New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-01
BANK STOCKS ON STOCK ExcHANG
FINANCIAL MARKET
Banks Sustain Heavy Loss on
Weeks Currency Movement.

Although the stock market is not max
ing rand progress toward a higher level
of prices, traders are unable to bring
about material declines, even in the face
Of DEVELOPMENTS which from the point of
view of the ordinary speculator should
induce active liquidation. 1t is a dis
tressing market for operators short OF
stocks, while il is an unsatisfactory mar
ket for traders who would like TO con-
vert at once long accounts into cash at
handsome profits Nevertheless, the
stability OF stocks and their marked re-
sistance TO bear pressure are encourage
ing factors for actual investment holders
who might in many instances be inf1u-
enced TO part with their possessions If
the investigation Of corporations. the In
dictments Of officers Of certain concerns
on charges Of conspiring to restrain
trade and civil actions against comblna-
tions under the antitrust law were eff
fective in bringing important success to
transactions for lower prices on the
Stock Exchange. Trading yesterday
differed little from that Of the preceding
days of the week. Dealings were light
in volume, prices moved In an irregular
manner throughout the five hours Of
business and last quotations showed un-
important chances from the closing In
Thursdays market, fractional net losses
predOminatine.
Accumulation of Erie shares continued,
with increased buying in the first pre-
ferred, which at no remote period doubt
less will be restored to the dividend
column. while there also was some buy
ing Of the second preferred, which. 1t Is
believed, owing TO the small amount Of
the issue outstanding, will receive a
dividend about as soon as the first. y
considerable amount Of Erie has been
shipped to London in recent weeks, but
this fact does not warrant the assump-
ton that Canadian Pacific interests are
about TO secure control Of the Erie prop
erty. 1t is quite likely, however. that
something in the nature Of a traffic al
lance between the two roads is being
worked out The late afternoon dealings
brought forth no gain in the volume Of
speculative operations, but prices main
tanned a good tone, with 500 common
responding TO the advance in the Erie
issues. United States Steel commons
answer to the indictments in the wire
trade was a net loss of Il, similar losses
being recorded by Southern Pacific and
Reading. Compared with the prices pre-
vailing at the first Of the current year.
the average for the leading railroad
stocks at the close of the first half of
1911 shows an advance Of about points
and that Of the chief industrials an ad-
vance Of points.
According TO the known movement OF
money in the current week the local
banks have lost net upward of SS,OOO,-
600 in cash holdings. the heavy pay
ments to the Sub-Treasury on Panama
Canal bond account more than offsetting
large gain on interior currency opera
tons The banks received from the in
terror more than $19,O00,000 and skipped
to out-of-town points $40, 531 900, the
gain on these transactions being larger
than in any preceding week since the
week ended April q, while, exclusive Of
national bank notes sent to Washington
for redemption, the outward flow of
money was unusually light, amounting
TO only S4365,OO0. Unless there has
been a heavy contraction in loans this
week, which is improbable, to-day's
Clearing House statement, showing the
actual condition of the associated in
stitutions last night. doubtless will pre-
sent a material falling off in reserve
above legal requirements, but as the fig
ures Of a week ago reflected a total sur
plus Of almost SS7, 100000 it IS not likely
that heavy decline in this item will be
followed by any change in money rates,
which promise to remain at the current
easy level for several weeks 10 come.
The combined statement Of all national
banks In the country showing conditions
at the time OF the last call Of the Con-
troller OF the Currency on June Z makes
an extremely favorable exhibit as COM
pared with the last preceding call, loans
presenting a gain Of So, 799, 1876 deposits
a gain of $173, 1851 ,065 and cash gain of
S3S. 294 431.