New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-29
BANK STOCKS oN.sTocK EXCHANGE
FINANCIAL MARKET
Banks Losing to Sub Treasury,
0Wing,to Panama Bond
PAYMENTS.

Speculation IN stocks was light in vol
ume on a movement ~ prices that
showed great irregularity. with gem
orally uninportant changes at the close,
net losses predominating. Commission
houses were not active factors IN the
dealings on either side Of the account.
the substantial market interests We're
not in evidence as buyers or sellers and
floor traders were unwilling TO make ex-
tended commitments in any direction.
their operations as rule amounting 70
small swaps" done within fractional
limits. Heaviness in cotton and grain,
indicating improving weather IN the
agricultural section Of the country, fur
Their encouraging reports from the iron
and steel trade and ease IN money in the
fece Of large payments by the banks to
the government and preparations for the
July interest and dividend payments
failed 10 attract buyers. although the"
encouraged the expectation Of better
and larger market after the usual period
Of summer dulness in stocks has run Its
course. Inc larger IulnDeI VI w OIL
Street interests believe that the month
of August will witness a revival Of &C
tive speculation, as by that time IT win
be possible to figure with safety on the
outcome Of the years hervests. which
now promise TO he up 10 the average NJ
recent years.
General conditions contain the ele-
ments necessary 70 the development Of
a bull market but IT hardly appears
probable that much in the wey Of ae-
gressive buying will be reported In July
unless the temperature in Washington
should. advance 70 a point that would
compel our lawmakers 70 scamper for
their homes. Many people in Wall
Street believe the adjournment Of Con
gress will he the signal for an upward
movement in securities In the last hour
United states Steel was attacked by
traders on report that the federal
grand Jury soon would hand down an in
dictment against officers Of the COM
panN but the general market was not
materially affected. while Steel common
lost only * The matter which the
federal grand Jury has been investieat-
ing Is thought to he the alleged granting
by the railroads If preferential rates 10
the cement company which is controlled
by the United States Steel Corporation
The Wabash stocks and the As were
weak features on the reduction in the
interest on the debenture r bonds while
the United States Rubber shares were
strong on the idea that the company
will reorganize in the near future -
conform To the antitrust law as inter
preted in the OIL and Tobacco decisions
AS p consequence of payments to the
government on Panama Canal bond ac-
count the local banks are losing large
sums daily to the Sub Treasury. the lat
ter's credit balance at the Clearing
House yesterday amounting TO almost
$4,000 600 The fact that interest on the
bonds is credited from the time Of pay
ment practically assures settlement for
the larger part Of the allotments before
July Is. the date fixed as the limit for
the successful bidders to turn over their
checks. while the fact that most ~. the
bonds have been allotted to subscribers
in New York and its vicinity insures, II
is estimated. the passing of S42 100000
from the banks al this centre 10 the
Sub Treasury. Ordinarily such a large
transaction would serve 10 bring about
O higher market for money. but in the
present case the banks are so we'll sup
piled with funds. while money continues
To come TO this point in volume from the
interior, that nothing in the nature If
an advance i'm loan quotations is looked
for. although firmer tendency is not
improbable as a result Of this operation
and of the shifting of loans and other
preparations incident to the enormous
July disbursements. Interior exchange
on New York continues to rule at a big
premium. Sterling exchange is well
above the gold importing level. but the
present strength in. the market is not eX-
pected to run on fDr any length Of time.
as the advance appears to be wholly due
To demand In connection with July dis
bt,vc nnfo lx1Il