New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-28
BANK STOCKS ON STOCK E
FINANCIAL MARKET
Canadian Demand for Colo
Takes S250,000 from Here.


local stock market, uneasiness abroad
over the Moroccan situation, the alb
sence Of good buying demand and the
general bearishness Of traders were re-
sponsiole for lower prices In the larger
number Of issues in yesterdays Stock
Exchange operations. Premier Asquith
made a conservative statement regard
Ing the part England Is taking In the
Moroccan complications. but the fact
that he refused to go into details, on the
ground that close analysis OF the causes
Of the present trouble might provoke re-
elimination which he said 1t was de-
sirable to avoid, induced a belief that
the outlook for satisfactory settle
ment Of the question was not as prom
Using as II appeared to be on the surface
People who are not worrying over the
disagreement among the European pow
ers bought stocks on the decline, anu
financial interests rendered enough sup
port TO prevent anything in the nature
Of acute weakness, maximum losses
among the prominent shares not run
ming much in excess of 1 point, except
in Canadian Pacific and Union PACING,
while final losses showed partial re-
covery from the low levels of the early
afternoon. The result Of the daya
transactions was TO place many weak
accounts carried by commission houses
in stronger hands and to strengthen the
technical position Of speculation. An
excellent class of business was reported
| in the bond market, with an active in
ouiry by out-of-town institutions, while
substantial blocks Of mortgage issues
we're sold at private sale. notably slo'-
/ 600 900 of Illinois Steel Company bonds
guaranteed by the United States steel
CORPORATION. Just now banks find IT
! more profitable 10 buy bonds than 70
employ their funds in the loan marke'~
In addition 10 the unfavorable effect or
the Moroccan situation upon sentiment
I'm speculative circles. traders found In
the massage of a new wool bill by tile
Senate reason for pessimism on the
theory that the adjournment Of Con-
gress will have TO be postponed lnden-
nitelv. as the lower branch Of the ma
tional Legislature is not likely 70 act
quickly on the new measure.
Domestic exchange at Chicago on New
York in the last two days has advanced
10 a premium. but II is not believed the
figures quoted will be maintained for
anv length Of time. As demands upon
the Western banks from the agricultural
community soon should cause with
drawals Of interior funds on deposit with
the local institutions. Canada is draw
ing on this centre, gold TO the amount of
S25OO0O having been shipped from nero
Yesterday TO Montreal. Business In the
Dominion is active and crop conditions
promise favorable harvests, and ms
Canadian balances in New York are
large, It is quite probable that the move
ment OF gold across the border Will reach
moderately large figures before II runs
its course, although our bankers do not
look for heavy shipments In the I'M
mediate future. Money rates are un-
changed. The demand for collateral
loans is light, and IT is not unlikely as
consequence Of liquidation in the stock
market to-morrow's bank statement VIII
show a contraction in the loan item. al
though IL is possible that the financing
Of new issues OF securities will offset any
decline that may result from stock mar
ket operations. There has been. how
ever, a material loss by the banks to the
federal Treasury in the current week,
and a gain in reserve holdings Of the
Clearing House members IS hardly 10 be
expected.