New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-12
FINANCIAL MARKET
Lighter Bank Holdings Fail to
Affect Money Rates.

business on a movement Of prices that
showed unimportant final changes in the
larger number of issues. Traders were
unwilling to make extended commit
ments on either side of the speculative
account, and as there was no impor-
tant buying or selling by commission
houses the market, as whole, was
most dull and uninteresting affair the
total sales Of 224305 shares being sup
piled in large part by Union Pacihc'
Reading, United States Steel, Brooklyn
Rapid Transit, Atchison, American Ice
and Virginia Carolina Chemical, the last
named being sold TO a moderate extent
on the announcement that the directors
of the Virginia Carolina Chemical Com
pany had declared an annual dividend
on the common stock Of 3 per cent,
reduction of per cent from the rate
paid a year ago. Speculation in Amer
lean Ice Securities shares was based en-
tirely upon weather conditions. The
scarcity of ice, so-called, was brought
forth as q mighty good argument for
buying the stock of the ice trust,
There was. however no widespread de-
mand for the issue from investors who
know something about the history of the
American Ice Securities Company, a
holding company which was incorpor-
ated in 1905 to acquire the stock of the
American Ice Company. and which
never has done much for the capital in
he Ior
stocks closed at net gains, the chief I'M
provement among the prominent issues
being recorded by Brooklyn Rapid Tran
sit. Union Pacific, Reading, United
States Steel. Atchison and Southern Rail
way. The Southern Railway has made
remarkable progress in the last two
Years in strengthening its financial and
physical position, and II is not unlikely
that the next dividend on the preferred
will be at the rate Of . per cent semi
annually. General outside developments
affecting the actual value of securities
are in favor of the bulls. And there Is
nothing in inside operations on the Stock
Exchange that suggests short sales for
more than a quick turn.
So far in the current week the local
banks have lost upward of SI,Oo,oUe on
their operations with the Sub Treasury,
notwithstanding the fact that in the
eamc time federal Treasury expenditures
have been heavily in excess of receipts.
This situation, however. is easily ex-
nlained BIZ the fact that the larger part
Of the payments due the government are
made at this centre. while disbursements
by the government cover widely ex-
tended territory. Government receipts
since the first of the current fiscal year,
however, are we'll under the total re
corded I'm the same time in 1910, while
expenditures are in advance Of those at
this period a year ago, the excess Of eX-
nenditures over receipts from July J,
amounting TO more than S5,OOO,Ooo OH
ordinary account. compared with sur
plus twelve months ago of almost 81
100000 On all accounts. owing 10 the
nayments on Panama bond account. the
governments balance sheet shows an
excess Of receipts TO date over disburse-
ments of more than 100000. There
was no material change IN local money
market rates yesterday, although
somewhat Srmer tendency was reported
for loans running into 1912, which the
banks refused to handle At less than
80. per cent. against By per cent
week ago. Two months money can be
obtained at 24 per cent. which com
pares with a similar rate for the pres
ent minimum for call funds. In the
commercial paper division Of the money
market the best names are discounted at
3lbd3% per cent, but the supply OF bills
is extremely limited. Higher rates for
money doubtless will he recorded later
in the season. but in view OF the fact
that New York is in position To draw
gold from Europe there appears 10 be
10 chance OF disturbance IN the autumn