New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-07
FINANCIAL MARKET
Banks Lose More than S., 000,'
600 on Weeks Currency
Movement.

Stock market trading was made up
chiefly OF the operations Of an unim-
portant professional element which was
not successful In bringing about ma
terial price changes on either side Of
the account, last quotations showing
more net losses than gains among the
prominent issues. Commission houses
practically were out OF the market SO
far as executing orders for the public
was concerned. while the substantial
Wall Street interests ala little IN the
day beyond supplying stocks when
traders bio FOR them and taking them
back when they were offered down.
Selling OF United States Steel attracted
some attention. as the source OF the
movement could not be traced. Some
traders thought the issue acted as II
preparations we're being made for an
other drive against 1t, while they also
thought the current dulness In the gen
eral market foreshadowed lower quota
tons. The fact that efforts 10 weaken
prices following the publication Of Presi-
dent Taft's speech, in which he again
defended the decision OF the Supreme
Court IN the antitrust cases and ernpha-
sized his recent statement that corpora
tons operating contrary 70 the Sher-
man law must come within the law
failed 70 bring out stock and encour-
aged the theory among the Street
opttnists that the big bear move
nlsnt Of the year ended at the time OF
the MorEan-Gary statement, that the
United States Steel Corporation would
not voluntarily dissolve and that the
concern was not an organization that
could be disrupted by the antitrust
law. Atchison was g strong feature
IN the early dealings its price being
helped By the company's annual report
showing me best year in the history OF
the road while American Car and Foun-
dry was another issue that showed de-
cided strength. buying being based on
signs OF Improvement In the business Of
the railway equipment companies. Louis
vile & Nashville ike Atch1son, was
bought on the strength OF its favorable
showing IN its annual report. while At
lentfc Coast Line and Southern Railway
moved Up n sympathy. OF course, al
the stocks Of the Southern roads are
more in favor. owing TO the large cotton
crop now being gathered. The general
market sold OF n the last few minutes
under the influence Of traders pressure
Cotton prices were weak and lower. all
options selling az the cheapest figures OF
the year.
According 20 the known movement Of
money IN the week the local banks have
lost a lictle more than 100000 IN cash
holdings. owing 20 excess payments 20
the Sub-Treasury. god exports and, fer
the first time in many weeks, larger
shipments 20 the interior than receipts
AS the crop movement is in full swing
an Increased demand at this centre for
currency for Western and Southern &C
count is not surprising, but shipments
Severtheless are still under the normal,
and according 10 current indications
thew will not be heavy enough 20 exert
a material influence upon money rates.
The receipts Of currency here last week
were $4,000 more than in the proceed
ing week. but shipments showed a gain
OF almost 100000. owing in large part
10 a better demand from the South FOR
money incident 70 the financing Of ths
cotton harvest OF the shipments OF
money from New York more than So
100000 represented national bank notes
sent "a Washington for redemption,
while Of the total loss 70 the banks Sd
10000 was gold sent 70 Europe. Banks
sre sending in an unusually large
amount Of banknotes for redemption
for this period Of the year. In the time
money market yesterday January funds
were offered az BE- per cent. but the low
rate failed 70 stimulate any activity,
while the attractive rates for commercial
paper likewise we're not effective IN i'm
creasing offerings The money market
Is not dead. but IL appears 10 be I'm
state OF suspended animation. This
situation. however, IL not expected 10
continue throughout the rest Of the year.
although any substantial advance in
quotations fs not looked for