The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-06-11
PROMINENT PART
PLAYED BY STEEL
Made a Record Without a
Parallel Since Deem
Der, 1909.

New York. June 11.-An unusual
variety Of incidents and developments,
only one of which, the government
crop report, constitutes a factor of
more than passing Importance. COM
blncd to provoke a very u and per-
functory stock market session today.
The United States Steel corporation
played a conspicuous part in the affairs
of the day. by eason of the resump-
tlon Of hearings in the dissolution suit
instituted by h government. There
was also the publication of steel "un-
filled tonnage" for May which dis
closed an increase Of only $4,000 tons.
To be sure. total business on hand
at that period-5.7 50,9S3 tons-made
a record without parallel since De-
cembcr of 1909. but a greater gain
was expected in view of the known
activity of operations in the second
month of the second quarter.
Dealings in steel shares were mar
row and nominal before the issuance
OF the May report II continued so
for the balance of the day. In thai
respect. however, steel differed in no
essential particular from most other
market favorites. In the early hours
the movement was attended by un-
certainty so far as the active group
was concerned, while such stocks as
American beet sugar, American sugar
common and preferred and New York
air brake rose one to two points.
During the Afternoon the market
lapsed from dizziness into utter apathy
until the final half hour. when it be-
came known that the United States
supreme court. which vas holding its
final session prior to the summer ad-
journment. would no render a decis-
ion in the long deferred anthracite
cases.
Concurrent with this was the pub
LEGATION of the crop report, which re-
Nealed a further serious damage to
winter wheat, the condition being 74.3
per cent as against 79.7 on May / last
and S0.4 in Jun of last year. The
news from the supreme court and the
estimates conveyed in the crop report
created sudden weakness in the hard
roalers and some of the grangers,
notably st. Paul, which fell to within
a fraction of its low record. There
We're some rallies in the later deal
ings. but the undertone at the close
was irregular.
Our securities in London reflected
some of the hesitation shown here
later. with a renewal of liquidation i'm
canadian Pacific, a gain for German
interests. h weekly statement of
the Imperial bank of Germany, which
was received with unusual interest be-
cause of the conditions now prevailing
in Berlin. was in all respects a favor
able exhibit.
The banks discounts decreased by
over s~l7.0O0.o00. its loans by over
S~b,ooo,0o0, with a like gain in cash on
hand. while its gold holdings wer,
increased by almost $4,000. 900. There
was further realizing which may have
been liquidation in Berlin, but the
undertone of that exchange was more
steady.
1t is believed a considerable par,
OF the German credits expiring at the
end of the month will be renewed. The
foreign trade of this country continues
as a bulwark of strength, a feature
being our exports of fine machinery.
n branch of which has increased in
the past fifteen years from S1,4OO,0 600
to $4,000. 900.
No change is noted in the bond mar
kef, which varies little from it's long
period of dullness and irregularitv.
iotai sales, par value, aggregated
United States bonds
registered tours declined one-eighth or
call.