New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-13
'Jnlistod. tEx-dividend.
f active bonds dealt in. with
STOCK MARKET OPERATIONS.

OtOSA AhhhG1 UPEHh1lURS.
On light volume Of business stock market
values IN the greater number Of issues moved
toward higher level. though the Improvement
IN most shares was confined to small fractions
commission houses were not important factors
IN the trading, operations as a rule representing
the transactions of the professional element
which was more favoraby inclined toward the
Dull side OF speculation owing to the absence
OF IlqiAddtlOn and the stronger market in Lon
don. The room traders also were disposed to
De more bulllsh over the money market outlook
on account of the days relative ease in call
loans. In Amalgamated Copper, Reading, Union
Pacific and United States Steel trading was
moderately heavy, but elsewhere operations
were confined TO small totals and represented
nothing beyond unlmportant trades by insig-
nltcant Spectators. The Interborough- Metro
poIltan stocks were among the few weak feat
ures but their decline was small and
accompanied by actual liquidation Of the issues
holders apparently being unconcerned over the
action of the Attorney General of the State In
seeking 10 dissolve the merger rotwcen the In
terbOrOugh and the Metropolitan companies
Holders Of PETERBOROUGH stock certainly have no
reason for uneasiness over prospective legal pro-
ceedlngs against the combination, but the own
ers Of Metropolitan issues hardly would be as
well Off If the company were Independent
concern, inasmuch as its position has been ma
teriaIly strengthened since it passed to the con-
troll of the InterborOugh. While Union Pacific
advanced more than point bids for the new
convertible bonds declined on the curb ?, point
below the price paid by the syndicate. on the
exchange however, they We're strong. advanc-
ing first installment paid from 500 10 9ila.
According 10 the known movement Of money
in the week the local banks have lost upward
of 100000. The decrease in cash holdings
has been due 70 the recall OF government de-
posts, which has affected the money institutions
at this centre TO the extent Of S12OooOop and
this movement was offset to only a small degree
by payments government bond rederlpt!oa
account. Holders OF the + per cent bonds Of
1907 for some unknown reason have been ex-
tremely slow in presenting these securities for
redemption. and though interest on the issues
has ceased there still remains Outstanding
about S2O,OcO.OOO Of the bonds. The relatively
small amount OF money received from the gov
eminent on this account will not he much Of n
factor In to-days bank statement. Although
there is more money in the country than at any
corresponding time in preceding years. there is
a greater scarcity Of funds available for IN
vestInent and speculative operations than ever
recorded in the history Of the nation. Low bank
reserves and the absence of heavy buying in the
securities market are due to the active en-
ployment of money in the channels OF trade
throughout the world and the boarding Of
funds as reflected in the enormous deposits in
savings banks in this city and in other financial
centres IN the United States and Europe
Money on deposit in the savings banks will not
be released. inasmuch depositors prefer that
form Of investment, nor IS there any chance ut
present OF a withdrawal of funds from Industrial
enterprises, and a consequence there is no
apparent probability OF a big increase In the
holdings Of the national and state banks or ac-
tivity in the securities market. Call money was
easier yesterday.
Disappointing bond subscriptions factors
which discourage enthusiasm IN Wall Street
few years ago subscriptions to bonds of the
big corporations oversubscrbed in a fow
hours, while at present practically no interest
is taken in such offerings by the public and
underwriting syndicates find themselves tied
up with n Of undigestibIc securities Tho
Atchison, Topeka e. Santa Fe offered S26,000O0O
; per cent bon Is TO which the stockholders re-
sponded to the extent Of about &GO000O0; the
Union Pacific offered $750G0oG0 OF bonds, OF
which 100000 was taken by the stockhold-
ers. and the city offered S29,0O0C0O bonds, for
which public subscriptions amounted 70 s.. 225.-
600 In other words, out of $l300OO0p0 first
class bonds offered STA O0O was not sub
scribed for This situation proves that the
supply Of securities is in excess Of the amount
OF available capital in the country, and it sug-
gests drastic slowing down process on the part
OF corporations and individuals in their expense
account. Corporations are spending too much
money and the same thing may he said Of in
divIduals, but apparently this phase Of the stu
alton IS not appreciated either by the corpora
tons or the people in general Excellent oppor-
tunities are now afforded for the Investment Of
money in solid mortgage issues, and ii IS some
what surprising that deposits in the savings
banks are increasing at a time when better
chances are offered for the placement of money
in railway and municipal securities