New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-16
FINANCIAL MARKET
Banks Gain Cash on Interior and
SlIb.Treasury Operations.

c,oo,, rxchange did not encourage the
ov,ao,.t,on IF the development IN inc
roar future Of the bear movement tha'
certain traders have been predic'ihs io'
many weeks. To he sure, IN some i
sues notably American cotton oi' anu
VIRGINIA. Carolina Chemical, manipuia-
,ion was effective in bringing anout
lower quotations. but in the larger num-
ber az securities prices were firm IN the
hest part of the day, while various
stocks which bear operators recently
rIaced on their list OF candidates Tor
cheaper prices presented decideo
strength. especially United States steer
common. which in the morning sold
within > points of the hest level recorded
in the bull market in February. lnd'-
vidual and pool operations i'm this issue
we're large. and active covering OF shorts
was reported. the buying being helped ny
the more encouraging reports received
from iron and steel trade centres re-
garding the outlook for increasing bust
ness i'm the industry. For the same rea-
son discriminating long time" operators
bought the copper shares. The copper
metal business shows continuous IN
movement and there is every reason 20
believe that the demand from consumers
Of copper will expand in every month IN
the rest Of the year
Commission houses were not impcr-
tant factors i'm the trading, as far as
~ os, doc fny nY1i
count We're concerned. but on the ap-
pearance Of hear pressure in the after
noon operations they reported quiet buy
ing by substantial Wall street interests.
Efforts were not made 10 advance prices
but the professional element neverthe-
less experienced difficulty in effecting
even fractional declines. the larger mum
Der Of net losses being under ! point
Atchison Erie, Northern Pacific and
Union Pacific in which realizing sales
we're moderately active. lost point or
more. These stocks, with the metal issues,
Reading. Republic Iron and steel and
Southern Railway. supplied about three
quarters Of the total transa ctions. In
the bond department the Wa bash Pitts
burg Terminal issues again were strong.
on the curb the new Chinese rs sold at
97sA. while the Panama IS were dealt in
above 103. The Bank Of England made
no change in it's minimum rate of dis
count and showed I'm its weekly return
proportion Of reserve 10 liabilities
higher than the ten-year average for this
period.
on their operations With the Sub
Treasury the local banks have gained
more than 81 100000 SO far i'm the cur
rent week. while they also have gained
on their transactions with interior cities
where exchange rates are in favor of
New York II is therefore quite likely
that to-morrow's statement'of the Clear
ing House institutions at this centre will
show a further addition 10 the reserve
above legal requirements. unless the ex
hibit is complicated by unknown loan
negotiations and 10y the reports Of the
trust companies which have joined the
clearing House Association. OF course.
comparisons in this weeks bank state
ment with the figures Of week ago and
with tho same time in 1910 will be Of
little value from statistical point of
view, owing TO the inclusion for the first
time of the holdings Of the sixteen trust
companies that now are members of the
local Clearing House Money rates show
no inclination TO advance as conse-
QuenCo Of the expected heavy subscrip-
lions 10 the Panama bonds and the
preparations that soon must be made
incident 70 the large July interest and
dividend disbursements, bat in we'll in
formed banking quarters the opinion is
freely expressed that It is only q ques-
ton of time when money gill command
4 somewhat higher rate than that now
prevailing
The banks arc unusually rich i'm re
sources. and the fact that underlying
conditions are growing stronger AT =
time when crop prospects arc most
promising encourages the expectation
that the surplus supply OF money i'm the
country viii not be long in finding en-
ployment in tho channels Of trade Fun
damental conditions are better than re-
ported At any time in many years The
banking situation is absolutely sound.
while tne same thing may ba said Of tho
industrial situation. Furthermore. the
country in the last ten months has piled
up balance Of exports Of merchandise
over imports - the value Of more than
$UpHD.G0n. II ia absurd to be hesrish
on the United states