New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-14
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Money Rates Easy, While Ster-
lima EXCHANGE Again Declines.

Stock market operations were nght
throughout the list. the total in all issues
amounting 10 fewer than 10000 shares
Of which the larger part was supplled ny
BROOKLYN Rapid Transit lnterboroueh-
Metropolitan, Reading. Union facihc'
United States steel and American Beet
Sugar The last named was consplcu-
ously strong. while elsewhere changes as
q rule. were c,I ned 10 unimportan'
figures. With fractional net gains pre-
dominating at the close, the stock or tho
TEXAS COMPANY and that Of the United
States Realty Company presenting 'h'
ONLY marked weakness. Declines III
these issues were due to selling baseu
upon the illness Of a capitalist actiNelN
identified with both concerns Commis-
sion houses had few orders on either
side Of the speculative account. Room
traders were inactive, and in the early
afternoon the general market was al
most at complete standstill, only
1915 shares being dealt in from L 70
. o'clock. the business representing fifty
different issues, with more than one
half of the total operations being fur
nished by seven stocks. There was no
incentive 70 trade.
4 relatively better business was re-
ported IN the bond department but even
in mortgage issues the demand was hsht'
although bond houses found fair over
the counter inquiry. The general mar
ket closed with little trading In evidence.
Announcement of the regular semi-an-
nual 8 per cent dividend on Baltimore q
Ohio was made in the day and the
company issued a preliminary statement
Of income account for the year ended
June 80 showing net revenue after
taxes. rentals, charges and all expenses
Of S12.6O2. SS7. against S16,247.5ST in the
preceding year With the payment Of
the full dividend Of per cent on the
preferred and 8 per cent on the common
the company has a surplus 70 carry TO
profit and loss account Of approximately
81, 10000. Total operating revenue de-
creased only S277.S1S, but operating ex-
penses. owing chiefly to increased wages,
rose 81, 431, 13J, while interest charges
were larger by S2247,G09, comparison
being made with the figures Of the year
before. Money rates were unchanged,
but demand sterling was weak. closing
10 points down decline Of 20 points
since Tuesday night. In it's weekly re
turn, published yesterday, the Bank Of
England showed a return To normal con-
ditions following the heavy Withdrawals
incident 10 requirements Of the joint
stock banks on the first Of the month,
the proportion Of reserve to liability adj
vancing about seven points TO the high
est level for this week. with only one
exception, in the last ten years.
Based on averages, the present level
Of stock market prices is well below the
highest ever reported, but prevailing
quotations in the larger number OF active
issues are at range nevertheless which
represents sound fundamental conditions
throughout the country. q strong credit
situation and confidence on the part Of
capital in the intrinsic value Of Ameri-
can investment issues. Stocks are in
safe hands. the floating supply is much
smaller than reported at this time 4
year ago, investors are not parting with
their holdings. while they are reinvcst-
ing surplus income from investments.
large speculative owners are maintaining
a position on the bull side Of the market
for long pull, and professional opera
tors are uniformly unsuccessful in max
ing important profits on transactions for
lower prices. Stock brokers are doing
little business for speculative account at
the moment. and substantial expansion
i'm this department Of the market does
not appear likely in the immediate future
for the good reason that the so-called
public Is more interested in constructive
investment operations than in stock
market hazards. Furthermore, the sup
ply Of stocks available for speculative
purposes is steadily decreasing Many
securities that formerly possessed moth
ing but speculative value have Joined
the investment class, and this tendency
is bound To increase with the expansion
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