New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-03
FINANCIAL MARKET
BanksvLoSe More than $2,000,'
600 on Weeks Currency
! Movement.

Stock market prices were strong
throughout the day on an active volume
of business. including heavy orders for
Iforeign account. Accumulation of vari-
ous issues was reported. while the gen.
eral character Of the trading suggested
operations by the strongest interests IN
the Street. based on the theory that the
course OF quotations in the immediate
future will be tn the direction Of higher
levels AS stocks are not in weak hands
and as money is easy. there is no good
reason why the chief tendency should
not be in favor Of the bulls, especially AS
the uncertainties which for many months
have restricted trading are no longer
factors in the situation and as the out
look for large crops is promising. Inc
governments report on cotton, showing
conditions on the plantations on June l.
indicates a heavy yield. The percentage
condition is the highest, with one excep-
ton, in the last ten years on an acreage
never before equalled. The Hill shares,
and in fact most Of the prominent rail-
road issues, were strong features; also
the copper. smelling and steel securities,
the last named being favorably affected
Inv the good impression created in bust
ness and financial circles by the testi-
lrnony Of Judge Gary before the House
Ecomn1ittee that Is investigating the af-
nairs OF the United States Steel Corpora
ktion.
This committee is learning much about
the steel industry, and incidentally the
country is finding out more than ii ever
knew before regarding the strength Of
the steel companies and Of the exceed
ingly able management OF the leading
producer of finished steel products.
There il no pessimism in steel trade cen
tres about the future Of the industry
and while consumers have not yet re-
sponded TO the cut in prices manufactur-
ers are convinced that an active buying
movement will develop in the course Of
the current month. And 1t is not UNI
likely that the same improvement will be
noted in many other lines. Merchants
shelves are bare of goods and they soon
will be compelled TO replensh supplies,
lust as the necessities of the railroads
,soon Will force them into the market for
iron and steel. st. Paul was in good de-
mand, and an excellent inquiry was re-
ported for Atchison following the an
inouncement that the stock had been
LISTED on the Paris Bourse. Realizing
isales were without especial effect upon
iprices. and at the close quotations were
near the best of the day. Sentiment was
extremely bullish.
According TO the known movement of
money in the week the local banks have
lost net $2,303,OOO in cash holdings,
gain on their operations with the interior
having been offset by heavy shipments
Of gold to Canada and a loss on ordinary
Sub-Treasury transactions. Receipts of
currency from out-of-town points We're
heavy. with the largest inflow from the
Middle West, while the outward move
ment was chiefly for the account Of near
by points. Unless the trust companies
have handled the larger part Of the loans
made in the week incident to expanding
operations i'm the stock market and
syndicate transactions, to-day's bank
statement doubtless will show a ma
terial decline in the reserve above legal
requirements. which week ago stood at
the unusually high total Of 1890 400
A reduction in this item would be more
welcome than otherwise