New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-20
FINANCIAL MARKET
Interborough Metropolitan Sc
Curities Features in Day
of Active Trading.

In comparison with the light volume Of
business in recent days transactions IN
Yesterdays stock market were relatively
heavy. amounting 10 449,533 shares,
fairly well distributed, although a sub
stantial proportion Of the dealings was
supplied by the Hartman issues, United
States Steel, Reading and the Inter
borough Metropolitan securities, trading
in the last named rejecting the expecta-
ton Of a large participation by the In
terborough people In the proposed new
subway lines and extensions. Accom-
panying the movement in the INTERIOR
ough- metropolitan stocks pronounced &C
tivity was reported in the companys 4ls
per cent bonds, in which the total bust
ness amounted in par value TO more than
81 600 900 out of the entire operations
I'm the bond department of upward Of
Sc. 100000. The fact that strong flnan-
ciaI interests are behind the INTERIOR
ough Rapid Transit Company, together
with evidence that these interests are
accommodating the local traction shares,
encourages bull sentiment in the general
stock market on the theory that if CAPT
tai is willing to move into securities Of
this character the time is not far dis
tant when the movement will embrace
the entire list.
Crop reports yesterday were favorable
and there was nothing in the days news
that warranted uneasiness on the part
of stock market bulls. although traders
who would like 10 get out of bear con
tracts and sold out bulls who would like
n accumulate stocks at lower figures
asserted that current political investiga-
tions Of corporations and possibilities or
tariff changes supplied adequate reason
for operations for lower prices. Union
Pacific made new high record for the
yoar Southern Pacific also was strong
feature. while American Car and Foun-
dry. Canadian Pacific, st. Paul, North
ern Pacific. Great Northern, Loulsviil2
& Nashville, Reading and Atchlson were
o+ber noteworthy features OF the first in
.oreetinr market the Street has wit
messed IN many NSthe' FiiiO"'iNN'
that the bin to extend for five years the
ner,od in which life insurance companies
must dispose Of their holdings or STOCKS
had been sent 10 the Governor for his
anproval was among the favorable fac
TORS that encouraged bull sentiment.
The amount Of stock involved aggre-
gates 500 OO0. 900, and the postponement
&c tho sale of these securities naturally
,ri1l reroove an unpleasant market un-
certainty.
According to present indications
large cotton crop will be harvested III
the current year. while with the contin-
,,o,ior ~ favorable climatic conditions
Il, the Grain belt average crops, with the
exception perhaps Of oats, VIII be gain
ored and as a consequence the banks
at the chief financial centres doubtless
will he called upon TO supply an amount
oT money TO finance the harvests large
o,,ouob 70 bring about higher rates for
loan accommodation. Banks in the prin-
cinaI reserve cities are loaned up to
such a margin that any substantial IN
crease in the inquiry for funds should
be reflected in an advance in interest
rates. and. according 10 the IDEAS OF
tho best informed bankers in the East
and West, the level Of collateral loan
quotations early in September VIII be
from one.half to three-quarters OF / per
cent higher than il is now, with iuI
,ber advance in October. At the mo-
ment the demand for money is inactive
both for stock market and mercantile
purposes, but there is nevertheless
somewhat better inquiry than recently
reported. uhich suggests gradual oN-
mansion d. TIE loan market in the course
Of the next Few months. The Southern
banks already report growing demand
for funds Incident 10 cotton crop re
ouirements, while the movement of e2-
change rates AT Western points is slowly
tending against New York. Exchange on
this centre at Chicago yesterday was
par. compared with from % To 10 cents
premium few weeks ago AS fro