New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-18
FINANCIAL MARKET
Investment and Speculative Buy
ina of Securities Increases.

The stock market was broad, active
and strong throughout the day. Com
mission houses We're important factors
in the dealings. as their buying orders
for the so-called public were, heavier
than reported on any preceding day in
the current year, while they also re
ported large commitments on the bun
side Of speculation for the account of
substantial Wall Street interests. The
course Of prices in the last two DAYS
naturally creates the impression that A
real bull market is under way. but the
extent Of the advance since Tuesday
morning suggests the probability of re
dictionary tendencies before the improve
nent is carried materially further. Dis
regarding the determination Of the
House Of Representatives 10 investigate
the United States Steel Corporation. the
stock Of that concern sold near the best
figures reported in the February rise,
despite heavy volume Of London proht
taking. while American Sugar Refining
also moved irrespective Of the attitude
Of Con gress toward the company Trad
ing in the latter issue was light, how
ever. owing 10 the fact that there Is lit
tie OF the stock outside investors boxes
The American Sugar Refining Com
panv can easily afford 10 refuse to be-
come excited over the prospect Of telling
Congress committee about itself in
view Of the full publicity given to It's af-
1 H., h. 10 tvrrO
This concern is not monopoly The
United States Steel Corporation IS not
monopoly. and investigation OF the steel
business and the manner in which the
bie steel company conducts its affairs by
stanley. Of Kentucky, and his band OF
militant trust busters doubtless vii be
accompanied by good investment buying
of the steel securities. Now that the SUI
pren1e Court has made II plain TO cor
porations how they stand under the
sherman antitrust law. it IL not likely
that the world OF money and business
will pay much attention 10 the corpora
ton investigating resolutions with when
Coneressnen are amusing themselves.
The general market closed active and
strong in spite Of heavy afternoon re-
alizing in all parts Of the list on the
curb American Tobacco advanced more
than 20 points. while Standard OIL was
reasonably firm.
Under the law the Panama Canal per
cent bonds authorized by Congress in
1909 cannot be sold by the government
al a price less than par On the curb
the issues were quoted at 1922 yester-
dav with a good demand at that figure,
and il was thought in banking circles
that the actual public subscriptions for
the $50 GOO. 900 Of the bonds just offered
nv the Secretary Of the Treasury would
he enormous owing 10 the popularity OF
3 per cent federal issue and the large
amount Of idle capital IN the country.
AS the bonds will not be available for
national bank note circulation they VIII
d,terrnine the rate al which the govern
mont can borrow on a wholly investment
basis. while they will find Judgement
with public investors to larger extent
than with financial institutions, and
doubtless serve TO create more general
interest in all departments Of the bond
market II is worth noting that the
price OF 1927 quoted on the curb for
these securities compares with 20 for
French 3 per. cent rentes. 81 for British
2Ib per cent oonsols and s3 for
the German imperial 3 per cent loan
The local banks are gaining on their op-
erations with the Sub-Treasury and gov
ernnent receipts on all accounts are run
ming below expenditures. the dehcit 80
far in the current year amounting to up
ward Of 81. 100000. against defcit OF
little more than S3OoOOo0 IN the same
time last year. although for the hscal
year to date the excess Of expenditures