New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-01
BANK STOCKS ON STOCK ExcHANe
FINANCIAL MARKET
Out-of- Town Demand for Money
Reflected in Firmer Tendency
in Time Loans.

Transactions in yesterdays stock mar
ket were light in volume on movement
of prices that showed unimportant
changes, with net gains predominaung
at the close Opening quotations were
firm, in response TO the strength IN
American securities in London, the adj
vance at that centre being based largely
upon the easier feeling IN financial circles
regarding the Moroccan situation, which
appeared 10 be in a fair way toward
satisfactory settlement. Reports from
the steel trade likewise encouraged
more optimistic feeling in the Street, a
reflection Of which was found in de-
cided improvement in Bethlehem Steel
stocks end q pronounced resistance by
United States Steel common 70 any ef-
fort TO weaken its quotation; while the
favorable weather reports received from
the crop section OF the country were an
other sustaining influence. Favorable
DEVELOPMENTS, however, we're without eff
feet upon the market so far rs inducing
buying orders from the so-called public.
which was a negligible quantity in the
DAYS business. Total sales amounted 10
only 12l.3 9S shares. Of which the larger
part was supplied by Reading, Union
Pacific United States Steel and the
Bethlehem Steel shares. Wall Street
opinion favors the theory that as the
Bethlehem Steel Company practically
has completed its outlay on new con-
struction the question Of dividends on
the preferred stock soon will be taken
up The whole market showed an abso-
lutte lack Of animation in the last hour.
although prices exhibited an advancing
tendency.
Time money rates are frmer and bank
ers believe that in the rest Of the wear
conditions will be much more In their
favor than those recently prevailing,
even without any marked increase in
stock market activity. The mercantile
demand for accommodation is slowly i'm
proving, while Withdrawals Of funds for
interior account incident to the gather
ing and marketing Of the crops are de-
veloping, 10 say nothing Of shipments of
gold from here TO Canada incident 10
harvest and general commercial re
ouirements in the Dominion. Montreal
took 81 5000 from this centre yester-
day. The statement Of the Clearing
House showing actual bank holdings at
the close Of business last Friday indi-
Gates that the interior has begun 10
draw on its New York funds. but there
is nothing new or startling in the move
ment, as this is the period Of the year
when out-of town institutions begin TO
call upon this centre for money. These
institutions for several weeks have been
indirectly taking money from New York
by settling obligations due the federal
Treasury by drafts upon their New York
correspondents to the Assistant Treas
urer here. a reflection OF which is found
in the transactions between the local
banks and the SubTreasury In favor Of
the latter. Since last Friday the banks
have lost more than S1,JO0oO0 on their
operations with the national government
Notwithstanding the fact that govern
ment disbursements al the present time
are I'm excess OF receipts. New York Is
compelled to stand the brunt Of the pay
,nents into the United States Treasury
while payments by the Treasury are dis
tributed all over the country.