New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-14
FINANCIAL MARKET
Efforts of Traders to Weaken
Stock Prices Meet with
little Success.

Efforts 10 bring about lower prices in
the current stock market meet with little
success and traders who are making ex-
tended commitments on the short side Of
speculation evidently are inviting finan-
cial losses. While bear operators are
able at times. as instanced in yester-
DAYS early transactions, to cause tenn
porary weakness in prices the general
tendency appears 10 be in the direction
Of higher figures on the basis Of specnla-
ton, backed by an outlook for good crops
and industrial expansion in the present
year and by the fact that stocks are in
strong hands II is worth noting that
the report Of the more important banks
of this CITY to the Controller Of the Cur
rency. under his recent call. shows an
Increase in their holdings Of securities
In the last three months Of S24VDW'
and a total gain since January I Of S'}1.-
100000 Other financial institutions and
substantial individual capitalists like
wise have been adding to their supply Of
stock and mortgage issues.
The general public was not active in
Yesterdays speculation. and as rule the
transactions reflected little beyond the
swapping operations Of the professional
element. Final changes showed more
net gains than losses. but as rule clos
ing prices presented only fractional diff
ferences from the last quotations Of the
preceding day. The metal issues We're
strong especially Amalgamated Copper,
American Smelling and Utah Copper.
The passing Of the dividend on Denver
g. Rio Grande preferred was expected.
and II was without effect upon the gen
eral list Although the Missouri Pacific
company will lose in income account
from investments as consequence Of
the action Of the Denver e. Rio Grande
directors in cutting off the dividend On
the preferred stock Of that company,
owners Of the chief Gould issue show no
disposition 70 sell their holdings As a
matter Of fact, the passing If the divi-
dend on Denver preferred is a bull argu-
ment on the Gould shares as 1t indi-
Gates determination on the part Of the
new financial interests in the Gould
properties 70 strengthen the financial
and physical condition of the various
Gould roads through expenditures from
earnings. The general market closed
firm.
Marking up Of open market discounts
in London on Monday was due in large
part to fortnightlv settlement require
ments and as a consequence Of the ad-
vance and the position Of the local
money market sterling cables here were
in demand, while sieht rates moved 10 a
point that made imports Of gold from
Europe out Of the question for the time
being. Notwithstanding the hrmer ten
dency in the exchange market. our
credits abroad are large enough 70 en-
courage imports of the yellow metal II
money market requirements at this cen
ire should become urgent Fortunately
this country has all the money II needs
for present purposes. and II is therefore
unlikely that bankers here will take ad-
vantage Of their credits in Europe just
now 10 increase the actual supply ~
funds in New YORK The Clearing House
banks showed reserve above legal re
ouirements in last weeks statement of
almost $4,000. 600 While the burden OF
financing the new Panama loan will fall
chiefly upon the local money market u
is not expected that the transaction will
be accompanied by any important
change in loan quotations
The inquiry for collateral loans IS not
active but as the season advances there
undoubtedly will he progressive improve
ment in the demand for accommodation
as a result of expansion in mercantile
operations. increasing needs Of corpora
tions and growing interest in the stock
market. Our export trade continues 70
strengthen the. country's position in the
international money market, a reflection
Of which is found in the statement Of
shipments Of domestic products in the
last month. which show a gain as com
pared with the same time IN 1910 10 the
value Of SO go 90 Exports Of bread
stuffs, meat and dairy products. cattle
hogs. cotton and mineral oil all exhibit
an increase the total value OF the out