New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-03
BANK STOCKS ON STOCK Elk
FINANCIAL MARKET
Banks Continue to Lose Cash on
Operations with ub-TreaSury.

lower levels in yesterdays operations,
the declines. however, failing to induce
active outside liquidation. A raid by
traders in the early afternoon brought
out some weakly margined accounts,
but there was little in the character Of
the ansections that suggested the de-
velopment of investment selling or sales
by spectators who have large bank bal
ances. There is nothing in the situation
that warrants the disposal of invest
mept holdings: indeed. general conditions
affecting the intrinsic worth Of securi-
ties ought 10 encourage investment and
speculative purchases on all declines, es-
pecially in the high grade railroad and
industrial issues. The fact that the pub
lie is not making heavy speculative pur-
chases at the present time and the in
difference of the larger Wall Street in
terests 10 the efforts Of traders TO bring
about a lower level Of prices naturally
attract selling by the professional ele-
ment. notwithstanding the generally IA
vorable position of money and business,
but the chances are holders of sound
American stocks and bonds will not
worry at all over the losses that at
times the bear element may be able 70
effect. In yesterdays dealings the
passing Of the American Tobacco Com
pany's common stock dividend, which in
reality was nothing more than a post
ponement of the payment incident TO the
fzot - ba
recent decree Of the Supreme Court, was
used as a club to hammer prices, while
selling Of Allis-C Chalmers stocks and
bonds due to reasons not affecting the
general industrial situation likewise was
seized upon as good argument for en-
gaging In commitments on the short
side elsewhere in the list.
Declining prices were accompanied by
q fair increase in the volume of bust
ness, as compared with recent daily to-
tails, much to the delight Of commission
houses that have been starving for
months. The weakness, of course, was
disappointing 10 active bull interests,
especially as IT developed at d time
when the ticker was telling tale of
conditions in the cotton belt that prom
Use much the largest cotton crop on rec
ord. Government figures showing the
cotton situation on June % indicate
cotton harvest well in excess of 1900
600 bales, a condition percentage Of S91,
comparing with ten-year average for
this period Of 79.4 per cent. Among the
prominent shares the chief net losses
were shown by Reading. Atchison, Union
Pacific, Amalgamated Copper, the Hill
issues, ST. Paul, Erie, Baltimore & Ohio
and Bethlehem Steel preferred the last
named losing more than points on the
official statement that no dividend
would be paid on the stock in the inn
mediate future. Some traders said diff
Guilty had been experienced in renewing
loans, of which there was no evidence
i'm the money market, while they also
said for effect upon sentiment that
STANDARD Oil and American Tobacco in
terests were selling securities. As a
matter Of fact the decline represented
nothing beyond the results Of profess
sional operations against prices which
quite often are successful in summer
markets.
In these davs Of dulness on the Stock
Exchange, when many traders are pre-
dieting lower prices for securities. 1t is
encouraging 10 note that tho country's
chief trade barometer is rising The
steel industry, according 10 the opinion
of the best informed authorities is in a
stronger position than at any time since
the early part Of the year, with every
indication OF d growing healthful expan-
sion in the months 10 come. An increas-
Ing demand for finished steel products
always in the past has been followed by
improvement i'm general business. and
there is no reason 10 suppose that the
current betterment in the steel trade in
the present instance will not induce ac-
tiyity IN other markets The United
States Steel Corporation is now operat-
ing az 70 per cent Of IT'S ingot capacity
as compared with 63 to So per cent IN
the second quarter Of the year, and as
every sign points 10 favorable harvests.
which mean heavy traffic for our rail
roads. bokh from grain and cotton and
from the purchases the farmers viii |