New-York tribune., 1910-06-10
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Monetary Conditions Suggest
Period of Easy Loan Rates.


gains in the larger number Of issues III
Yesterdays operations. In the carry
dealings there was no decided tendency
:, either direction. and the volume OF
business was made up entirely Of the
transactions of the professional element
,rbi1e in the last hour q broader inquiry
for the prominent stocks from coInIrliS-
sion houses induced active covering py
tbe short interests. the operations OIL
which brought about substantial I'M
movement throughout the list. Union
Pacific. United States Steel Reading anu
Ct Paul being leaders in the movement.
The character of the buying in the last
named stock was good enough to en-
courage a more optimistic sentiment
among traders over the company S dlNl-
dend outlook, and the circumstantlai re-
port that no change would be MADE IN
The rate at the next dividend PERIOD
together with the company's statement
of earnings for the month of April,
showing an increase in gross of s941.04o
and an increase in net Of $72.5Io, sug-
gested 70 bear operators the wisdom OF
closing short contracts in the security.
Tinted States Steel was we'll bought, but
its advance failed to attract an outside
demand. It may be we'll worth noting
that in the recent break United States
Steel common received better support
than that recorded elsewhere in the
market. As the United States Steel Cor
~, -fr4l
financial interests in the country, or
binary investors in its securities ought
to feel we'll satisfied win their holdings.
especially as the concern has proved its
ability to show ut profits through Pc
RODS Of acute depression in the steel in
dustrv. Chicago & Alton common and
preferred shares were weak features, and
il was generally believed that the dlVl-
dend on the common would be passed.
The weekly return of the Bank Of
England made a favorable showing, and
while a reduction in the minimum rate
Of discount was not expected at this
time. the position of the institution war
ranted the action Of the governors in es~
tablishing a per cent level. The pro-
portion Of reserve to liabilities now
stands at 51.07, compared with a ten
year average for this week OF 1910, and
according TO current indications there
will be no material decline in the re-
serve until Treasury financing and au-
tuInn trade demands develop. In the
local foreign exchange market the easier
monetary situation in London had some
. "a aFuT iy1
fiuence upon rates for a brief period, but
in the absence Of active offerings of bills
f1rmcr quotations soon were reported,
although the demand was not heavy
enough TO bring about substantial i'm
provement. Time money at this centre
presented indications OF coming conces-
sion in rates, but outside of over the
year loans little business was trans
acted, while in the call department the
inquiry was light, owing 20 the marked
decline in speculative activity on the
Stock Exchange. where total dealings
for the day amounted to only $50, ,395
shares. against 1881 shares on the
preceding day and 1,O4S,557 shares in
Tuesdays operations.
Inc STOCK market SHOWS every sign OF
relapsing to the dull condition that pre-
vailed for many days prior TO the an
nouncement of the governments injunc-
tion proceedings against the Western
railroads that combined TO advance
freight carrying charges. I'm spite OF the
attractive level at which many issues
are now quoted. In the market for rail-
way mortgage issues opportunities for
the purchase of solid investments at
cheap prices are offered, but bond houses
report a lack Of demand. There is q
good supply Of money in the country,
but il is not available at present for
bond market purposes. IL is the absence
Of investment buying and the unwilling
ness OF the public 10 speculate on bor
roWed money that encourages the pro-
cessional element in Wall Street 10 look
forward 10 lower quotations for all Sc
curities in the course of the summer
months. There Is. however, no reason
ia the position o! affairs affecting the
intrinsic worth Of American investment
securities that warrants uneasiness on
she part of actual owners Of these is
sues.