New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-24
FINANCIAL MARKET
LifeIeSS Movements in Securities
and Money.

than a quick turn. Absence of activity
on the part Of the public and the APP
parent unwillingness OF the larger in
terests to increase their lines naturally
encourage day-to-day pressure from I'M
important traders. while a sagging vol
ume of business throughout the country
and the uncertainty over the outcome of
Supreme Court decisions and Demo-
cratic tariff tinkering add to supply Of
bear ammunition that fails, however, to
wound actual holders of stocks. There
Is no indication OF uneasiness in invest
character of gossip heard in high circles
Of the expectation Of anything more
than healthful liquidation both in bust
ness and stocks. while there is a pro-
nounced indication in the views Of the
substantial bankers and business men
of a belief Of coming expansion in trade
activities, following the elimination Of
various uncertainties that are now the
chief stumbling blocks to industrial
growth.
in spite of the lack Of big forward
movement in trade the actual volume OF
business for immediate requirements Is
heavy. reflection Of which Is found III
railroad gross earnings and In payments
through clearing houses throughout the
country. Crop prospects are promising,
foreign trade continues to run In our
favor and money is accommodating at all
financial centres. Plethoric conditions
IN tho money market. Of course, are
sign OF dull business. but they fore
shadow a banking situation that will he
able to meet the large financial require
ments incident to the upbuilding Of our
industries when the time for such
movement arrives. The receipts Of cur
rency at this point last week from the
interior we're heavier than in any pre-
ceding week this year since the first
week in February, and heavier than
ever recorded for corresponding period
In modern times, amounting To more
than S17OOO,O0O. with q net gain Of al
most Sf0OOO00Q Ease in money fails.
for securities. the best inquiry at the
moment being for short-term notes and
state and municipal bonds for the &C
count of large Institutions London dis
counts also are lower. while Bank ~
England conditions arc stronger than
reported a week ago.
The Missouri Pacific affair mouopolized
Wall street interest last week, but the
incident las become history that Is not
worth discussing al length AT present.
The William street bankers retired from
tho Gould road because they did not be-
heVc promises had been kept and it
ro,v rom9ins to be seen whether or not
their successors. Of Pine street. Will he
able To bring the company mp TO the
standard Of modern railroad require
ucuts. At its present price the stock
looks attractive for a long pull OH the
assumption that the Goulds intend TO
give the bankers aud operating men
free hand in the management of the
property United states Steel common
Doreistz in hanging around price that
:
trau Ia per cent in spite Of the efforts
If traders to force decline, muck
raking attacks upon the United States
steel CORPORATION and an actual reduc-
| ton i'm the volume of orders for steel
/ rodllcts. The state of the steel trade
however. is not as bad as reports from
! I'ittslurg indicate. for notwithstanding
the fact that the mills are not running
at full CAPACITY new business is at the
rate Of from 10000 to 50 600 tons a day.
with shipments at about the rate or
~ coo tons "A day, these relatively heavy
operations being in the face OF about
tho smallest orders ever reported from
| the railroads.
Tho present capacity Of the steel cor
noration is double that recorded at the
time of its organization. aDd the actual
business now handled by the concern is
we'll above that Of a few years ago. In
Gependent companies also have increased
! their capacity and the United states
| steel Cooperation. which started out with
! cbout 90 per cent of the country's busi-
ness in steel, now has 50 per cent, at
which figure. according to Judge Gary.
the company wishes to keep it's produce
tion. REPRESENTATIVE Stanley, Of Ken
| tucl<v. who has made up his mind that
! fine corporal ton is al octopus and Is
driving the independents out OF business
,yould better read carefully the remarks
made by Judge Gary at the stockholders
meeting last Monday. Pittsburg is send
/ ing out reports of wholesale cutting of
steel prices. but local quotations do not
hear ont the advices received from the
Smoky City. II is understood that Pitts
burg is heavily short Of steel common.
| II is also known there is a big short
| interest here that is making frantic eff
forts without success. to carry the price
.f tho issue TO a materially lower level.
The technical position Of the general
market is strong.
! owing t. the strength Of our foreign
trade conditions. our large credit bal
auccs abroad and the present position OF
/ thc money market, there Is little prob
abilitv of Il sustained movement in stcr-
| ling exchange rates against New YORK
! for a long time 10 come, despite the fact
that discounts in London are higher than
cuotations for money here. Advances in
demand rates are reported at times but
they do not hold. speculation being the
most important influence at the moment
ae far IS day to day fluctuations are
I ....er,ad Exporte Of cotton and wheat