New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-08
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Narrow Price Changes in Stocks
the RuIe-Crop Outlook.

The stock market yesterday was an I'M
eventful one, with transactions in rela-
lively small volume and prices moving
within a narrow range. There was no
news except that concerning the crops.
and that was not OF a sort to give
definite trend to stock trading, as corn
prices advanced sharply on reports of IN
sufficient rains and of another expected
period Of destructive heat wheat and
other grains moving up with IT, while
Cytton prices declined on advices of the
occurrence Of needed rains in several
states in the cotton belt. The general
feeling on the Stock Exchange was that
the growing crops were not after all In
very bad way. a sentiment perhaps en-
couraged by the drop in temperature in
heat The market opened moderately
active. but soon relapsed into dulness
which continued with little alienation
throughout the session. The undertone,
however, was strong. and the irregular
net price changes shown at the close
were in few cases larger than fractional.
\ pyrotechnica display was furnished
by Virginia Iron, Coal and Coke. ord-
narily an inactive issue. II had ad
vanced 10 points on the preceding day.
and before noon yesterday rose - points
further on reports that the property was
10 pass to the United States Steel Cor
poration. Denial Of the rumor caused
downward plunge Of az points from the
high. but in the late trading the stock
rallied TO 93l. a net advance for the day
Of ga points. Western Maryland ad-
vanced 2i5 points. closing AZ it's hest Of
the day, on continued reports that the
New York Central would take over the
control OF the road, with which the New
York Central system has a. traffic alli-
ance Missouri Pacific made poor
showing for MAY. the system reporting
an increase in gross Of S35,620 and de-
crease in net of $4,000 but the stock
declined by only a small fraction
Owing 10 & falling of in the movement
Of currency 10 this centre and heavy
payments by the banks TO the federal
Treasury on Panama Canal bond &C
count to-day's Clearing House state
ment showing the condition Of the as
sociated institutions at the close Of bust
ness YESTERDAY doubtless will make an
unfavorablN comparison with the exhibit
Of a week ago. when the reserve above
legal requirements stood AT upward Of
SEQ 0OO, 600 Based or known money
lost net about $50 100000 in cash hold
ings, the only gain being on new gold,
amounting 70 81 s5s000. The shrinkage
in receipts from the interior has been
marked In recent days, a reflection Of
which is found in the course Of exchange
on New York at interior points, while an
increase in the outward flow Of currency
is noted, although, az a rule, shipments
Of currency in the summer from this
point do not begin 10 expand until the
first week in August. when the demand
incident 20 crop movements develops.
IN the current week 100000 has been
Treasury for the account of local banks,
the operation being pointed 10 as a fore
runner OF harvest requirements. The
prospects for materially higher rates for
money in the immediate future are not
promising, but it is not unlikely that a
nrmer tendency will develop in the COM
ing month, especially if the stock market
should move under the influence Of
aggressive bull speculation. August
markets usually are bull affairs At the
moment the inquiry for collateral loans
is exceedingly light, while offerings of
high grade commercial paper are small
Sterling exchange was strong yesterday
under the influence Of covering of short
contracts and a demand for cables. the
latter in connection with coupon pay
mcnts due abroad.