New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-22
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Floor Traders Efforts to Lower
Stock Prices Meet with
Poor Success,

LIGHT speculative operations marked
the course of trading in yesterday =
stock market. transactions i'm the larger
number Of issues representing almost
entirely the dealings of an unlnportant
professional element Prices general!
showed irregular tendencies, changes as
q rule being confined TO fractions, ana
small ones at that. Efforts by floor trad
ers to bring about lower quotations met
with no response from commission
houses, and although substantial in
terests made no aggressive moves on the
bull side of speculation it was quite evil
dent that they We're in control OF the
market and that they were not counting
upon the development Of any factor OF
sufficient importance to attract invest
ment selling or the liquidation OF we'll
protected long accounts. which are nu-
merous in all the prominent issues
There are too many favorable arguments
on American securities to warrant their
sale. and the idea Of some traders that
exaggerated crop damage reports VIII
he effective in upsetting stock prices, be-
vond passing declines Of fractional d.
mansions in the face Of easy money IN
creasine foreign trade. confidence on the
part Of capital and rapidly growing
signs OF improvement in the iron and
steel Industry, are too absurd to be en-
tertained in these days of common sense
and reason.
"The Iron Age" the leading authority
on the iron and steel industry, says that
the volume Of business is increasing In
every branch of the trade and that the
United States steel Corporation is work
ing its plants to fully 60 per cent OF
capacity. compared with 6312 per cent
a week ago. while the head of the cor
poration said before sailing for Europe
that he locked for steady expansion in
the market for the concerns products
throughout the rest Of the year. Similar
encouraging advices come from many
other lines of the country's business.
The crop killers got to work OH corn
Yesterday. although the plant is barely
out of the ground, and as a consequence
corn OFFICES were DObSl'h ~ Ail' N-NfNiiN
Of IL cents a bushel. the rise encourag-
ing some selling by room traders on. the
Stock Exchange in the last hour, which
resulted In fractional declines in most
of the leading issues. Speculative buy
ing Of American Mailing preferred was
based on the expectation Of a favorable
showing in the Company's forthcoming
annual report
Rates for both time and call loans
show an easier tendency without at
tracing an increase in tho demand for
accommodation, but it is not unlikely
that forthcoming preparations for the
July interest and dividend disburse-
ments and for the payments on the Pan
ANA bonds will be effective in bringing
about better money market
tone in the near future. There is no
indication, however that any mate
rial advance will be recorded. Higher
quotations would serve TO bring in gold.
while even without more advanced levels
the yellow metal may move TO this side
Of the Atlantic at no remote period
wholly as a consequence Of strictly for
eign exchange market conditions. Such
a movement would not be welcomed by
our bankers So far in the current
month government receipts on ordinary
account have exceeded payments by
more than 100000 and on all ac-
counts by more than S2,300000, the i'm
provement in the federal Treasurys posi-
ton being reflected in a marked gain in
its working cash balance as compared
with a month ago. TO this balance 500
100000 from the proceeds OF the sale Of
the Panama bonds, plus the premium
on the issues. viii be added before July
10. while there also will be a substantial
addition through receipts from the cor
p6ration tax. which are now exceedingly
heavy. With the federal government I'm
q strong financial condition, with the
banks showing large cash and reserve
holdings and with sterling exchange run
ming In our favor, there is every reason
To look forward to gradual expansion I'm
mercantile and general business affairs
realizing sales were reported yesterday
IN the Panama s.. and most Of the trad
ing in the issues WAS done al t,ricao nm