New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-08
FINANCIAL MARKET
Stocks Advance Sharply Toward
the CIOse.-Erie's Future.

After morning Of light trading and
narrow price changes the stock market
moved toward higher levels in the after
noon net gains in the active issues run
ming from TO 3 points. Eary efforts
10 weaken quotations as a consequence
If Washington gossip intimating the pos
sjbility Of government proceedings
against the United States Steel Corpora
ton were not effective In bringing out
much stock in any part Of the list even
the Steel shares exhibiting decided re-
s,stance to bear pressure. The supply of
stock appeared To be small BeaHshly
inclined traders are extremely dlsap-
;,ointed over the failure Of the United
states Steel issues to slump on the I'M
settled price situation in the market FOR
steel products and on the apparent de-
termined intention Of the House commit
tee which IS Investigating the affairs or
the Steel Corporation 10 create PUBIC
opinion against the concern. The con-
gress committee is bringing out mass
of ancient history regarding the corpora
lion. Dil1 us nlNtsllEd liFils eiiF iA'N g.
tracing Investment sales of the steel
securities II is worth noting that on
IT'S present volume Of business the United
States Steel Corporation is earning on AZ
h. sic nj almost g.. no0. O00 monthly in ex-
cess NJ interest and dividend require
ments. with the plants running at ABOUT
ca nor cent ~ capacity and with prices
for the larger number Of its products
~ the low st level in the history OF we
cor,ranv steel prices have gone down
!, the last ten wears. while in the same
time the cost Of labor has increased To
material degree.
The Hill stocks were strong features
throughout the day, the Erie ISSUES
moving in svmrathy on the idea that
The Erie company eventually WOULD pe-
come a part of the Hi system. he
Great Northern the Burlington ana INT
Erie would make a great complnaloh'
while the Erie and the Union Faclhc
likewise would mate well Canadlah
Pacific also is supposed TO be after the
Erie. but the Canadian road stanos ah
exceedingly poor chance Of securing con-
troll Of the property. 1t is more IMAM
likely that control Of the Erie VIII re-
roain where il is ct present TOT lohs
time 10 Come-that is. in the hands OF
,he Morgan and Hartman interests. The
c:rnat Northern has various plans under
consideration that will add 10 the IN
trinsic value Of its property. ana the TACT
that the Hill stocks are now selling al
,heir highest prices Of the year susg7 SIS
The probability IF some announcement
regarding the contemplated development
Of the Hill system at no distant Ieriod'
Traders We're disposed TO take the DUH
side in the afternoon. and In the last
hour pronounced strength and Increased
operations were reported.
Government cash holdings viii he ma
reriallv increased before the close of the
current fiscal wear through payments 10
the federal Treasury on Panama Cansi
Iord account and receipts Of corpora
tion taxes. q reflection of which may ne
found in a firmer market for money %
fore the end of June. Half year IN
toes, and dividend dispursemenfs VIII
lao heavy in JULY. while it is likely that
aor,,. in the new fiscal period demand Tor
funds from the corporations will show
g,hs,antial expansion. which Of course
will serve to bring about more proi'-
able basis of lending rates, although IL
is not likely that anything in the nature
~ a stiff market will develop IN the
GUNNER months Furthermore. unless
eneculation should run To dangerous
limits or something should happen ~ IN
duce yithdrawals Of deposits from the
banks a light money market should not
de,.olon ia the autumn, owing to the
countries increasing credit balance
ah,oad which insures gold imports wheh-
over the metal may he needed here
Exports OF domestic products and manu-
factures continue large IN volume, ana
well in excess Of imports, with the pros
meet that they will amount IN Vaiue 10
more than $1,000, 100000 for the year
ending with the present month Such
record has never before been made bV
any country If crop conditions continue
as favorable as they are just now the
country viii have a large surplus ~
grain and cotton for export requirements