New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-10
FINANCIAL MARKET
Bear Efforts to Weaken Stocks
Fail to Induce Liquidation.

under the high record OF the year mace
in June. but the general tendency does
not appear to be in the direction or
materially lower range. Aggressive eff
forts on the part Of the professional ele-
ment to bring about cheaper values have
not attracted outside liquidation. while
at the same time the support offered by
substantial banking interests has failed
to induce a public demand for securities
that is. securities carried on borrowed
money. Commission houses report
dearth OF buying orders. and from cur
rent indications an active inquiry for
stocks is not likely to develop until the
big" men begin actively to operate Tor
higher quotations. The latter appear
contented with prevailing prices, but IT
is not improbable that in the event or
favorable crop conditions in August that
month will witness a marked revival OF
| transactions on the bull side of the mar
ket. especially II the Improvement that
has taken place in the countrys indus
tries In recent weeks is maintained. AT
the moment there is nothing In sight
that suggests a retrograde movement In
business Underlying factors are SOUND
There is an abundance OF money In the
country. the demand from consumers OF
iron and steel is increasing. copper metal
market conditions are much better than
recently reported, production in all lines
is being kept within consumptlVe re-
ouirements, the outlook in the cotton
belt favors one Of the largest harvests
NJ cotton on record, and In spite of the
excessive heat in the grain section or
the country the present situation on the
farms promises average crops
In the week just closed grain market
bulls and stock market bears had the
crops ruined beyond repair. In addltlon
n the extreme heat these operators
found that all the known bugs ana puss
never before heard Of had visited the
agricultural community in death nealhs
numbers. and as a consequence thal PAL.
of tho speculative community that loves
~ wallow in the slough Of despond pre-
dicted a long period of famine Incl
dentally selling stocks short with no re-
gard to the fact that substantial imam
cial interests are the chief owners OF
tho sunnlv of stocks available for specu-
,at,va nurposes and also are in absolute
control Of the money market. me So
called money trust is no fiction. but
the money trust is squeezing no one d.
rrasent What IL may do later In the
sooson is another question. Flnanclers
have in mind plans for the physlcal ana
financial Improvement of the country
corporations, and the success Oh 'i'eH
ideas certainly does not invoNe oeai
r,o. IN the Stock Exchange or foohshly
conducted bull speculation. Inc! are
oiro,ne for stability in the various mar
kets And in view Of the readous'nen'
that is going on in the affairs OF Vail
ous corporations that have peen con-
d,ot,ns their business contrary 10 'he
arti-trust law and the uncalled TOT DC
.,,,+,, on the part Of unseasoned Demo
cratic lnWmdKeTS iiiViA
have been remarkably successful.
Crop damage reports have oeen s'o'o'
o1,aoeerated. A certain amount VI III
4,rv has been done to spring "hed' anu
~, IN sections where the plants nave
,,oo, unable from exhaustion or suosoii
moisture 10 withstand the hish 'o",
nerature recently prevailing but accoru-
ing 70 the reports received by the "e''
80, railroad officers the larger part OF
.ho oror area has not been materially
oeeocted nv the sizzling weather. In the
South the cotton plantations nave en-
! loved good growing climatic condi'ions'
and based on the governments report
| showing conditions as OF June 20 tills
,.ear,s WELD Of cotton will exceed l4,Uoo,-
| 900 hales which. on the basis OF cotton
a. "a cents a pound, represents a money
va,ue Of more than 5000, OO0.Ooo. the
government reports a percentage or So
for cotton. In 1904. when the percentage
! AT this time was a little under TINS
| figure. the largest crop on record was
harvested In the remaining weeks OF
,be general crop season the possibility
Of injury must be borne in mind, but at
the same time 1t should be recalled mat
in the past the chief damage has peen
done late in June and early in July.
Furthermore. il should be noted that the
general acreage this year is much larger
than that of year ago. when the value
Of the products of the farms reached
enormous figures The drouth has been
broken In the West, conditions in the
South are most encouraging and the
general outlook does not foreshadow ma
tional starvation. Careful analysis Of
each industry in the country and condi-
lions upon which they depend for sue
cess presents nothing bearish.
While there is little chance of an ac-
tive outward movement Of funds from
this centre in the immediate future, 1t
is interesting to note that New York
has begun TO transfer currency to the
Far West, 100000 having been sent 10
San Francisco in recent days. The local
banks. notwithstanding their large pay
ments to the federal Treasury on Pan
anna bond account and for corporation
taxes. are we'll fortified to withstand the
usual late summer and autumn drain in
cident TO the financing of the gathering