The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-13

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~ hr fsii Thcv sets deferred. however.
from settling stocks br mo expectation Of q
very favorable bsnk statement. hut ~ ihs
sipror' was nn' very good otter tho state
mcnt made ~ appearance IN tho street
~" hepta picked pp aome corfa ~ and forced
reactions Inv nearly nli active issues. H"t"
and thetr tnllica from tho low occurred lust
hsfo-r 'hr rirac. hrt' There were doubts NJ
20 whether this reflected anything moro
49, - To- - AILWN L. WHNn AnN
half mn hour before. Few vcnturcd 20 predict
that the decline would 20 far.
go many people had made M 'hclr minds
that thc market would r%on'inu" its upwash
cour-e until Monday or Tuesday NJ any rnte
that the reaction caused quite n little surprise.
Three or -four days before II would have been
regarded ma the most mn hirHi thing In the
world. The change NJ feeling showed low
absolutely many people had been won over
tothe bull side.
A good bank statement had been generally
| expected. but the actual figures surpassed
Expectation. Nevertheless. n reaction CO.
cured in rho stock market after the state
ment made its appearance, the traders argyll
ing that, as tho upward movement had been
based largely on tho Improvement In the
| money situation. II was natural that there
should be profit taking when the fun extent
q IHfllllITO NtillfinN u k'h' uAAF hh'"''
In estimating the size of the gold import
movement and tn" a'no INT Of gold yet TO
arrive, the face value of tho bonds deposited
Mt the Sub-1'reasurv 10 secure advances to
the banks against their engagements IL gem
orally taken as an absolute equivalent OF the
amount engaged. This gives au Incorrect
iden Of the size OF the movement. The Sc
curities accepted by the Sub-Treasnry are
taken AZ only 20 per cent. OF their face value.
Deposits of between s4s, 600, 000 and SAC, y 10000
bonds would, therefore,. cover only about
s43, O0O. 900 of gold imports, so that the amount
yet to arrive is only about sci .00o,O instead
OF the popular estimate OF s26. 900. 900.
One OF the most prominent OF the Western
operators was credited with a prediction
that A~malgamated Copper would sell "a high
as ll5 In the near future, and the house which
handles the greater part of his business was
said to have given out a large number of
huvirg orders. The stock WAS one or the
strongest on the list and at times helped TO
s'cadv other ISSUES when these showed a
tendency toward reaction. The excellent
condition OF the copper trade and the prob
ability of an Increase In the dividend rate
when the directors take action In July were
the most sat isfactory bull arguments, but
there was also considerable talk abo u the
si2r Of the short interest. although some con-
sentative brokers doubted II after n riso Of
more than - points in n week any large amount
OF short stock remained uncovered. Anaconda
shared Amalgamated's strength. showing a
total advance OF ~ points from the lowest
level touched on Friday OF the preceding
week.
Bulls on ACKNOWLEDGEMENTS say
that the growth of that company Is likely
TO exceed anything heretofore seen in trac-
| ton development in New York. They lay
pranf ~ rnSS on tlp extent to which tho two
| systens may complement one ano, her so
as to prevent congestion and to give TIT most
satisfactory accommodation to the travelling
public. A notable operating advantage Ia
expect cd to accrue from tho subway extern
sion 60 Brooklyn in the fact that the trains
from Brooklyn will in the morning hours
bring over a largo volume Of business to sup
| ply the trains moving uptown. These trains
ut present return comparatively empty. but
when tho Brooklyn traf'c becomes fully de-
voloped there will be during tho rush hours a
| reverse movement, not of equal but OF very
| considerable proportions.
While Mexican Central Ia something In the
nature of a specially. its market movements
| arc generally directed by persons Of con-
| siderable influence. and for that reason at
tract attention. On the present occasion no
rumor has been invoked TO make a move
| ment In the stock and the rise is attributed
WnOlly 10 lHt kOOu a dHu u why
satisfactory condition Of general business in
Mexico. As a matter OF fact, rumor plays
little part In Mexican Central movements
as a rule. Those who preside over the COM
pany's destinies believe that the property has
an attractive future TO which they invite at
tention without making any promises.
II was said on creditable authority that the
holder of a large block Of Mexican Central
was recently offered 81 for his holdings, this
being about 4 points above the market. Such
an offer to purchase a block Of the stock
privately would seem to Indicate that there
were really some plans for the property which
! when perfected and announced would have
a bullish effect.
Conservative interests In Cast Iron Pipe
and Foundry say that this concern has a
larger amount of cash working capital in
prop ortion TO the volume of its business than
any other similar corporation in the United
States. n this account and in view OF the
excellent business conditions. they assert
that the dividend on the preferred stock Is
entirely secured and will hereafter be paid
with the utmost regularity. otwithsta" ding
| the fact that il is n~on-cumulative. On the
breax in the market none Of this stock was
pressed for sale, and the dividend of ~ per
cent, was recovered on the cay the books