New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-27
FINANCIAL MARKET
Banks Show Loss on Weeks
Currency Movement, Owing to
Gold Shipments to Canada.

steel products to lower levels is not pro-
noting the interests OF the bear element
on the Stock Exchange. There are vari
Gus stories in circulation that the dec
laration of an open market for steel by
the Republic Iron and Steel Company
was made more for hoped for effect upon
stock quotations than for the purpose of
stimulating trade, but such ideas are
silly. for the good reason that the lower
ing of prices was the result of supply and
demand. and eventually the reduction
must be reflected in demand overtaking
supply. Doubtless certain people identi-
fed with the steel trade took advantage
of the known intention of the Republic
Iron and Steel Company to cut prices 10
accumulate lines on the short side of the
stock market, which. however. have not
so far brought in important profits. And
II does not appear likely that unsettle
ment in price schedules on finished steel
products will carry quotations for stocks
TO materially cheaper levels in the weeks
TO come without the accompaniment of
distinctly adverse developments in our
Industries and unfavOrable changes in
the condition Of the crops.
Most stocks were firm yesterday. with
out enjoying marked advances. except in
the case of Westinghouse and General
Electric. The electric companies are
able to report increased orders. which,
of course, will benefit the copper produc
ing and smelling companies, and Incl
dentally the copper and smelling shares.
which already are beginning TO attract
attention from the bull side Of the mar
ket. OF the total business recorded the
larger part was supplied by Atchison,
which was helped by it's favorable report
of April net earnings. General Electric.
Reading, United States Steel, Westing
house. Western Union and the Hartman
issues. The last named We're firm in
spite Of the poor showing made by the
Union and Southern Pacific companies in
the last month. both roads exhibiting a
decline In gross and net returns, The
Hartman roads have not been so sue
cessful as the Atchison in reducing oper-
best handled railroads in the country.
The market closed inactive, but with
final figures at small net gains in the
larger number of issues.
Although the local banks have gained
n substantial amount Of cash on their
separations with the interior and on re-
,ceipts Of new gold In the current week,
they have lost on all operations, owing
40 shipments Of gold coin to Canada, up
ward Of 81 100000. 1t is therefore quite
likely that to-day's bank statement
showing actual conditions as of last
might will make an unfavorable compari-
son with a week ago IN cash holdings
and. unless there has been q material
reserve above legal requirements. AS
was the case last week. the trust COM
panies may present a gain in loans and
the banks loss. The flow Of currency
from the interior was chiefly for the ac-
count of nearby and Middle Western
points. So far this month shipments of
gold 10 Canada have amounted to 81
10000. and as exchange in Montreal on
New York is in favor of the Canadian
centre, while money rates there are
higher than they are here. 1t is quite
probable that additional Withdrawals will
be made for Canadian account next
week. Local time money rates have
declined TO the level quoted before the
announcement Of the Standard Oil de-
cision, but bankers look for frmer quota
tons as the season progresses, with a
much higher general money market in
the early autumn. There are a number
Of demands ahead that this market will
have TO meet. including the governments
$50 100000 Panama Canal bond issue
Fortunately, the banks are in well
fortified position to handle increasing
financial requirements.