New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-19
FINANCIAL MARKET
General Money and Trade Condl-
tons Against Bear Cam
paiun in Stocks.


against stocks. prices for the larger mum
her OF issues show an obstinate refusal
10 move 10 DOVER levels. Small declines
are recorded at times as a consequence
Of the hammering process. but nothing
in the nature Of a sustained downward
movement appears probable under cur
rent conditions governing the technical
position OF the market and the actual
value Of securities. Fundamental condi-
tions are sound. and evidence Of gradual
evanston in our industries is not lack
ing The crops are making satisfactory
progress. the demand from consumers OF
iron and steel is slowly increasing, cor
porations are adding 70 expenditures that
mean better employment for labor, ana
money is in abundant supply for all le-
Ultimate purposes. There is nothing
tangible upon which spectators can
base operations IN the stock market TOY
lower prices. and from current indica-
tions developments in the rest or the
YEAR will encourage higher quotations
for American securities II is worth not
ing that the recent reports Of the ma
tional banks Of this city 10 the con-
troller Of the Currency show an increase
IN their holdings Of securities 10 the
amount Of sS1 Don, 900. as compared with
tbair holdings under the call Of jan
nary : Of the current year. II also IS
worth noting that foreign investors eA-
b,bi+ q lively interest IN offerings OF
American railroad securities, and that
home capital shows a marked willing
ness 10 move into new high grade -
sues.
The Panama Canal bond issue has
b.ep baavily ersubscribed at prices
above par. and If the government mas III
mind the present favorable conditions
IN the money market it may invite bids
for another $4,000 coo Panama loan at
no remote period despite the fact that
The present issue Will bring into the
Traasurv all the funds that viii he
needed for a long time 70 come. Inc
total bonds authorized by existing laws
for Panama Canal construction purposes
is S875. 200 $50 Of which the government
has sold. including the S5O,OOOOOO Just
nut out. S134 631 $50. leaving an unsolo
balance Of S14O.569. 600. So far there
has been spent on the canal S239O1Oo16.
Of which S151. 7O0.921 has been advanced
from the general fund Of the Treasury
reimbursable from proceeds Of Panama
bond sales. The working cash balance
in the federal Treasury is under S2bOoO,-
01O. hut the addition OF the proceeds
from the sale Of the Panama bonds viii
enable the government 70 end the fiscal
wear with a large working capital. While
the Improvement in ordinary revenues
doubtless will be reflected in an excess
Of receipts on ordinary account over ex-
penditllres. as in the fiscal period 10
date receipts Of S64276S. 400 compare
with expenditures in the same time 81
$500. 100 73S Payments on Panama
canal account since last July amount TO
SIS. 345 .oO5. from the general fund OF the
Treasury. and the deficit on all accounts
i7 SO. So go. compared with deficit
ir the same time last year Of So as6.-
164
Money market rates are easy. with 10
indication q a material advance u quo
tauons before the autumn. although IN
well informed banking circles it SIS be-
neved that forthcoming financing opera
tions Of the corporations ana the gov
eminent may lead 70 hrmer tendency
I'm the near future. Our position in the
international money market is one Of
extreme strength. q reflection OF which
is found m sterling exchange rates and
In the movement OF exports. the latter
showing fo~ the ten months ended Nav
81 an excess over imports 10 the value
of more than S5OOOOOO0O In May both
EXPORTS and imports were heavier than
ever recorded IN a corresponding month.
exports amounting in value TO S225s@
525 more than imports. compared with
an excess Of exports in the same period
IN 1910 of less than S13O0O,000. Export
trade figures for the present fiscal year
win show a business of more than s.
coo 100000. the best ever reported in the
history Of the country, and an increase
of more than S3OJGr0oO0 June figures
esrirnatedl as compared with year ago
-o far in the present fiscal year imports
have declined about S32OOOtND from
rre high record Of 19D-'lO our export
-.qures for the last ten months are eN-
-ra~7elv impressive They reflect re-
r7arxs bic cnance for the better IN the
countrys standing 10 the foreign eN-
change market and warrant the eXpec-
rsriou of an increase IN the domestic
erppIv Of money through gold imports
Iarer IN the season. II We needed the
Yellow metal we could bring IT m ar
once Money and foreign trade figures
+ certainly are not in favor OF the people
WHO are bears on the United States.
United states Steel shares have been
repeatedlv attacked by wholly gam
Hing element IN recent weeks. but the
nrice Of Steel common is several points
| above the level recorded when the bear
/ csmpaign was inaugurated while u is
almost on q par with the high quotation
reported IN February Of this year The
/ large interests identified with the prop
/ ertv see no reason IN trade conditions
and the ancient history being brought
4 forth Iy Nj STANLEY and his fellow
/ members of the House investigating
! committee for the sale of the issue and,
] as "a matter Of fact. they are buying the
stock on an reactions Actual improve
/ meut has taken place In iron and steel
/ trade conditions ~ the last two weeks.
orders from the railroads showing espe-
! cial Improvement And IN the copper
s.l.a. Ur i