New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-13

FINANCIAL MARKET
Easier Discounts Abroad Help
to Weaken Sterling Ex-
chance Rates.

Trading in stocks was light in volume
throughout the day on a movement of
prices that showed unimportant changes
at the close from the final figures Of
Tuesday. small net losses predominant
ing The board room element thought
that, in view of the absence Of outside
interest in the operations and the I'M
willingness on the part Of large operat-
ors 10 take steps at this time 10 bring
about an aggressively strong bull mar
ket. lower prices were in order, but
efforts 10 weaken quotations met with
little success, while the general char
acter of the dealings did not suggest
the development Of a bear market in
the immediate future. To he sure
stocks declined al the end Of July last
year, and traders therefore insisted that
in the current month. while even some
full fledged commission house bulls
thought prices would decline before an
active advance could he engineered A
" different from those prevailing at
present: likewise technical market fac
tors; and il is absurd to figure on a
decline al the end of this month Just
because the market broke badly toward
the close of July. 1910.
The bear element, however. felt en-
coura ged Yesterday when corn advanced
TO a new high record for the season,
believing that with the injection Of
some old fashioned crop scares into the
situation in the course of the next few
weeks materially lower quotations for
stocks can he effected. The rise in corn
Yesterday did not bring out much stock.
It is not likely. however, that substan-
tial interests will do anything on the
bull side of speculation until the corn
crop is further advanced than at pres
ent The LaCkawanna Steel Company
report for the quarter ended June 80.
showing a surplus of only S11.S43,
against 81 ,1OSO36 at the same time a
year ago created an unfavorable i'm
preston i'm circles where ancient his
tory apparently is considered of more
value than present facts. The steel
trade has been making steady improve
ment ever since the first Of the current
month. and II is worth noting that The
Iron Age" in its review of the situation
this week. says: conditions continue to
warrant the belief that the volume OF
business in the trade for the coming
six months will show a considerable
gain over the bookings Of the first half
of the year
So far in the current week the local
banks have lost more than $4,000 on
their operations with the Sub-Treasury,
but the chances are this. loss will be
offset to a considerable extent by re-
ceipts of currency from the interior and
the return of dividend and interest
money to the financial institutions.
There was no change in money rates
Yesterday and no indication in the char
acter Of the operations in the loan mar
ket of the development Of an active
inquiry for accommodation in the i'm
mediate future. The stock market
and mercantile demand is inactive.
Money for over the year is the most
sought for Of time maturties, and loans
TO run that distance can be secured
from 35s to 3a4 per cent, but the chances
are that these rates Will not continue
for any extended period, as underlying
conditions point 10 the development Of
trade and speculative expansion, which
will. Of course, tend TO bring about
firmer tendency in the quotations for
collateral loans Discounts in London
are easier, a reflection Of which is seen
in an easier foreign exchange market
although the chief factors in the decline
are the cessation Of demand in connec-
ton with the fortnightly settlement at
the British capital and the conclusion
Of the short-coverins movement. The
contango on American stocks in the
London settlement yesterday was SO
per cent against Az FER cent two weeks
ago The banks charged 2i2 per cent
for Stock Exchange loans. compared
with ga per cent at the last preceding