New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-30
BANK STOCKS ON STOCK EXC
FINANCIAL MARKET
Banks Lose to Sub Treasury. but
Gain from the Interior.

The stock market ves duh and un-
Interesting affair. transactions being
made I'm in large Part Of the speculation
ir 2 few issues. chiefly United states
Steel Reading. Union Pacific. American
Smelling and Southern Pacific Prices
generally were firm. but adyanc when
made. as rule We're small. steel. Union
Pacific Smelling. Missouri Pacific and
Erie showing the principal strength. the
last named. though dealt in To only n
light extent. being helped by the Erie
rompanv's earnings for May. which
showed a gain IN gross receipts ot SO
81 and gain in net Of S212,9"o, max
ing an increase in gross for the eleven
months Of the fiscal year Of Sl'l6."l-
and an increase IN net NJ S41o2s' com
rsrjson being made with the same
periods in 1910 The Susouehanns &
Western owned by the Erie. likewise
made a catering exhibit The time ap-
parentlv If not far distant when the
EVE will have a comfortable surplus
available for dividends on ITS common
stock and the fact that the COMPANY
has Jus, sold 10000 notes 70 aid in
b,lvine upward IF S70nhr0o worth Of
new rolling stock. including sixty loco
motives and three thousand freight cars
encourages the expectation that earnings
will enjoy further marked expansion in
the coming fiscal year
shippers arc using tho Eli" 10 4
greater degree than ever before in the
history IF the road Furthermore. with
it's increased physical facilities. the com
many will he able 10 add TO its revenue
from An increased output II coal from
IFS subsidiary. tho Pennsvlvanis coal
COMPANY shorts covered their con
tracts IN American Smelling and Rein
ing. as they found no response from tho
public, 10 the recent selling If tho stock
on the Gusgenheim interview and r"-
rorts that the government would bring =
suit against the company under the anti
trust law. while there also as covering
in United States steel common. the hold
ers Of which refused 10 be frightened into
liouidation on the strength Of expected
indictments against officers Of the cor
poration in connection with alleged re-
batting i'm the cement and wire depart
ments Of the concerns business lnyesti-
cations Of the big steel COMPANY and
possible government suits again il Will
not decrease its earning power In the
last hour traders attempted to bring
about lower prices. but the general mar
ket held up remarkably well and closed
firm In the bond department. strength
and activity marked the course Of Amer
lean Tobacco and Wabash refunding Is
50 far in the current week the local
banks have lost moro than 5000 600 on
their operations with the Sub-Trea s,Iry.
due to payments on Panama bond ac-
count and 20 large payments Of corpora
ton taxes II is quite proba BILE. there
fore. that TO morrows Clearing House
statement viii show falling off IN cash
holdings as compared with week ago.
although the heavy loss TO the govern
rnent doubtless will he offset TO ma
terial extent through the shipments Of
currency TO this centre from the interior
The month is closing without note
worthy change in money rates. in spite
Of the preparations for meeting the enor-
nous July interest and dividend dis
bursements. but sterling exchange is
higher than recently reported as a direct
result IF the inquiry for bills incident TO
the payments due foreign holders of
American securities. while I'm London
money rates arc flrmer. owing to the
July interest requirements The Bank
Of England's weekly return shows = de-
cline IN the proportion Of reserve to
liability from J249 10 1871 per cent. the
latter comparing with ten-year av-
erago for this period Of 1435 Dor cent.
and an increase i'm loans Of moro than
S3o.0p.WO due 10 borrowing by Joint
stock banks for interest distributions.