New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-31
BANK STOCKS ON STOCt
FINANCIAL MARKET
Confident Buying Reported in
United States Steel Shares.

The general character Of operations III
the securities markets yesterday did not
reflect apprehension on the part Of in
vestors over the future Of the country
There was no selling for investment &C
count and little selling by speculative
interests. the latter finding the market
so unresponsive to bear arguments tha'
il became n buyer before the close OF
tho day. especially in United states
steel. Reading. Union Pacific and cana
dian Pacific. Prices in most parts OF
the market showed net advances in the
final quotations. the American Smeltihs
issues supplying the chief exception
Both the common and preferred stocks
If the American Smelling and refining
companv were pressed for sale by spec
Native interests. but offerings Of the
securities were taken by buyers who are
olite we'll informed regarding their
actual worth. IT may be well TO say
10 holders Of American Smelling ana
Refining stocks that conditions underly-
ing the actual value of shares OF TINS
sort warrant buying at present prices
for Investment account. The American
Smelling and Refining Company is DO
ING a good business, in spite of reaction
arv movements in general trade, and II
IS making profit on its smelling opera
tons. Notwithstanding the temporary un-
satisfactory situation in the copper in
dustrv. The price Of copper is low, but
production Of the metal is heavy and the
smelling business is expanding. Con-
troll Of the American Smelling and Re
fiping Company, fortunately. IS In the
hands Of people who know the business
The United states steel Corporation
is under .he control of fnanciers who
/ have placed the actual management or
( the concern with men who were porn
land brought UP in the steel business
and as a consequence the Steel Corpora
tion is prospering. Furthermore the So
called water i'm the company's original
Capitalization has been wiped out Dy
The enormous earnings recorded IN re-
lccnt years a large proportion OF WhicH
has cone into property account the
limited States Steel Corporation has not
iheep compercd to go into the money
market To finance its betteIments' I'M
provements and additions. II mas
strengthened its physical condition from
Its earnings. and at the same time 1t mas
made liberal disbursements to its stock
holders. steel common supplied more
than one-third Of the total dealings II
Yesterdays market. and actwithstand-
inc the aggressive efforts OF certain pro
go.sionaI traders to drive its price TO a
Hover level. its closing quotation showed
q net gain OF upward Of ! point. inc
steel sinking fund bonds were IN gooo
demand st advancing prices. Nhie inc
! oo,oral market was dull in the after
uoo, nrices were strong in most parts O
,ho bst and at the close a long list 4"
net gains was reported, Amaigama'''
Gamer and American Smelling supply
ing the chief exceptions
In the bond department the virginia
dofayreA G. were weak features. Mone}
,o,ce we're unchanged but sterling quo
,.tions wore weak. demand declining
more than 80 points. the movement eN'-
IDENTIFY rejecting the smaller demand Tor
Hills from local lending institutions
c.,oda withdrew 81 100000 gold from
this market. and Montreal exchange ON
New Work suggested the probability OF
furthor shipments 81 the metal across
the border. Arrangements FOR ilhahc.
inc the November interest and dividend
.a,.,,o,ts are proceeding without effect
upor tho money market