New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-27
BANK STOCKS ON STOCK Ext
FINANCIAL MARKET
Banks Find Little Demand for
Loan Accommodation.

Realizing sales were responsible FOR
irregular price movements IN the early
hours NJ trading in yesterdays stock
r,ortat hut the afternoon tendency in
many issues was in the direction OF
bioher quotations under the lead or
Southern Pacific which quickly respond
ed TO reports Of increased dividend pay
ments. as we'll as to further buylns
based on the decision in favor OF the
so-called Hartman merger. sentiment
WAS helped by the heavy rains that have
foren throughout the wheat, corn and
cotton belts. by the increase in the Atchl-
sons net earnings in May and by the
more favorable advices from the IRON
and steel trade. which evidently has en-
tered a period Of expansion. The rail-
roads are buying more In the iron and
steel market than at any time in many
months. their purchases last week being
estimated at 10 per cent Of the total new
business received by the United states
Steel Corporation. while they also are
better buyers Of equipment, the latter
movement. Of course. adding to the ton
mage of the steel industry Prices
ebowed marked resistance to bear press
IRE throughout the day. The larger IN
terests. however. made no aggressive ef-
forts 10 .bring about higher quotations,
although they appeared to he quite con-
Adent Of their ability gradually to move
the general market 10 more advanced
levels before the close or the summer
While final prices showed small net
,oesas i'm Reading. st. Paul. Northern
Pacific and United states steel ana a.
moderately heavy decline in American
Smelling. the undertone was extremely
strong in all parts Of the list IN the ld'e
d.olines the weakness in American
Smelling being based on the turning
down Of the Cunningham claims in
Alaska. in which the Morgan-Guggen
helm syndicate had a tentative option
which. II carried through. would nave
secured for the syndicate mineral lands
NJ enormous value. The properties In
,o,yed in the Cunningham claims have
been pT0PTFO lfStoitb w wv BN''4N
main by the Interior Department, ana
eventually doubtless will be opened for
re-entrv. Amalgamated Copper likewise
was weak
Money rates were unchanged yesterday
from the closing Of last week. The de-
mand for accommodation was light. and
the banks made no efforts 10 place their
funds on time loans at prevailing rates
although there was no indication in the
market Of better quotations in the i'm
mediate future. despite the large pay
,nents that must be made To the federal
government on Panama Canal account
before the middle Of July and heavy pay
ments under the corporation tax. Inc
local hanks have enormous cash and re-
serve resources. while currency continues
70 flow to this centre from the interior
as consequence Of the big supplies al
ONT of town points. reflection or Whlch
is found in the course OF domestic eX-
change on New York, the rate at Chi
cago. for instance. being quoted at a
premium If from 40 TO GO cents. At the
present time IileIt IL upNdib W |'-''-
COO. 600 more money in circulation in the
country than reported year ago. the
total amounting to 1927 .63s III. And
Il is not unlikely that further increase
will be reported from imports Of gold
at no remote period. London discounts
and money rates here do not lend them
selves TO n movement Of the metal TO
this side of the Atlantic, but conditions
i'm the foreign exchange market appear
to be shaping in n manner that may
force gold from London TO New York ir
respective Of international money mar
ket factors. At the moment sterling
quotations are firm. owing to the tenn
Iorary demand for bills incident to the
July disbursements on American securi
ties held abroad The Federal Treasury
situation continues To improve and from
current indications the government will
end the fiscal year with a comfortable
surplus on ordinary account as the ex
cess Of receipts over payments so far
amounts 10 more than S11 10000. while
on all accounts. including the eypen-
ditures on the Panama Canal. the deficit
to date is only So 797 $50 compared
with deficit at this time in 1911 of
$43,s77O77