New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-02
FINANCIAL MARKET
Money Rates Firmer and IN
creased Offering of Mercantile
Paper Reported.

amounted TO a total Of III .S76 shares.
+bA larger part Of the business being
supplied by Reading, the Hartman
issues, United States Steel and BETH
lehem steel. There was no outside In
terest In TIE dealings and no INDICATION
az participation by the public In specu-
la+ive operations in the immediate
future, notwithstanding the generally
favorable outlook in the world or money
and business and heartrendins ap-
meals by commission houses 10 the couh-
trv az large 10 come into the market
The public apparently is conserving us
resources and placing its money IN notn-
ing but constructive Investment enter
nrises. Such a situation is not encouras-
ing for houses that do strictly specu-
lative business, but il is one that Is max
ing for better things In the general In
vestnent situation. Prices moved IN an
irregular manner in the larger part OF
Of the day. with the final tendency In the
direction Of lower levels. closing quota
tons among the prominent issues snow
ing decided losses as compared with the
last figures in Mondays market. Inc
downward movement was due to selling
bv traders and liquidation by spectators
who doubtless were tired Of carrying ac-
counts in such a dull and stupid market
Time money was quoted higher for all
naturities, and the general demand for
accommodation showed some improve
nf
DAYS. with the chief inquiry for overtime
year loans. Mercantile paper rates also
showed an advancing tendency. oIer-
ings of commercial paper were heavier
than reported in many weeks, While the
local banks appeared TO be quite ahA-
ious TO discount all high grade bills. Inc
New England mills were active in the
market for loans of this character'
Activity in the commercial paper market
is a mighty good sign of better condi-
tons in the business world.
Railroad earnings received yesterday
for the month Of June, as rule, maze
distinctly unfavorable showing as lar as
most Of the larger companies were con-
cerned. The Pennsylvania, on It's lines
east and west OF Pittsburg, reported
loss in gross receipts of S1.535.7S1 and n
loss in net Of $50, 1876, comparison being
made with the same time in l01O; the
Union Pacific, the Southern Pacifio ana
the Atchison likewise showed mate
rial contraction in gross and net returns
hut the New York Central presented n
;,,e
I'm net OF $500 069 1t need not be as
sumed that the poor exhibits made by
various companies in June foreshadoW
similar statements in the rest or the
wear: indeed, from current indications
railroad earnings in the second half OF
the present calendar period VIII run well
In excess Of those reported in the first
six months Of 1911. and also In excess
Of the returns in the corresponding time
In 1910 Gross weekly earnings now COM
ing 10 hand show improvement over the
results obtained year ago, and as gen
eral business is picking up throughout
the country, while the outlook for the
crops is excellent, there is no reason FOR
pessimsm on the part of the railroads
or the owners Of railroad securities. The
governments weekly weather report re-
ceived yesterday reflects steady progress
of all crops toward an early maturity.
Our exports OF wheat are Increasing,
while the general outward movement Of
merchandise from this country continues
10 exceed the records OF 1910 and 1909,
shipments from the port of New York
for the week ended yesterday for in
stance. amounting in value 10 SIG 14S,
162, an increase of S2,32I.O6l as com
pared with the same week last year,
and an increase Of S3,344,219 over 1909.