New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-11
BANK STOCKS ON s
FINANCIAL MARKET
Outlook Favors Gain in Local
Bank Reserves This Week.

In the larger part of the five hours Of
business on the local Stock Exchange
transactions were light in volume on an
irregular movement Of prices that
showed unimportant changes at the
close, net losses predominating. The
monthly report of the United States
Steel Corporation, showing a decrease of
untitled orders of 2S6 S63 tons from the
tonnage on hand at the close of June,
failed TO exert any particular effect upon
quotations, Steel common. for instance
moving within fractional limits follow
ing the publication of the figures, which,
however. were more favorable than
looked for, a decline of from 100000 to
100000 tons having been predicted in
usually we'll informed quarters. With
untitled orders at the end of July of
easinesS over the trade position of the
United States Steel Corporation, espe-
ciaIly as the showing covers a month
that probably will be one of the leanest
for the steel industry in the current
year. While the exhibit compares I'M
favorably with the quarterly records of
the last fiscal year, it is better than any
reported from December. 1907, to June
30 1909, and does not bear out the pes
simistic forecasts that are constantly
put forth in Wall Street regarding the
future of our general industries
There is no proba bility of reduced divi-
dends on the stocks of the big steel con-
Germ, and from the heavy gains In net
earnings by the leading railroads in the
country for the last fiscal year there is
little ground for the idea that is being
ingeniously cultivated in bear circles
that our great transportation companies
are entering a period Of lower dividend
returns. Even the Erie, which does not
pay dividends, shows for the twelve
months ended June 80 a balance equal
to 4 per cent on its first preferred stocks
and more than 6 per cent in addition;
and the Lehigh Valley, which put forth
it's annual report yesterday, admits TO
the best year in its history, in spite Of
increased operating costs, and presents
a big surplus after large dividends and
heavy expenditures for betterments and
ern Pacific companies earned heavily in
excess of dividend requirements last
year. and to-day the regular quarterly
disbursements on the respective stocks
will be declared. The general market
closed heavy and inactive. There was
little buying power.
So far in the current week the local
Il
Of s.. 600 600 on their operations with the
Sub-Trea sury, and while interior ex-
change denotes a better inquiry at the
West and South for New York funds it
is likely that to-morrow's weekly esti-
mate of the movement of money viii in
dictate further gain in the cash re-
sources of the local Clearing House in
situations. The heavy reserves held by
our banks are responsible for decided
ease in the call money market, but in the
time department rates are well main
tanned in spite of a light demand for &C
commodation Commercial paper is not
moving in any volume. and few en-
gagements are made under a q per cent
basis, the banks showing no disposition
TO put out their funds except on the
choicest offerings, which at the moment
are extremely limited, owing 10 the fact
that merchants are doing little beyond a
hand-to-mouth business, with no indf-
cation in their attitude of making ar
rangements for an extensive forward
trade until various uncertainties have
been eliminated from the general situa-
ton. as. for instance, the extent of the
years harVeSts and the effect upon SEN
timent Of the fall Congress elections.
There is nothing radically wrong with
our industries, except perhaps in the
copper and cotton goods markets. but
the chances do not favor so large dis
tributive trade in the second half Of the
year as was recorded in the first half or
earnings anywhere near as heavy as
those reported by railroad and indus
trial companies from January to July.
The general situation would be much
improved by liquidation in other lines
than stocks. Stocks have had their
turn, and as a consequence the position
h. h