New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-12

FINANCIAL MARKET
Stocks Active Toward Close
Heavy Trading in Bonds.

Until the middle or inc allernooh
Yesterday the stock market was dull ana
festureless. Then an Improvement set
In. Under the leadership of United states
Steel Union Pacific and Reading, and
the market closed strong, with net gains
for almost all OF the issues, few or the
advances however. exceeding fracuonal
nror,ortions steel common vas most IN
demand DESPITE the unpromsing tm-
mediate outlook in the iron and steel IN
dustry and the heavy purchases OF IL
made bv house often acting ior I'M
rrortant operators in the issue. Although
susnected 10 be made primarily with the
object Of stiffening the general marRe''
II had the effect Of alarming the shorts'
Who covered in volume IN the late trao-
ing. their buying aiding in estaolsh,hS
the net gain 81 Is. points the largest ao-
,.arce recorded in any OF the active
issues. Brooklyn Rapid Transit was
strong and the Interborough- Metropoh-
tan issues were relatively weak. reflect
ing the present likelihood OF the accept
arce of the subway offer Of the former
cornnany. Trading was heavy In the
bond department. sales exceeding No.
600 600 par value. The feature was the
demend for the New York City ~ per
CENTS. the transactions in which aggre-
gated 81 .635. OOO and which touched
again the high record figure of lo1@'
made few days ago, one OF the ele-
ments Of their strength being the posi-
hr,tv NJ the enactment Of the measure
introduced at Albany requiring banks
holding New York City deposits to put
I'D citv bonds as security. The money
market vas as listless as usual no
change occurring in rates for time runos
for any period and the call rate range
being between and 21a per cent
In conservative Wall Street quarters
the present inactivity of the stock mar
l<et Is not locke upon as the toreruhner
o. a long period Of liquidation, although
Il is thought that prices may go 20 lower
levels before a sustained advance de-
yelops. Underlying conditions govern
ing money and business are considered
absolutely sound and operators VINO are
accustomed TO a long range view 81 the
sneculative and investment situation be-
lieve that securities bought at prevailing
quotations will show material profts
later on in the year, unless the harvests
should make exceptionally poor returns.
NJ which there now appears no indica-
tion As matter OF fact winter wheat
conditions suggest one Of the largest
Yields on record while so far everything
has favored large acreage OF spring
wheat and a big crop OF cotton. ~ - 700
early 90 say anything about corn. Busl-
ness men. As rule do not look FOR me
development Of marked improvement IN
the country's Industries in the imfnedi-
ate future. bat from the character OF re-
norts they are sending 10 the commercial
agencies at this centre they appear TO
he quite confident that liquidation in
most markets has run its course ana
that foundation is being made for the
most healthful sort of expansion.
Figures received Yesterday, showing
the outWa ard movement Of domestic
products from our various ports in April.
indicate favora bic statement Of foreign
trade for that month and substantial
addition 70 the excess of exports over
imports for the ten months Of the fiscal
year. Notwithstanding the fact that ship
ments OF cotton in April were much
lighter than in the same time IN 1910.
Reduced exports of this staple are not
surprising In view Of the enormous ship
ments IN the preceding months of the
cotton year For the month Of April the
value Of cotton exported amounted TO
SIS, $685. compared with S24634 63S
in the corresponding month last year.
while for the ten months from July the
movement reached total Of S549. ia
f46. against s405 793 294 in the year be-
fore and 1917. 40 452 in 1909. The Bank
OF England made no change in its mini
mum rate Of discount yesterday, While II
showed a weekly return of marked
strength the proportion Of reserve to
liability al 5064 per cent comparing with
ten-yesr average for this period OF
1881 per cent. Local money market