The Birmingham age-herald., 1904-07-02
METROPOLITAN IS
 THE ACTIVE STOCK
Saved the Market from Le-
 thargy Expected
MANY RUMORS CIRCULATED
pnIy otaer Movements of Importance Were Among the Inactive Special tIes-Time Money Market
 Slightly More Active.

New York, July 1.-Some excited specu- iatton Tn the Metropolitan stocks was the feature of today's market, and saved 1t from the lethargic condition expected on the eve of a three-day's holiday. Ru- mors regarding these stocks have cir culated for some days past without any official or authoritative sanction to be had for them. Most of these have pointed to plan for control in the interest of the lnterborough or Subway company, which already controls the elevated lines. The rumors have extended to d possible absorption of Brooklyn transit. The violent rise of today rush to buy by uncovered shorts, was an important factor. Metropolitan has been in disfavor for long time past, on account of re- ports that the liquidation of the estates of number of millionaire capitalists would press particularly on that stock, and also because Of poor showing of earnings. The consequence would naturally bs the building up of an extensive snort intet- est, and the frightened buying to cover is believed to largely explain the day 8 action of the stock. Other New fork stocks showed some sympathy, as they al- WAYS do with one another American Car suffered a loss of IS as result Of the passing of its dividend.
 For the rest, the only movements of
  cialties. Prices held generally above last night, but the Gays fluctuations in some Of the market leaders were not above B. The time money market was called slightly firmsr, but this was largely on sentimental effect on a slightly increased demand for money in connection with the July disbursements The bank statement will appear tomorrow, while the Stock ex- change is closed and this especial move n ha n made 1t difficult to forecast results. But It is evident that several millions have been received from the interior since the last statement.
 How the preparation of trust companies Tor the semi-annual statements may effect lhe banks reserve supplies and how the dividend and interest requirements may affect the loan item are questions 1t Is Impossible to estimate with any degree of accuracy. Call m ,ney failed to get above 1A per cent during the day. Union Pacific and Southern Pacific scarcely stirred on reports of May net earnings, which were regarded as favorable. The reaction in the New York stock in the last hour affected the general tone and the closing was easier Total sales Of bonds, par value S1,7200OO.
 A combination of circumstances has made this week one of the dullest in the stock market for many years past The most obvious cause for this was the de- cision of the stock exchange authorities to close the exchange on Saturday as vel las on Monday July I. three day interval in prospect is sufficient in itself to restrict operations to take advantage of sudden developments and changes affect ing values in the advance of the larger operations likely to be caused by such happenings. With no market available for three days such traders are likely to close up their contracts and make no fresh ventures.
 Another special factor in the current small dealings is the crusade by the ex- change authorities to prevent arbitrage operations between the board room and the outside markets. This Is an opera ton for making the profit of a difference Tn simultaneous prices in two markets by selling in one, and buying in another.
 The broad demand for bonds has moved many long dormant issues, but the usual ly active list has been moderately active and has included some irregular price movements.
 United States 2s have declined 1s and Inc old As register l have advanced 1s per cent on call during the week.