New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-24
RANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Gain S3,442,O 900 on the
Weeks Currency Movement.

There was no evidence in yesterdays
stock market of the sort Of selling press
ure that carried prices 10 lower levels
in the day before quotations showing
Improvement throughout the five hours
Of trading, although advances as rule
were confined TO fractions. The market
was extremely narrow, dull and unln-
teresting. Commission houses had few
orders for outside account, and even the
room traders showed little disposition 10
make commitments, their unwillingness
TO engage in further ventures on the
short side Of speculation evidently oelhs
based on the absence Of public selling
which they thought might develop as
result of the downward movement in
Thursdays transactions. Among the
prominent issues. such as Union Paclhc'
Reading and United States Steel, fuctu-
atoms were not of character that sus-
gested the presence in the market or
substantial interests. Most of the big
men are out of town, although they are
not out of stocks. and while they are
doing nothing at the moment to advance
prices they may be counted upon TO pro-
tect the market in the event OF ADVERSE
DEVELOPMENTS Underwood Typewriter
was the only important feature OF
strength in the industrial list its rise
representing a gain Of D points from
THURSDAYS close and a gain OF 50 points
from its low level Of the year on March
% The stock recently was placed in the
dividend column by the declaration Of l
per cent, payable July /. and 1t was
thought yesterday that higher rate
would be declared at the next dividend
period. as earnings available for dlVl-
dend purposes were said to be rapidly
increasing. The general market was
strong in the last hour, Union PACING,
the Fries and Canadian Pacific leading,
the last named making new high rec
ord. but there was no material increase
in the volume of business in any part OF
the list. Talk was revived Of Canadian
Pacific securing control of the Erie.
According TO the known movement or
money in the current week the local
hanks have gained net S3,442,OOo, re-
ceipts from the interior and from ne"
gold offsetting the loss on operations
with the Sub-Treasury. The easy none
,arv conditions throughout the country
are reflected in the large amounts or
national bank notes being sent TO WASH
ineton for redemption. shipments IN the
4 .lL..a L
present week aggregating Soo19'Voo' ana
In the large sums Of currency coming TO
this centre from out-of-town points,
gross receipts OF the latter since last
week amounting TO almost Sl5VU,Ooo.
So far there has been no hardening OF
money rates here incident TO prepara-
tions for the financing of the heavy July
interest and dividend payments, which,
il IS estimated, will total more than
500 600 900, against S232OOO,rO a year
ago. but a somewhat firmer tone is noted
in the foreign exchange market as con-
sequence of an inquiry for bills in con-
naction with the payments due 10 Euro
pean holders of American securities
Europe has been considerable buyer OF
orr issues in recent months, and II Is
likely the interest and dividends that VIII
be paid to foreign investors in July VIII
be HEAVIER than ever before in the his
tory of the country. Fortunately TINS
country has accumulated an lnterna-
tional trade balance in the last eleven
months Of more than SJOOVOOooo, and
in spite Of our obligations TO Europe on
investment account heavy expenditures
bv American travellers in foreign iahqs'
freight carrying charges pald by the
ITnited states TO foreign steamship COM
nanies and large sums sent 10 Europe by
Furopean born citizens and residents
here. we could easily bring gold from
abroad IL the necessities Of the local
money market demanded imports OF the