New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-14
Closing prices Of active bonds dealt IN, with
STOCK MARKET OPERATIONS.

S1UCh MhRhEl UPEhAl1UNS.
Transactions in yesterdays stock market
lighter in volume than on any day this
year and were smaller than on any day since
June II, 1865. the inactivity on the part of the
public and the uncertainty of traders over the
probable effect upon sentiment of certain ex-
pected developments apparently accounting for
the duness. There was no speculative buying
power and aggressive attempts bring
about lower prices. though the market sagged
in the greater part of the day the smallest
kind of professional pressure. the only excep-
tional weakness being reported in the local trac-
ton shares which appeared to he affected by
speculation regarding the position of the Inter
borough-Metropolitan company as money
maker. The company. is well known. is not
earning the dividend the preferred stock
Dividends, however. being paid. and nat
urally this policy which Is not in accord with
conservative business principles. is causing
much adverse comment on the so-caed Inter
Met securities. and already has led to the sug-
gestion that at no remote time reorganiza-
ton Of the company may be made. The subway
division is more than earning it's dividends but
the surface lines not keeping up their end
far being able to show something for the
preferred stock of the company. Ahead of the
marlborough Metropolitan preferred comes the
guaranteed dividend on Metropolitan, and then
dend on the Manhattan stock, though this guar
antee is not necessary. as the elevated system is
returning far in excess Of its dividend require
ments. Manhattan is considered one of the best
investment stocks on the list. Many issues were
not dealt in all. and in New York Central.
which usually IS of the active stocks only
100 shares changed hands. Reading, Union Pa
clhc and United States Steel supplied the best
part of the days business.
itary banks to the extent of $4,000 900 doubt |
about easier market for sterling exchange |
the latter, Of course. carrying with 1t cessa- /
ton of gold exports to Paris. The French cap
ital has accumulated an enormous amount Of |
gold in the last few months II therefore is In |
a position to handle Russian loan but accord !
ing to the opinion OF the best Informed foreign |
bankers there is no chance Of new Russian |
financing IN the immediate future and as a con- |
sequence there is much speculation in financial !
quarters regarding the reason for the steady |
demand for the precious metal by the Bank OF .
France Probably it represents the desire on
the part of the bank TO be prepared for eventu-
aties, but it should be borne in mind that it al
ways has been the policy Of this institution to
keep on hand large surplus supply Of gold ow- |
ing to the heavy outstanding note issues, which |
have other security than the assets OF the
relations
tween France and Russia. The Bank Of France
has little difficulty in getting gold when it wants
il, but by charging premium the metal it is /,
able to protect its reserve when an outside de- /!
mand develops. It is not unlikely that Of the
$30O000O0 government funds which are to be
returned 10 the Treasury New York will supply /
from $4,000 900 TO 900 though the orig
inal allotment for New York on the deposits /
which were made last fall was only. 100000 +
Several interior banks at that time did not take
up their allotments which were then turned
to local institutions. increasing the de-
posts Of the latter to S6O0OOOO but in the !
present operation many out-of-town banks will
return their deposits by drawing a draft the |
Assistant United States Treasurer at this point !
their New York correspondents.
Local bankers are not worrying over the |
money market outlook and would welcome |
higher rates for funds Money withdrawn from !
the banks on government account will be repaid |
through the redemption of the remaining out
standing government Is, while the decision of !
the Secretary of the Treasury not to pay the !
bonds from cash in the Treasury vaults |
strengthens the position of the Treasury and |
viii serve TO place 1t in condition to help the |
money market later i'll the season. when New
York VIII be called upon to finance the wears
harvests. There is speculative demand for |
accommodation, and from current indications
brokers' requirements VIII remain light for a
long time to come. Investment money how
ever. is moving into the stock market at present
attractive quotations, and the fact that large
amount of stock is slowly being taken out of |
the Street suggests the wisdom of caution on
the part of the bear element Some dav the
shorts will find it extremely difficult to get out
Of their contracts. except at heavy losses but
this prospect apparently does not bother the
bear contingent at present. The biggest houses
IN the Street are accommodating both the com
mon and preferred stocks of the United States
steel Corporation owing to the enormous earn
ingS of the concern and its ability TO Law our
vast sums of money improvements from,
earnings rather than going into the money mar
ket for funds. In the last year and hair tho
corporation has appropriated for new construc
ton from earnings S795O0OOO and vet TODAY
it has cash surplus Of $20000O00 not incIud
ing the current quarters figures The surpus
for this quarter is estimated at S200O0OO0 from,
which It is understood, there will be deducted
SloO00OOO for improvements Many Of the in
dustrial issues offer at present prices attractive
opportunities for investment. II Is likely that