New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-13
FINANCIAL MARKET
Bear Efforts to Depress Stock
Prices Meet with Little Success,

Early declines IN Yesterdays stock
market were recovered before the close
in the larger number of issues. IN the
,ata afternoon the general tendency was
IN the direction Of higher quotations.
the copper issues exhibiting especial
strength under the influence OF puylhs
that apparently came from supstahti'
eranciai interests The copper metal
market is in a much better position than
ranorted 2 few weeks ago. and from the
information gathered from trade cir
cles il appears safe 10 predict supslsn
,ial Improvement in this industry In the
near future. Consumption of the metal
evidently Is beginning TO overtake pro
6uction Such a situation naturaliF
suggests higher prices for the raw
nroduct and better figures for the shares
Of the copper producing concerns
Amalgannated Copper ended the day on
the Stock Exchange at net gain OF
more than point. While Anaconda Old
almost as well. the advance in these
movement in American Smelling and
Refining which was in demand from
houses closely identified with the metal
industry The last named stock repre-
SCENTS company the current assets Of
which could be liouidated az price well
in advance of the par value Of its total
capitalization.
50 Paul was veil bought; also the Erie
and Southern Railway issues. While
further active buying was reported IN
Tennessee Copper and Utah Copper.
The Gould shares we're weak, the sell
ing being based on the general idea
that the dividend on Denver and Rio
Grande preferred either would be passed
or reduced az the meeting Of the d.
rectors TODAY Recent earnings of the
Denver and Rio Grande certainly do not
Justify the maintenance OF the per cent
rate that has been paid on the preferred
stock Of the company in recent years
In spite Of efforts 70 induce selling
movement in United States Steel COM
mon the stock closed at a small frac-
tional gain. The showing Of the United
States Steel Corporation in the matter
of untitled tonnage for the last month
does not warrant uneasiness over the
present position Of the steel industry.
Cotton prices advanced on reports Of
dry weather in the cotton belt. while
wheat declined on advices showing
climatic conditions favoring large
harvest.
Bank statement figures do not sug
gest the possibility Of material ad-
vance in loan quotations in the imme-
date future. The actual reserve above
legal requirements Of the Clearing House
institutions at this centre stands az
almost $40. 10000. an unusually heavy
surplus for this period Of the year. and
from present indications there will be
no important decline in the reserve in
the course Of the next few weeks. not
withstanding the demands upon the
hanks incident TO the July interest and
dividend disbursements and the pay
ments on the forthcoming issue OF
Panama bonds. A firmer tendency IN
rates is looked for. but nothing IN the
nature Of q stiff market for loans Is ex-
nected before the autumn. The banks IN
Now York are in remarkably strong
nosi,ion while throughout the country
an unusually favorable banking situa
tion Is reported. Interior institutions
have more money on hand than they
can place at profitable terms. reflection
~ which is found in the course OF do
mestic exchange. Currency is MOVING
from interior points 10 New York. but
il need not be assumed for moment
that funds now accommodating here will
remain inactive for any extended period
Fmplovment will be found at subse-
ouent period for every cent now lying
idle and the fact that loans can be
negotiated at cheap figures should not
encourage the idea that the money
market in this country has entered a
period of long continued ease.
The banks are anxious to lend their
funds on approved collateral. and the
chances are they will be able to report
big profits in this line Of business In the
first half OF the forthcoming fiscal year
A big upturn in our industrial activities
l. Nv ia al l.