New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-06
FINANCIAL MARKET
Foreign Houses Sell $4,000
Shares on Local Exchange.

Heavy selling for foreign account and
the Wall Street idea that the countrys
crops have been seriously injured by
high temperatures were effective fac
tors In inducing professional pressure
against stocks, which were decidedly
weak in the early and late dealings.
with final prices at about the lowest
Of the day. Paris and Berlin. as well
as London. sold in the local market, their
operations being based on the Moroccan
situation. which led 10 a considerable
amount of liquidation on the foreign
bourses. There was little selling for or
binary public account and no indication
Of uneasiness on the part Of substan-
tial interests over the possibility Of
trouble between France and Germany
or over the outlook for our crops, re-
ports regarding the latter being grossly
exaggerated for effect upon stock and
grain quotations. the movement Of
which was not in proportion TO the eff
forts expended by stock market bears
and grain pit bulls. Except i'm a few
sections. where plants through eXhaus-
ton Of moisture have been unable 70
resist excessive heat. the damage, ac-
cording 10 adviccs received by repre-
sentatives Of various granger railroads.
amounts 10 little, owing 10 good sub soil
conditions especially in the cotton and
corn belts. Spectators apparently are
counting on a long dTouth, but bets on
the weather are rather unsafe CANDLES.
Denial Of the reports of an alliance be-
tween the Erie and the Canadian Pacific
were responsible in part for the weak
ness in the issues Of the two companies,
but Canadian Pacific probably was more
affected by the selling for Berlin ac-
count. which was due entirely to the
political situation abroad rather than to
Sir Thomas Shaughnessys statement
that his road has no intention Of enter
ing into any traffic or financial deal with
the Erie After the early burst of H.
ouidation the general market became
exceedingly dull and fairly steady, and
the fact that $4,000 shares Of real stock
sold by Europe was easily absorbed in
the first two hours certainly did not
suggest Inherent weakness in any part
of the list. A further sharp advance in
the price of corn in the late afternoon
induced renewed selling pressure in
stocks. but declines were not heavy and.
on the whole. the market exhibited ex-
cellent resistance 70 the hammering Of
the bears, who made their chief success
in st. Paul. Reading, Union Pacific,
Northern Pacific. Southern Pacific,
Great Northern. Erie issues and Cana
dian Pacific.
on their operations with the Sub
Treasury the local banks have lost since
last Friday more than S200O0G0O, ow-
ing 10 payments on Panama bond &C
count. and as the flow of currency TO
this centre from the interior has not
been large enough to offset the trans
actions with the government to-mor-
rows estimated statement of the move
nent of money in the week should in
dictate a heavy decline I'm cash holdings
in Saturdays Clearing House exhibit.
In spite of the loss 10 the Sub-Treasury
there has been no hardening in loan
quotations. The demand for accommo-
dation for mercantile and stock market
purposes is light, and an important en-
largement in the inquiry is not looked
FOR until the outcome Of the years har-
vests can be determined with some de