New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-15
FINANCIAL MARKET
Days Trading in Stocks Smallest
in YearS-Cr0p Prospects.

Midsummer. as The almanacs have 1t,
comes at the middle of July, and real
midsummer quiet yesterday settled upon
the stock market. where the total trans
actions were only little more than 3d.
600 shares, the smallest business for a
full five-hour day since July 3, 1908
preceding a holiday and with that ex-
ception since 1904 The dulness may Do
appreciated from the fact that the sales
of United States Steel common aggre-
gated only $500 shares, and that in the
course Of the session full hour passed
without single transaction in this usu-
ally most active OF issues. The list of
stocks traded in presented an attenuated
appearance. although few Of the active
stocks failed of representation In IT, II
only to the extent Of a few hundred
shares: and the price range was narrow
throughout, steel common and Great
Northern. for instance, moving within
range Of 4 point. and Reading. Union
Pacific. Baltimore & Ohio and Northern
Pacific varying each only IS between the
high and low Of the day. Union Pacific
preferred advanced rs on small trading,
the buying being accompanied by re-
vival Of the report OF segregation Of the
company's assets and retirement Of the
preferred stock, a ruInor which had been
looked for, following the decision Of the
governments action against the Union
Pacific and the Southern Pacific. Texas
Company stock rose nearly points, and
the fertilizer issues showed strength.
The principal senblance Of activity was
In the morning hours, the market becom-
ing almost utterly lifeless in the after
noon, and the close was irregular, with
only a dozen issues showing net changes
as large as l point.
The only news of the day was that Of
the crops, and that had little influence.
Corn advanced on reports Of continued
heat and drouth, and cotton also was
strong after early weakness. Wheat. on
the other hand, showed a declining ten
dency, encouraging weather advices
from the spring wheat territory and
large receipts at the chief Western cen
tres acting TO improve sentiment as 10
the prospect of satisfactorily heavy
harvest Of this grain The money mar
ket showed no change, for either call
loans or time accommodation, and the
foreign exchange market also was with
out feature. The preliminary estimate
of the bank statement, based upon the
known movements Of money during the
week, indicated a further loss Of $780,
600 In the cash holdings Of the local
banks, due to the heavy payments TO the
Sub-Treasury for Panama bonds and
other accounts, which more than offset
the large gain in cash from the interior.
An increase in surplus reserve, however,
IS likely 10 be shown in to-day's Clear
ing House statement, because Of reduc-
tions Of the loan item by a number of
the banks. the reserves Of which q week
ago were below the required percentage.
The weekly trade reviews, although not
NOTING any marked revival of business
activity. report a rather better under
tone. and predict decided Improvement
in conditions with the opening Of fall, If
II shall then he found that the harvests
Of 1911 will show no serious impairment
in quantity. The stock market, like gen
cral business. is waiting for definite and
encouraging news of the crop outlook.