New-York tribune., 1911-07-18

FINANCIAL MARKET
Demand for Money Inactive and
Rates Remain at Easy Levels.

Transactions in Yesterdays stock mar
10, amounted to only 14o,243 shares
fairly well distributed among the few Is
sues in which trading was reported
Canadian Pacific. Reading, United states
c,eel and Union Pacific leading In point
or activity. commission houses pracu-
calIv we're without orders for the pubic
the larger part Of the totsI deall"s7
heing for the account of an unlmportah'
rrofeeeional element. which showed no
inclination 10 make extended commit
ments on either side of the market. Price
changes generally were confined to frac-
tions Canadian Pacific, AZ maximum
gain of IL. supplying the chief eFcep-
tton The amount # Canadian Paclhc
s+ock available for speculative purposes
Is steadily decreasing, owing to the IN
vestnoent absorption Of the issue, ana as
a consequence Of the great intrinsic
value Of the security IL is not likely that
any rouidatjng movement based on con
di+iore relating 10 the stocks and bonds
of American railroad companies would
he effective in bringing the shares OF 'he
great canadian road upon the market
This companv has grown tremendously
IN recent wears in physical efficiency and
financial strength, and AS the territory
through which it's lines run Is constantly
being developed through the extension OF
agricultural pursuits and manufacturing
industry holders of Canadian Pacific
stock naturally feel well satisfied with
their investment, which is on dividend
basis of 10 per cent a year. Reports
from the grain and cotton belts were
favorable. and sentiment was helped by
the excellent showing Of foreign trade in
the last month and for the fiscal year,
hut the two factors failed 10 create An
active speculative demand for stocks,
While the absence of speculative buying
did not induce anything in the nature Of
a selling movement. sales for short &C
coupt being unusually light and not rep
resantatiye Of operations by substantial
traders. Bonds were relatively more
active than stocks, and among bond
houses q moderate investment demand
was reported. The general market closed
heavy
ON their operations with the Sub
Treasury the local banks have lost up
ward Of S5.OO0.OO0 since the close OF
Iusiness last Friday, but in the same
time they have gained substantially on
their transactions with the interior. Re
serves of the Clearing House members
as shown by Saturdays statement, are
not heavy. owing to the large payments
70 the government on Panama Canal
bond account but the outlook for higher
rates for money in the immediate future
is not promising, owing to the stagnation
on the Stock Exchange and the unim-
nortant demand for accommodation from
mercantile sources. It is believed, how
ever. that & much better inquiry for
funds will develop in August and that
quotations for collateral loans and com
mercial paper will move to more profit
able levels In the early autumn. New
ertheless, there is no fear Of any dis
turbance in the market. This country
will be able TO draw gold from Europe
when the requirements Of the situation
call for bigger bank reserves. as our
credit balance abroad is growing and
will be materially strengthened with the
development of the usual outward move
ment Of grain and cotton in the fall and
winter. II is worth noting that the for
eign commerce Of the United States in
the fiscal year ended June 30 was the
largest for any twelvemonth in the
history OF the country. amounting in
value TO more than 81 800 100000. with
an excess Of exports of merchandise over
imports 10 the value Of 500, 1864 the
excess being heavier than in any pre-
ocding year with the exception of 1908
when the excess was $6G6, 100000. Total
exports were valued at $2O4S .69l .392,
against $l,744,9Si,1 12O in the year before.
compared with imports of 81 ,527. 9S5. .OSs.
the latter comparing with 81, 556, 947. .I3O
IN 1910. Excess Of experts Of $500 7O6. .
304 was $3.50 GG9, ,Ol4 ahead Of the figures
Of the year ended June 30 1910