New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-11
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Stocks Dealt In to the Extent of
More than 100000 Shares.

Stock market prices opened weak
under the influence NJ 2 heavy volume
Of selling, and although support was OK
tended to the prominent issues the gen
eral tendency throughout the forenoon
was in the direction Of lower levels.
while in the afternoon covering of shorts
brought about a somewhat 1Tmer tone.
Last quotations, however, We're well
under the closing Of the preceding day.
Selling was based almost entirely on the
unfavorable crop report, which IN the
minds of traders was not at all offset by
the report Of the United States Steel
Corporation showing q fair gain in the
last month in the matter Of untitled or
ders on hand. The total untitled tonnage
was 1854 OS5, against 3,361,05S tons on
juno 80, 3.113.1S7 tons on May 81, j.
110.919 tons on January 81 and 4,2jI-
794 tons on June 30, 1910. The steel
trade in the last few months has shown
progressive improvement, but Wall
ClICtl Itdl = lildA tAPtNNNU Si4iehii 7''-ii'
crop yields will cripple the buying power
Of the agricultural community, which in
turn would affect all industries, espe-
cially steel. The government figures
showing crop conditions at the end of
July indicate a total falling off in the
yield Of corn, wheat, rye and oats OF
500. 100000 bushels from the total
harvest Of year ago, and it is therefore
quite natural 10 view the outlook with
some uneasiness. The country, however,
is not facing starvation or bankruptcy.
Trading was heavy in volume, reach
ing a total of more than ono million
shares, with the largest dealings i'll
United States Steel, Reading, the Hill
issues, Atchison, Missouri Pacific and the
Hartman stocks, transactions in Union
Pacific exceeding the total Of any other
security except Steel common. Selling
Of Union Pacific and Southern Pacihc
not only was encouraged by the unfaVor-
able crop prospects. but by the publica-
ton of the twelve months earnings of
the two companies. showing a decrease
Of more than S5,O00000 in the surplus
available for dividends as compared
with the preceding year, for the Union
Pacific. and a decrease Of upward or
$40 900 for the Southern Pacific.
The latter company, however earneu
9.43 per cent on it's stock, while the
Union Pacific's surplus after preferred
dividends was equivalent TO 1864 per
cent on the common. against III per
cent in the year before. Both companies
showed a substantial reduction In gross
earnings. big gain in operating costs
and material decline in income from
investments.
The general market was relatively
olIiet i'm the last hour, and in spite OF
good sized rally traders, as rule
thought the improvement would not h0ld.
ON the other hand. many conservative
observers advanced the theory that the
buving in recent days had been for the
account of the strongest financial inter
oets in the country, who are more con
cerned with having prices at hlgh ieVe's
than they are in encouraging PROBES
e,onal attacks upon values. The buying
has been much better than the selling on
the current decline, and an enormous
amount OF United States steel common
and Union Pacific has gone from weak
IN strong hands. Steel showed remark
able resistance TO selling pressure CLOS
ING nj a fractional advance Can money
rates were unchanged, and time money
and mercantile paper continued to pre-
sent firm undertone. 1t Is not uh-
likely that to-morrow's bank statement
will show material contraction IN loans
as 4 consequence Of the weeks hquida-
tion on the stock Exchange and unless
there has been large decrease IN cash.
= favorable showing in the reserve ITEM
The Bank of England made no change III
us minimum rate Of discount YESTERDAY
and reported q most favorable exhibit III
ITS proportion Of reserve To liabilities III
its weekly return.