New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-09
FINANCIAL MARKET
Banks Lose More than $1,000
600 on Weeks Movement
of Money.

Stock market prices were weak
throughout the day, selling pressure TOT
professional account being especially ac-
tive, following the publication OF the
governments report of crop conditions
on September l. Analysis of the figures
shows that corn not only has not lost
ground but that II has gained TO smai
extent In the last thirty days. in
spring wheat and oats conditions are not
as favorable as reported a month ago
spring wheat showing loss OF o.
points. equivalent to loss OF - OF a
hushel an acre on an area of almost IL
400 600 acres. The gain in the condition
OF corn means an increase OF more IMAM
lOO.0O0.O00 bushels. as compared WIN
the estimates of July, and the total mar
vest indicated is small only in comparl-
son with the record breaking yield IN
1910 There will be enough grain to go
around. and while the final figures OF the
seasons crops will not show up as wen
as those of a year ago they Will make
favorable exhibit with the average re-
turns of the last ten years. The steel
shares were heavily sold and bear op-
erations again were reported In Missouri
Pacific. Canadian Pacific. Union Pacifc'
ST. Paul and Reading without bringing
out much stock and without unsettiins
confidence on the part of investors VINO
arc not taking a part in the selling wave
on the. Stock Exchange.
There is no reason why investors
should sell, while there are good reasons
for the purchase of high grade issues for
permanent investment account. the
country is still here and corporations VIII
continue to pay dividends. Most of the
prominent shares return an attractive
income yield at prevailing quotations
Prices are declining because of specula-
tive liquidation and bear manipulation
but intrinsic values are not sinking. AT
the moment there is total lack of bull
enthusiasm on the part of the specula-
tive community. but on all declines
stocks offered do not go a begging. Whlle
the short interest becomes more eN-
tended. involving many small accounts
that eventually will suffer the usual
penalty. II Is not unlikely that the per-
sistent hammering of prices will result
in the taking over by strong people of
several large blocks of important stocks
from interests who apparently will be
unable to secure the necessary financial
assistance to handle their holdings in
declining market. The big men have q
faculty Of relieving less fortunate opera
tors of heavy loads at attractive prices
that is. attractive prices for the buyers.
According TO the known movement of
money in the week. the banks have lost
more than 100000 in cash holdings,
due almost entirely 10 operations with
the Sub-Treasury. including the transfer
Of 100000 to Chicago last Friday for
the account of local institutions. The
latter item figured in last Saturdays
Clearing House statement. 50 that the
known reduction in cash that will APP
pear in to-day's bank exhibit will be only
a little more than $3,000,OO0. Direct
shipments of currency to the interior
show practically no change from those
of a week ago, hut an indication of the
growing needs I'm the agricultural sec
ion of the country is found in marked
falling off in receipts OF money here
rom out-of-town points, total arrivals
presenting a loss of about 100000 as
compared with the total reported last
Friday. The interior has not yet begun
TO draw heavily upon the East for funds
incident 10 the gathering and marketing
Of the crops, and the strength Of the
banks at other cities and towns is such
as 10 preclude the possibility of a seri-
Gus drain upon this centre. Nothing is
In view in the money market that war
rants the expectation Of material
change in loan quotations in the near
future. The demand for stock market
and mercantile accommodation is ex-
cecdingly light, the tendency on the
stock Exchange being to reduce loan
Obligations rather than TO increase them
The inquiry for commercial paper is fair
hut offerings are scarce. Time money ia
Gull and rates arc easy.