New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-29
FINANCIAL MARKET
Known Movement OF Money
Shows Small Cash Gain for
Local Banks.

transactions in yesterdays stock mar
ket were light In volume on movement
of prices that showed great irregularity,
with more net gains than losses at the
close. Final changes as compared with
the last figures Of the preceding day.
however, were small and not representa-
tive Of interest In the market by the
public or substantial speculative opera
tors. Day-to-day developments fail to
encourage transactions by the so-called
outsiders. European political complioa-
lions, activities of our own politicians In
the matter OF investigations of corpora
lions. crop reports, true and untrue, and
the outpourings of bulls and bears &C
cording TO their respective ideas are not
attracting sales or purchases Of stocks
on speculation for public account. The
public evidently is saving its money or
else placing IL in constructive investment
enterprises. There is no doubt that
large amount Of money is moving into
the last named at the expense Of Wall
Street commission houses, which are not
making expenses. except in the case OF
the biggest firms.
It is the investment demand that
makes the real price OF securities, and
the elimination Of stock market speoula-
ton as at present conducted would help
rather than weaken actual investment
business Wall Street-that Is. the spec
ulative Wall Street society-may get up
on it's hind legs and protest against this
statement. but It is a fact. nevertheless,
that the public has been frightened out
of the speculative market because OF the
raw deals handed 10 IT." Public oper-
ators who are buying stocks at present
are paying cash for their purchases and
they are locking up the certificates In
their own safe deposit boxes. Total
dealings in stocks yesterday amounted
70 234S56 shares. Of which the larger
part was supplied by Reading. Lehigh
Valley. Union Pacific, United states
Steel and Atchison. Current activity In
Iehigh Valley. one of our few 10 per
cent stocks, may be based on the idea
that the company has formulated plan
for the segregation Of its coal proper
ties which would obviate the govern
ment's announced intention 10 proceed
with its suit against the road.
According 10 the known movement OK
money in the current week the local
hanks have gained less than S5Oo,OOo IN
cash holdings. and unless there has been
a material change in loans TO-DAY
statement Of the Clearing House instltu-
tions will not differ much from the ex-
hibit Of a week ago, when the reserve
above legal requirements stood at SlS'-
b1125O. Current money rates do not
suggest an important demand upon the
hanks for accommodation just now, nut
st IS not unlikely that In the coming
month q frmer tendency ana hlgher
ouotations will be reported in the loan
market. as a better mercantile inquiry
for money is looked for in the last month
OF the summer while 1t is expected that
the financing Of the crops VIII cause an
active withdrawal Of interior funds on
deposit at this centre; and il Is not I'M
likely that stock market requirements
will be something Of factor IN the
,nonev market in August unless condl-
lions should arise warranting the hqul-
dalton Of securities. At the moment
there is nothing in the situation that
II encourages the expectation Of the de-
y yelopment Of a situation in favor Of the
speculative operators who would like 10
accumulate stocks at lower figures
The foreign political situation is un-
settled. and If Europe needs money II
can sell American securities, but our
own position is strong enough TO absorb
stocks that may be sold for European
account, while our position in the inter
national money market and the fact that
IN the event Of war in Europe, which Is
most improbable. this country would be
called upon for supplies furnish an In
eurance in favor Of the holders of Amer
team investment issues. A general Eu-
ronean war would mean tremendous
falling off in the productive activities Of
the nations concerned and heavy de-
nand upon the United states, especially
49,, e,,,i+e ~ the soil