The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-30
oOssIP OF. Val STREETs

stock market and those, Of the track and
athletics: The prlzehghtsr. once knocked
out. never csn overcome his successful an
t%agonist. The horse gone wrong never re-
covers Its old form. The oarsman once
stale and overturned never again sits In a
Courtney Grew. These never come back.
The stock market always comes back"
This Spectator was firmly OF the opinionthat
the market had come back. 10 had been
kicked and pounded and beaten into a state
OF absolute immobility. he said, but 1t wasn't
dead. 1t simply looked dead. and under
this appearance had vitality enough. To
bring this vitality into action. he went on.
1t was simply necessary to administer re-
storat,ves and train iu a biz for IL tn recover
all Its old form. The reStoratlye' had been
applied. he maintained. and the corpse he'd
com to life. 1t was only necessary row to
train 1t carefully. and especially there should
be caution about exercising IL at too fast a
pace,
Other traders yesterday insisted that there
we're two sides 70 the question as to whether
the Improvement In the market is likely TO
be permanent, Some Of tham maintained
that the lethargy had been shaken on for
a particular purpose. the effort TO attract
the money TO be disbursed in dividends and
interest to-morrow-and once this object
was attained the leaders would permit 1t to
drop back into the torpor Of a week ago
These critics could see no change in the gem
eral situa ton OF sufficient moment TO war
ant a continuing bull movement. They
admitted that stocks would very likely be
taken out of the Street by investors next
week, but said that the stocks would be gladly
supplied by bis holders and that these hold
ers would have many left 10 offer on the mar
ket at every slight advance.
However durable the movement may be.
there Is no doubt that there has been q very
encouraging quickening Of the investment
demand during the past week. The revival
was not much In evidence on Tuesday, the
first day OF the advance in prices. or on the
following day. But In the last three days Of
the week. when 1t became more and more
evident that the gold export movement had
sustained a severe check, purchases Of stocks
through the big financial institutions steadily
increased in magnitude. At a number OF the
leading banks yesterday 1t was said that a
larger number Of stocks than was generally
believed had been taken out by investors
who had faith In them and intended to hold
them for a substantial advance. regardless Of
summer fluctuations. There were differ
ences Of opinion as to how great an impression
these Withdrawals made on the aggregate
volume Of stocks, but 1t was admitted that
the decrease in the floating supply was great
enough to bring about considerable improve
III nv lcChhlSa pVoNiOh'
Not so much was heard yesterday Of the
bad effects Of the failure OF the city bond
issue. Bond dealers again insisted that the
failure should not be conferred a bear argu-
ment. Il see by the papers" said one OF
them. that Comptroller Metz is going to make
another attempt 10 sell fours. and I'm making
the prediction that this second attempt will
fall as fiat as yesterdays. II any one wants
to sell stocks on this second failure he has
plenty Of time TO get ready
There was no disposition to ~criticise the
Comptroller for his determination to make
another 4 per cent, offering. for 1t was real
lied that the Comptroller owes IL TO his Ofice
to make every possible effort to market bonds
cheaply. II ives generally maiAtained. how
ever, that the Comptroller was going to need
less trouble and expense. for no one could see
the chance OF a successful outcome Of the
second Offering, barring. Of course, all inn
provement In bond market conditions. which
few anticipate.
There were no news Developments to AFFECT
the general market situation yesterday.
Partly on this account. partly owing to the
customary statement Of activity on a sum-
mer Saturday, there was q considerable
decrease In the volume OF business. The
decrease In activity. however. was not ac-
companied by any general weakness. On
tue OlntT manu-, tuo Nds Iih thIOubH
out the session and toward the close dis
played q strong advancing tendency In
marked contrast to the weakness ct the
opening OF the week. Traders left brokers'
ofices much encouraged over the progress
of a movement which II It results In no per-
manent strength has at least served a good
purpose In renewtng interest In the market
and bringing about opportunities for profit.
Tho bank statement, with Its showing
OF a decrease OF 81. 100. 600 In surplus reserve,
brin Ring that important item down to S2.-
5OO.o 900. was considered In some quarters
none too encouraging. for two and a half
millions 10 none too much on which to base
a bull movement. but many predictions
in regard to the statement had been to the
effect that the surplus reser We would be de-
pleted to q great extent and Immediately
upon its publication the market showed
greater siren 9Th than at any previous time
throughout the session. The strength may
have been inspired by a moro favorable
construction Of other items In the statement.
The decrease OF 81. 500, 900 in loans. for one
thing, indicated that the banks had not been
drawn on heavily on account OF the weeks
increase In speculation. The trust companies.
apparently. had financed most of the cam
paign. Withdrawing deposits from the banks
as interest rates advanced and making their
loans directly. Probably this movement
was the principal cause Of the decrease In
loans and the decrease OF almost twice as
much In the aggregate deposits. Some
thing Of this kind was expected, for trust
company money In very large quantities
came into the banks several weeks ago when
call money got down to 2 per cent. and below.
A new shifting Of accounts between the banks
and trust companies was but natural this
week. The Incident renewed interest In the
movement for the incorporation Of trust
company reports In the bank statement.
A strong editorial in the Financial Chronicle
critlcising President Mellen OF the New Haven
on the ground that his expansion policy was
too comprehensive attracted a great deal
OF interest. The conclusion that the preven-
ton by legislative action OF the consumma-
ton OF the Boston and Maine deal was u
good thing all around IN view Of the fact
that the New Haven had already monopolized
the steamship. trolley and steam railroad
interests OF southern New England was pro-
nounced sound even by some Of the prominent
interests In the New Haven system. II be-
came known In the course Of q conversation
between fnanoiers connected with the road
.h,t thara "a In the New Haven n Oonaerya-