New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-06
FINANCIAL MARKET
Bank Statement Figures Show
Gain of $4,000 in Actual
Reserve Above Legal
Requirements.

Stock market prices were weak at the
opening. and throughout the best part
of the two hours Of trading the ten
dency on heavy dealings was in the d.
rection Of lower levels on pressure from
the professional element and n scat
tered liquidation. Closing quotations
were above the lowest, owing to cover
ing in the final dealings. Offerings were
well taken on the decline, and in con-
sentative quarters it was freely pre-
dicted that the downward movement
would not run far into the current week
such predictions being based on the
theory that the market was heavily
oversold, with the larger part Of the
floating supply of stocks in exceedingly
strong hands. The best feature of the
market yesterday was its ability TO alb
sorb a large amount Of stock. This is
no sign of inherent weakness or Of I'M
willingness on the part Of the larger in
terests to buy at concessions. The big
men, so-called, were good buyers, but
they made no effort to stay the decline
Market conditions that have developed
in the last few days as a result Of
LIQUIDATION and bear pressure will auto
matically check the selling movement
before it can bring about acute disturb
ance in the financial situation. Traders
doubtless will remain bearish for some
time TO come, but their arguments for
lower prices are becoming threadbare,
and when the inevitable squeezing
process begins their paper profits will
disappear as fast as mist before the
sunshine.
The drive at prices in the first hour
apparently was for the purpose Of af-
for6ing an opportunity for bears 70
cover, but the bear element, which is not
always strictly truthful, stoutly denied
that II had covered its contracts, while
II asserted that prices would go down.
down. down, and then down again; and
ve- the wheels Of trada and comm cree
continue 10 move. The hard coal stocks
vere attacked because q government
suit was filed against the so-called soft
coal trust. Wall Street-that is, specu-
Iatiye wall Streets always oeauthuily
,,corsistent. Bank statement figures,
,,,blisred as usual after the close OF
business, reflected in reduction IN
loans ia the actual exhibit OF more than
S2oO0D.C 600 the stock market liquidation
NJ The current week, and in a decline OF
more than s5,000,O00 in cash the increas-
i,-, ot,+-of-town demand for money. AS
= consequence of the big contraction in
loans the reserve above legal require
nents presented a slight increase de-
spite the loss IN cash.
The only important demand Tor money
of me moment is for time loans Of dis
t2rt maturties and for accommodation
on commercial paper. Offerings OF mer-
camille bills in the local MARKET are
Moderately heavy and rates are some
hat N,rner. with every ipdicstion OF
b,eber quotations later in the season,
when business activity is expected 70 De
more pronounced. Reports received Dy
tbe commercial agencies in the last week
note an improvement in various lines OF
trade ard mono OF the tendencies toward
coot~sction which certain interests iden-
tiled with the short side Of the stock
market have been predicting. George
Gould gave out a pessimistic interview
in London Yesterday regarding the future
of our industries Mr.. Gould Is a long
way from our productive and manufact-
,lring centres, and he evidently Is not
well informed on existing conditions, II
the cable reports him correctly. Fur
t',erroore, Mr.. Gould doubtless feels
somewhat down in the mouth because
OF the almost complete lack OF dividend
return on The so-called Gould securities.
Pacific. Wabash. Denver & Rio
Grande, Texas & Pacific al out OF the
dividend class. no wonder Gould inter
osts are not cheerful. But there arc bet
ter things ahead for the Gould shares,
and there is no reason why they should
not prove profitable speculations for
long pull
Fruitless Investigations OF corporations
by Democratic Congress committees will
not upset the country's industries, nor