New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-07
BANK STOCKS ON STOCK
FINANCIAL MARKET
Liqht Demand for ACcommoda'
ton in Time and Call Money.

The stock market was quiet and heavy
throughout the larger part Of the FIVE
hours Of trading Declines did not
reach important proportions. and While
the professional element predicted FUR
Their losses before the development Of
another advancing movement. there was
q total absence Of substantial lquida-
ton and no indication Of anything IN
the nature Of sustained decline in the
immediate future. Stocks offered were
well absorbed. especially In the case OF
United States Steel common. Union Pa
cihc. Erie. ST Paul and Atchison. The
technical position of the market is
strong. and there is nothing in the out
side situation that warrants the accumu-
lation OF short accounts for long pull.
Crop conditions are favorable, money Is
extremely easy. the railroads are be-
coming more active as buyers of steel
rails and supplies. the general metal
market shows improvement over the re
cent dulness in the matter Of new orders
and in all mercantile quarters confidence
Is exhibited in the theory that the coun-
fry Is on the threshold Of a period Of In
dustrial expansion. Stocks are In strong
hands and the market is free from the
Influence of harmful manipulation
Prices showed moderate strength in the
late afternoon. Amalgamated Copper
and BROOKLYN Rapid Transit being Feat
ures among the active stocks. while in
the bond department conspicuous
strength was shown by the American
Tobacco Is. which advanced on the
run1or that large interests in the coun-
try had reached the conclusion that the
issue would have TO be retired AT par In
the coming reorganization of the prop
erty. OF course. Brooklyn Rapid Transit
was helped by the rather definite state
ment that the company would secure a
Manhattan entrance through the final
disposition If the rapid transit problem.
The new "A per cent city bonds sold at
1o47s. the highest price so far recorded.
While the local money market is not
in a position that demands the importa-
ton Of gold. the current course OF for-
eisn exchange suggests that the precious
metal NAV move 70 this centre from
London irrespective Of monetary consid-
erations Gold imports and exports as
a rule are governed by the price OF
money. bur conditions sometimes develop
that induce a flow OF gold across the
Atlantic independent Of the value Of
funds. and there is now some reason 70
believe that such a movement is near AT
hand. owing to our large credits in Eu-
rope and the poor opportunities offered
there for the employment Of money az
profitable figures. An overwhelming
trade balance in favor Of the United
States and sales OF American securities
in foreign countries may force gold u
move this way. notwithstanding the low
rates for accommodation here and the
absence Of any need Of imports OF the
metal for speculative or mercantile pur-
noses our ability 10 bring In gold,
however. is strong argument ,or
optimism about the future Of money and
business in this country.
There was no change III i''oi ii'i''s
marke, rates yesterday. In the time de
nartment Of the market borrowers are
not disposed to increase their loan ac-
counts on the basis Of the frmer rates
established by the banks last week, as
they believe that with the possibility 81
gold imports hanging over the market
lenders are not warranted in marking
ND their quotations. Bond bills offered
In the exchange market in recent days
have been well absorbed, but specula
tors In sterling look for a further heavy
SUNNY of this sort of exchange in the
near future. on their operations with
the Sub-Treasury so far in the current
week the banks have been losers, while
on their transactions with the interior
they have gained substantial amounts
reflection Of which is found In the
present position of the domestic ex-
change market. The mercantile inquiry
for funds is still light. and there Is no
great activity in loans representing spec
ulation on the Stock Exchange.
-UN1nrc ar McDNuAMniCE