New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-01

Transactions IN yesterdays stock market were
moderately heavy IN volume on g movement Of
values that generally tended in the direction OF
higher quotations. The Hartman shares. the
copper issues Consolidated Gas. American
smelling. Reading, Brooklyn Rapid Transit and
United States Steel among the prominent stocks
were features, though early dealings in the last
named were disappointingly small in view of the
expectation Of the issuance OF the corporations
last quarterly earnings. It was not until afte~
the close OF business that the report made
public. the figure showing the improvement that
generally was expected, net results amounting 70
S4012ao00 and surplus 20 1921, 106. Unified
orders as OF June 80 were 6.S09.5S9 tons. which
compares with about 100000 tons IN the pre-
ceding quarter. AS the Street had had little
hope OF a dividend declaration the common
stock. the action OF the directors after o'clock
in restoring the issue 20 the dividend column
doubtless will be an important factor in to-
days market. Earnings OF the corporations are
so heavy and the concern has accumulated such
large surplus that the decision OF the directors
20 declare dividend certainly was within the
bounds Of conservatism, though. Of course. there
viii be some interests short OF the market who
will see IN the announcement cause for doubt
over the wisdom OF the Steel management in
making this long hoped for distribution 20 the
the last hour OF business was due to an inkling
In some favored quarters that dividend would
be declared. though in Steel common there was
no great advance improvement OF important
proportions being confined 10 other leading
shares and GONE OF the low priced Issues. In
GLIDING Colorado Southern. which gained 2 per
cent net In well informed quarters it was said
that the Increased earning power OF the Colorado
Southern property would be reflected in much
higher prices for the company's securities at no
remote period The road IS being improved
physically, its earnings IN the last year have
shown most satisfactory results, and it is con-
/ cesvable that eventually the common stock will
/ be placed on the dividend list. The best prices
/ OF the day were recorded In the last hour. when
| buying increased accompanied by purchases OF
large blocks by leading houses. Consolidated
| Gas closed more than points above Mondays
| final figure.
| Money market conditions at this centre do
not suggest the development OF period Of
easy rates for loans, but efforts are being made
| in speculative circles to create the impression
/ that despite the enormous demands that soon
| must be made on local bank holdings incident
| to the gathering and marketing of the CROPS
| and the expansion in the countys general in
dustries. there will be a constantly increasing
i supply OF funds in New York due TO gold inn
ports and government deposits. Doubtless there
/ will be gold imports in volume. unless Rus
| sian developments should bring about heavy
| liquidation OF American securities for foreign
i account, and it Is quite likely that the Secre-
| tary OF the Treasury will make further deposits
| with depository banks, but these movements
will not serve to establish a big surplus fund in
| this city for stock market purposes. They will
/ merely offset 70 some extent the Withdrawals
for interior account. In well Informed banking
circles it is believed that time money will rule
at stiff level in the balance Of the year. while
higher rates for call funds are expected when
the inquiry by out of town institutions for
their balances at this point and additional
amounts become urgent. Interior bank balances
| in New York are smaller than usual at this
/ period Of the year, owing 70 the active employ
ment OF money IN the channels OF trade, and the
/ idea that the Western and Southern banks will
be able 20 handle the fall demands without
drawing on New York for funds in addition 70
| their balances here on deposit is not enter
| tanned in intelligent quarters OF the financial
| community. At this season Of the year, when
| spectators are anxious TO bring about an Au-
| gust boom in stocks talk IS heard about the
necessity no longer existing for shipments Of
| currency 70 the interior, but there has never
been fall and there probably never will be
when there will not be large Withdrawals of
money from this centre for Western and South
| ern account.
| Al the moment general conditions encourage
| buying OF stocks for the rise by the Wall Street
element. but there is no activity on the part
of the public. and little indication that outsid-
ers intend 10 come into the market az present
| The investment market is quiet. Bonds are IN
| light demand. except in the case OF some OF tho
| speculative issues such the Wabash Pitts
burg Terminal second As. Central OF Georgia 5
per cent incomes and the Mexican Central En-
comes. Bond houses congested with issues
for which they cannot az present find a market.
and a. is not likely that there will be any grent
activity in the bond department until time
| money seeks a lower level