New-York tribune., 1909-07-24
FINANCIAL MARKETS
SMALL STOCK CHANGES.
Rock Island and Copper Shares Up
Banks Lose Cash.

etocly market trading was light In NoIuIhe
throughout the day, and was mace up III 4ai
mart of operations Of the professional element
which showed no disposition 10 make extensive
commitments on either side of the account
Prices exhibited great irregularlty. "llh' Ho"-
ever. a firm undertone in the majority OF ISSUES
and small net gains at the close Ine cihei
centions among the active shares being suPplleu
,- the TnterborolIgfl- Metropolitan stocks when
declined on traders selling Rock Islano shAteS
were in fair demand. and in strong speCuidu i've
circles opinion was bulsh on these ISSUES io' "
long null on their growing intrinsic Vaiue @ii"
The orable outlook for a dividend on the pre-
ferred at no remote period The present @ @posi
tion of the Rock Island company OFFERS strong
contrast to that of year ago. when some poorly
Informed pessimists even went so lar as 10 pre-
dict a receivership for the road. and the interest
now taken in the property by one Of the strong
ct ba,l,inq bouses in the Street and the ma
,erisI wealth that is rapidly developing IN the
territory covered by the companys hnes shoulu
leave no doubt in the mind OF the stuoeil oi
American railroads regarding the future OF aiis
big system. And the same thing may De 50 "a
of baltimore & Ohio the common stock OF whlch
made a new nigh record yesterday 1t was re-
ported that the directors Of the latter company
were contemplating a new STOCK issue "lliOi
would be offered TO present holders at par an
onnortunitv which doubtless would appeal 10 the
ma ioritv of stock owners. Speculation was IN
+ersel, dull in the afternoon, but prices were
firm. and sentiment bullish on the receipt
from washington Of the announcement tha' an
agreement probably would be reacheo on Cle
tariff measure spectators believing that some
heavy buving would develop next week IN ex-
notation Of a speedy final passage or the
Ioavne-Aldrich bill and the elimination OF the
uncertainty over the dividend on Un1ted STATES
Steel common. Many operators apparently uo
not accent the idea that stock market prices
- 5teco,,nted the expected favorable develop
roents of the near future. The copper shares
y.ere strong features on the marked improve
rnent reported in the copper market.
Tirne money shows a slightly frmer tendency
and bankers are holding on for hlgher rates iot
long maturities, while in the call department oi
the market quotations continue to average un-
der per cent, with no indications OF materldl
advance before the middle Of August When the
interior doubtless will begin TO draw heaVliy
ON this centre for funds in connection with
the financing of the harvests. Domestic ex-
change ar Chicago on New York is moving
against the latter point and shipments OF cur
rencv from the East are increasing Whlle re-
cepts here are declining. a reflection OF which
is presented in the known movement OF money
I'm the current week, which shows lighter gain
on interior aperations than recently reported.
The movement however, is still heavily In favor
of New York and IN the last six business days
has been large enough to offset in part the eX-
tensive outward flow of gold TO Argentina.
amounting TO upward of SS.0G0,000. The local
hanks received from the interior in the week
s10435OO0 and sent to the Interior S6.76O000,
but lost on the net movement Of money more
than $4,000 900, which suggests the possibility
of a decrease in bank reserves III to-days GEAR
ing House statement unless there has been a
Ia rye contraction in loans. The reserve above
legal requirements last week stood at S34,5692GO
against s52 72s 400 in the same time year ago
and IL will therefore require a material reduc-
tion in the item before a substantial sthen-
ing In money rates may be expected though II
may be well 70 bear in mind that the interior
demand this year promises Ito be extremely
heavy while il is not improbable that at no
remote period the government will be compelled
"a come into the money market for funds 10
finance its deficit. which so far in the present
month amounts on ordinary account TO more
than $4,000. COO and on all accounts to more
than Sl4 900 OOO which compares with more than
$3a,090O00 in the corresponding time in lSOS-
Sterling exchange continues to rule at hlgh
level. with no immediate prospect of moving
toward lower figures. owing to the Active de-
nand for remittance and the small volume or
exchange bills available. Grain exports this
CT L596e64 bushels from year ago.