New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-02
FINANCIAL MARKET
Banks Show Heavy Loss on
Weeks Money Movement.

On an active volume of business stock
market prices moved in an irregular
manner in the initial dealings, with the
general tendency in the direction OF
lower levels. while in the early after
noon operations decided strength was
reported as consequence of covering OF
shorts and buying by substantial inter
ests. who evidently were convinced that
higher quotations could be brought
about in next weeks trading. Odd lot
buying was heavy throughout the day
Investors apparently have been i'm
pressed with the attractive returns the
high grade securities offer at prevailing
quotations, and it is not unlikely that IN
the course OF the next few business days
a considerable amount of money will
seek employment in the stock and bond
markets Stock market prices eVentu-
ally will sell many points above the cur
rent quotation level. and the possibility
of declines from the present range is no
good reason for the holding back Of in
yestmert capital There viii be no
business or financial panic in the coun-
try as a consequence of the severe strain
TO which the financial markets have
been subjected, and there will be no
railroad insolvencies because of the de
termination of the Interstate Commerce
Commission to adjust railroad rates to a
reasonable basis
The interests of investors in the cor
porations that come under the jurisdic-
ton Of the Public Service Commission
Of New York State are in q stronger
position to-day than at any time i'll the
history of the commonwealth, and the
same thing may be said Of the interests
Of investors in the railroads Of the coun
try at large. as a result Of the increased
power given to the Interstate Com
merce Commission by Congress. The
Interstate Commerce Commission prac-
tically exists for the protection of vested
funds Wall Street, therefore, need not
become alarmed over the decisions Of
that body. which is composed Of intelli-
gent men who propose to readjust the
railroad rate situation in this country to
q basis that viii permit the transDorta-
ton companies to do business at d profit
without throwing a heavy burden on the
shippers. In the late afternoon stock
market prices sold off 4 point or more
among the active issues from the high
figures, though ending at net gains, The
chief declines being reported in Reading,
Southern Pacific, United States Steel,
Union Pacific and Rock Island. Little
attention was paid to the government
report on cotton, showing June con
dition of S0.7 per cent, an Improvement
over a ten year average for the end of
June Of u per cent .
According to the known movement Of
currency in the week the local banks
have lost a large amount OF money on
their operations with the interior and
the Sub-Treasury. and unless this is off
set by contraction in loans to-days
Clearing House statement of bank CON
ditions doubtless viii show a material
decline in reserves, which a week ago
stood at $2J.14J.SJ0. The most inter
esting feature Of the course of funds in
the week is found in the heavy gain in
shipments from this centre, the outward
movement being larger than III any pre-
ceding week since the week ended March
II Of the current year, while receipts
from the interior are lighter than re-
corded in many months. Included III the
shipments was 100000 transferred to
San Francisco for the account of loci
banks The loss to the federal Treas
ury was accentuated by the gathering in
Of all revenues due the government on
the closing of the fiscal We T. which
helped the Treasury practically to come
out with Il surplus, against big deficit
year ago. Money market rates de-
veloped a f1rmer tendency yesterday and
the demand WAS heavier. while sterling
exchange was lower.