New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-15
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
[ iuht Investment Demand for
Stocks and Bonds.

Transactions in yesterdays stock mar
ket were light in volume on an lrres uioi
movement of prices. net gains beng re-
corded in the larger number Of issues at
the close. In the initial operations COW
e-,ns of shorts was responsible Tor
higher quotations throughout the llst' as
compared with the final figures In Moi-
DAVIS dealings. with the tendency IN tiie
early afternoon toward a lower lever on
renewed pressure from the pear ere
ment, though declines reacheo uiiiii
nortant nroportions The declaration OF
q, axtra dividend by the Central Rall-
-ood of New Jersey failed to attract
demand for Reading. which in DUH
market would be materially affec'eo ny
s,,cn an announcement, owing 10 the ldCI
Of peadine's ownership of Jersey Cen
trail stock while as general influence
It's effect was not felt In any part OF INC
LIST Although the extra dlVldeno VIII p0
mid from the earnings of the Lehlgn q
Jv;,Les-Rarre Coal Company, which is
owned bv the Jersey Central, commuters
on the road doubtless Will hnd ia Ihe
dividend further reason for WONDERING oil
the unwarranted advance by the COM
pany in it's communication rates frlces
in the late trading were hrmer' OUT
little business was transacted, the re-
s,1roption of buying by the shorts being
he sed on the official announcement that
the Southern Pacific Company mad
pIaced So. 100000 of its bonds abroad
and on the agreement reached by the
Conference Committee of the House ana
Senate on the railroad bill. Bull senu-
ment also was helped by favorable re-
norris from the farms. Such reports
however. failed to stimulate trading.
Monetary conditions at this centre are
in favor of the borrower, but the demand
for accommodation is inactive. Inc IN
ouirv for funds against speculative COM
mitments is light. and according TO pres
ent indications the banks will not make
big profits in the current summer from
this class of loans, while at the moment
there appears to be little chance of
material expansion in mercantile re
ouirements in the money market until
the beginning of the fall season. In
terror exchange is in favor of New York.
and the foreign exchange situation sug-
sestss that in the event of big crops ana
further liquidation in commodities sold
will come from Europe in the autumn.
Interior bankers are predicting that the
East will not be called upon this year
to finance the gathering and harvesting
of the crops. but the fact that western
bank loans are enormously expanded en-
courages the expectation in local flnan-
cial circles that the flow of currency
from this centre in the late summer ana
early fall will be heavier than ordinarily
reported At this time of the year the
West always announces that it is lnde-
pendent of New York as far as financing
the crops is concerned. but there has
never been crop moving season when
interior institutions have not been com
pelled to withdraw balances from their
New York correspondents. And it Is
quite probable that in the current year
the movement will begin earlier than
to bring about tremendous contraction
in their loan accounts.
Treasury financing evidently cannot be
long postponed, and this factor. together
with the interior demand for funds. ere
ates the impression among Eastern
bankers that stiff loan quotations VIII
develop in the autumn, barring, of
course. the possibility of acute business
depression and crop failures. The work.
ing balance in the federal Treasury
amounts to S17,502, 400 and the deficit on
Panama Canal account stands at SOL
201 .S34. against deficit on ordinary &C
count of S11. 101, 9S1, the last named
amount comparing with q deficit at this
time last year of more than Sf0030,Uoo.
The new tariff is wiDing out the deficit
on ordinary income account. but il can
hardly be expected To supply the funds
for the Panama Canal. ipon which more
than .s20l 100000 already has been eX-
pended. OF this amount Sl14 0S22,90S has
been paid from the Treasury's general
fund, the sum TO be repaid from proceeds
Of Panama bonds not yet sold The bal
ance of Panama bonds authorized but