New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-19
FINANCIAL MARKET
Banks Gain Upward OF $1,000
600 in Cash Holdings.

Whfle no efforts were mace by the
lsrsar interests TO advance stock market
rrtces yesterday. general Improvement
y0ns recorded throughout the list on COW
erfng of short contracts. The upward
movement failed 70 attract outside buy
ing. and as q rule transactions reached
small totals, with the heaviest dealings
IN United States Steel, Amalgamateo
Conner. Reading, ST. Paul. Southern Pa
c,Ac Northern Pacific and Union Pacific
the last named selling at the opening
more than 2 points above tho closing OF
the preceding day. The comprehensive
denial by the Union Pacific company OF
the various disturbing rumors relating
to.the affairs Of the property had most
reassuring effect upon sentiment al
though IL was not effective in encour-
aging activity In the general market
Doubtless the chief men in the Street are
anxious to preserve the tecnnlcai
strength Of the market for future bull
purposes by making no efforts to bring
about a rapid advance az the present
time. The borrowing demand indicates
a large short interest. There Is more
anxiety now among the bears than
among the bulls, and the latter believe
that while an extensive forward move
ment is out Of the question at the mo-
ment the campaign for lower prices has
run it's course. The market for high
grade issues certainly looks attractive
for actual buyers. Foreign houses have
not been factors in the local market in
recent days, but this is not surprising in
view Of the labor disturbance in Eng
land and the uneasiness on the British
Stock Exchange. which have brought
about conditions that are not favorable
to arbitrage operations between New
York and London. II is not unlikely,
however. that foreign investors have
taken advantage of the low prices here
TO add to their holdings Of American
securities. Trading broadened before
the close and the best prices were made
in the last half hour. when advances of
. to points were recorded by most Of
the prominent issues, Union Pacific clos
ing 3ss above Thursdays final.
According to the known movement of
money in the week, the local banks have
gained about $6.00OO0O in their cash
holdings. owing to the inflow Of cur
rency from the interior. So far the
quotations for exchange at out-of-town
points do not reflect any demand for
New York funds. but the usual inquiry
incident 70 the financing Of the crop is
likely to develop in the immediate future,
without. however, the accompaniment of
disturbance in the money market here,
owing 10 the large reserves Of the New
York institutions and the strength of
the country's position in international
trade. which will permit importations of
gold whenever the metal may be
needed. The actual gain In the week on
the interior movement and receipts Of
new gold was S7.349OOO II is quite
probable that the heavy shipments to
this point reflected in part money sent
here for investment purposes in the
stock market. as the low prices prevail
ing for high grade securities naturally
have attracted a certain amount Of act
ual buying, especially in such issues as
Union Pacific. the Hill shares Reading
and preferred Industrial stocks. Clear
ing House figures to-day doubtless will
make most favorable exhibit, for in
addition TO the gain in cash there has
been large contraction in Stock Ex-
change loaRs and no corresponding in
crease in loans for mercantile or syndi-
cate account, which, Of course, will tend
to strengthen reserve above legal re-
quirements.