New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-23
FINANCIAL MARKET
Banks Gain Less than $4,000
on the Weeks Currency
Movement.

Further sharp declines were recorded
IN the stock market In the early trading
with marked recoveries following before
the end OF the second hour. while in the
.fternoon a resumption OF bear pressure
and liquidation again carried the larger
number OF issues 70 a Level well under
the closing Of the preceding day, al
though final operations were on rising
level OF quotations. United States Steel
common. on initial dealings Of 4o.oVo
shares. opened between - and Doh
then declined 70 50. advanced 10 e4B,
went back q point 70 5S7s. again crossed
"A. with g reaction 20 535s, followed by
an advance 70 571t and decline to o4a'
ending al 56, a net loss Of IA points
The preferred gained -. There were no
news developments regarding possible
government suit against the United
States Steel Corporation or 4 voluntary
dissolution OF the concern, but additional
reports Of unfavorabl conditions IN the
iron and steel industry were received.
Wall Street has a surplus OF runors
rurportinc 20 be the truth, but they are
mostly fancies. There has been ire
mendous amount Of Steel common noui-
dated IN the last two days, and losses
have been heavy by bulls who have
been driven out OF the market, but the
status OF the corporation has not been
changed. and even IN the event OF volun-
tarv dissolution or a successful govern
r,ent suit against tho combination con-
troll will not be altered and the invest
rnent value OF the present securities VIII
not be wiped out
The fact that trading IN Steel common
yesterday was the heaviest for any
single day IN The history Of the company
amounting 10 1850 shares, gave Gre
dence 70 the report that pool repre-
senting 100000 shares had disposed OF
Its holdings. bought al higher prices
and that the interests at No. % Wall
street and at No. &c Broadway were the
chief buyers. Furthermore, the general
character Of the buying in the day and
he resistance shown by the railroad
shares 70 professional hammering en-
couraged the idea that q sharp rally
was imminent Prices showed much
batter tone IN the afternoon. Offerings
Of stock we're readily absorbed, senti-
rnert was more cheerful and predictions
OF higher quotations to-day were freely
made The larger number OF railroad
stocks closed al net gains, but the In
dustrials. as a rule were lower, Anerl-
can smelting suffering the heaviest loss.
The controlling interests in the United
states Steel Corporation have not sold
their holdings. and according 10 "Finan-
cial America" the outside liquidation
which has helped 10 bring the prices Of
the steel issues 20 their present low
levels was provoked only after long
and INSCRIPTIONS campaign by one Of
me biggest bear combinations ever
formed in Wall Street Total sales Of
stocks made new high record for the
year.
According % the known movement Of
money IN the current week the local
banks have gained less than $4,000 net
IN cash holdings. the excess Of receipts
from the interior and new gold of a little
more than S4.O0OoOO being Offset by the
loss or operations with the Sub-Treas-
ury. To-day's statement Of the Clearing
House institutions doubtless VIII be gov
e~ned almost entirely by the loan item.
which. II is believed. will show material
contra ction as 2 consequence Of the
heavy liquidation or the Stock Exchange
Of accounts carried on borrowed money
There was no activity yesterday IN
money rates. but foreign exchange again
was strong. especially for francs, which
we're Influenced by a further drop IN
sterling rates IN the Paris market, the
movement suggesting the probability Of
gold exports from New York 70 the
French capita sr no distant date
barring rhe possibility Of a decided W
ward movement in money here. G de
vslopment that ar the moment does not
appear probable This market Is gluttsd
Nth funds and our bankers are quite
willing @ find employment for some of
thetr surplus cash abroad. 2 reflection OF
which IS found in the large loans already
made 70 Berlin. Germany Is bidding BIZ
Der cent IN this market for one month
loans