New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-07
FINANCIAL MARKET
Stocks Helped by More Favor
able Reports from Grain
and Cotton Belts.

and Cotton Belts.
Uniformly favorable weather reports
from the cotton and grain belts and an
easier feeling abroad over the Moroccan
situation were effective factors in help
ing stock market prices toward a higher
level Yesterday. Traders who went
home on Wednesday with commitments
on the short side Of speculation expert
enced difficulty in covering their con-
ouence the short interest was not ma
terally reduced. the larger number Of
bear operators maintaining their posi-
ton IN the hope that the rally would he
Of short duration. Sentiment In profes-
sional circles In large part Is bearish, al
which TO hang bear expectations. The
crops have not been ruined, money Is
easy the iron and steel trade Is expand
ing. the railroads are buying more freely
of equipment. the substantial financial
interests are the chief holders of stocks
which they evidently are not disposed 10
sell at prevailing quotation levels our
foreign trade continues TO improve and
our general industries. Professional
ira ders, however. believe that stocks are
high enough. and that irrespective Of
sound fundamental conditions no I'M
current range They may be right, but
the big men nevertheless have the
money and the stocks. and they appar-
emily do not intend TO encourage any
thing in the nature OF bear market.
Erie was well bought in the morning,
and the Street settled down 70 the opin-
ion that the so-called Erie mystery was
no mystery at all. and that the stock
was being accumulated wholly on its
growing merits. Among the other active
issues the chief features We're Union Pa
cifc. Reading, United States Steel,
Southern Pacific. Northern Pacific and
Joined the ranks Of the railroads that.
through scientific management, are able
to reduce operating costs to meet the in
creased price Of labor and supplies and
decreased gross receipts, it's net earnings
for May showing an increase in net re
turns Of S207 ,501. in the face Of a loss in
gross Of 1904 III. Among the special
ties Laclede Gas was taken by a good
class Of buyers who believe that the
price of the issue as per cent stock is
entirely too low. At its present quota
ton this stock returns little more than
6 per cent. Passing Of the dividend on
the stock Of the American Steel
Foundries Company caused a sharp
break in the company's shares. but was
without effect elsewhere in the indus
trial list.
The absence of an active demand for
money is reflected in government figures
showing the amount of national bank
notes sent 10 Washington for redemp-
ton in the month Of June. the total
movement being larger than in any pre-
ceding June in the history of the ma
tional banking system. Currency has
been piling up at reserve cities and banks
at those centres have been forwarding
TO the federal Treasury the notes Of
other banks in heavy volume, the re
ceipts Of these notes in Washington in
June amounting TO S60,32l .440. making
for the fiscal year A total Of S55l,53l.
800. the latter being upward Of $4,000.
600 in excess OF the sum reported in the
preceding twelve months. In the last
month the amount OF money in actual
circulation decreased S27, 4s9, 2j3. but the
total circulation on July was SlOS,-
S73. 100 larger than on the same date in
1910 There is an ample supply of funds
in the country for the needs Of expan-
sion in the mercantile and financial mar
kets. while q further element Of strength
in the monetary situation is found in
our position i'm the international money
market which will enable New York to
draw gold from Europe whenever the re-
qurements here may demand such an
operation. Gold may come I'm wholly in
response 10 exchange market conditions.
irrespective Of money rates at this cen
tire. but from current Indications 1t will
be long time before we will actually
need the metal. Notwithstanding the
fact that the local Clearing House banks
lost more than S27,OO00OU in cash hold
week have lost more than S26,Ob,OOO on
their operations with the Treasury.
quotations on collateral loans show, If