 If the government bond o1ering' pE
the ease in sterling exchange and oy me
e+~ons showing made by the banks ana
.~,,e. oornnanies in Saturdays statement
NJ ac-ual and average holdings. Con
servative firms advised customers 20 DuS
etoclzs on all reactions. and while tn
nubuc buying was not heavy purchases
,.snrasAnted interest in the market by
s,,bstan+ial capitalists. The current teen
,,;csl nosition Of the market does not lend
encou-a cement 10 theory held in a rev
quarters that sharp setback IN prices
is due. neither is there anything IN rae
tors governing the actual worth OF Sc
~urities that warrants the development
Of declining price Levels
Stock market speculation is being han
died in an orderly manner Efforts are
not being made 10 bring about agsres-
sive buving for the advance BANKERS
concerning themselves moro with the
making nj an investment market tor
tords than a speculative market for
stocks. While the general character OF me
current operations in the Street SHOWS
Greater interest in actual investment
+r,reecfious on the part Of the public
than in trading on margins IN railroad
and industrial shares There were va
rious strong features in the day. West
inghouse being prominent in this respect
Rt,ving of the issue came from sood
-orrces and coincident with the move
mont transactions bearing the same hall
r,orl- were reported in Amalgamated
Copper. which was absorbed on the i'm
nrovement I'm the copper metal INDUSTRY
and on the impression that the electrical
companies are employing their surplus
funds in purchases Of copper FOR future
,s, Some activity was noted IN the
Mercantile Marine issues following the
rublication or the company's excellent
annual report which showed a surplus
,f more than @ per cent on the preferred
stock. Traders worked for a reaction
i'm the late dealings on the basis Of the
sppearance OF the usual June crop kill
ers" On or about this time Of the year
Chicago grain bulls begin 70 predict
neriod % famine on the farms
Money rates were unchanged from the
closing figures Of last week. bur sterling
exchange exhibited an easier tendency.
the decline in demand quotations reviv-
ing talk Of gold imports. Money market
conditions do not call for movement
NJ the yellow metal 70 this side Of the
Atlantic. as there is a plethora OF funds
in the local banks. and from current in
dicstions the necessity Of drawing on
orr credits abroad will not arise before
the autumn. II then. FOR in spite OF forth
coming financing by corporations The
chances favor q movement Of currency
10 this centre throughout the summer
and no violent expansion in our indus
tries until the fall. Nevertheless. tx
change market conditions may force
shipments Of gold from Europe in the
course Of the next few weeks. The de-
mand for time money is inactive and
only 8 fair business is reported in the
call department Commercial paper like
wise is in light demand