New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-17
FINANCIAL MARKET
Banks Gain More than $4,000
600 in Cash Holdings.

The larger part Of the business IN
yesterdays limited stock market was
supplied by a few issues, with the chief
dealings In Amalgamated Copper, Read
lfpg, Union Pacific and United States
Steel, which showed uniform strength
until the last hour, when a reactionary
tendency was reported. There were also
fairly large transactions for dull day
IN Lehigh Valley, American Smelling
Utah Copper. Atchison and Erie BUY
ing Of the two last named issues IN re-
cent days has represented interest In the
stocks by houses that generally place Or
ders for substantial spectators and IN
vestors. Both the Atchison and the Er1e
are being handled by men who know
how a railroad should be operated IN or
der to produce good net results without
weakening the physical efficiency or the
properties In other words, the man
asement Of the Atchison and the man.
aeenent Of the Erie are employing sci
entifc methods to strengthen the posi-
,tion Of the companies And the same
khine may be said Of the Southern Rail
way. Southern Railway preferred was
restored to the dividend list early in the
.current year by the declaration Of divi-
ldend of per cent and II is understood
that in October the holders of the issue
will receive a payment Of per cent.
while II the compsny's financial position
tcontinues TO improve at the present ratio
lof gain as compared with former years
1.-THE fun rate of : per cent doubtless VIII
he paid in 1912 Reports Yesterday from
1.-THE steel and copper metal markets
Ishoved further expansion in the volume
,of new business. and buying Of the metal
l3ssues on the basis If such reports was
lnoted. United States steel common show
Inns consistent strength most of the day.
In spite Of persistent efforts by bear
IRA ders 70 weaken its price the reaction
fsn the last hour Of trading rejecting re
,slizing sales rather than actual selling
tpressure The general market was in
Ifensely dull and weak at the close. In
the bond department the International
Mercantile Marine bonds were strong
features also the bssh-Pittsburs
Terminal Is
The local banks continue to receive
large sums Of money from the interior,
fheir net gain in the current week on
their operations with out-of-town points
amounting TO S77SS.00O. The Clearing
House institutions also gained on their
transactions with the sub Treasury and
received more than $4,000 900 new gold
on Assay Office checks the net result of
fhe weeks movement amounting to an
estimated increase i'm cash holdings of
more than S10.0O0.0O0. owing to the
fact that the operations of the sixteen
trust companies that have Joined the
Clearing House will be shown in to-day's
statement Of the associated institutions
II is useless 10 make predictions regard
ing the probable combined exhibit Of the
banks end trust companies in the weekly
figures: and. Of course. the showing will
he Of little value from statistical point
of view, so far as comparisons with a
year ago are concerned. Receipts Of cur
Iency at present come chiefly from near
by and Middle Western points. where ex-
Viidileo is ldNOrdDle 10 shipments 10 tnlS
centre. The demand for collateral loans
is inactive, and In spite of the financing
incident TO the forthcoming Panama
loan, bond sales by corporations and the
requirements in connection with the
heavy July interest and dividend dis
bursements no material change in money
rates is looked for in the immediate
future, although a somewhat frmer ten
dency Is not unlikely. Reserves ar this
centre are enormous The very fact
however, that money is IN abundant sup
ply encourages the expectatio that later
1n the season higher range Of loan
quotations VIII develop for the good rea
Son that with growing strength IN gen
eral underlying conditions the demand
FOR accommodation will gradually ex-
pand Easy money rates based on large
cash and surplus bank reserves and on a
foreign trade situation in favor Of this
country are not arguments for lower
stock market prices. Bear traders have
q hard row 10 hoe