The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-23
FINANCIAL AND COMMERCIAL.
s~kruRDAY, June "a

Iran6acGSaS IL SOCKS to-day reacheoo only
the trihing amount Of So 300 shares, the
smallest quantity Of dealings on the Stock
Exchange even for a Saturday half holiday
that has occurred within many years, and
as might be expected under such cir
cumstances the days market was utterly
devoid Of n character or significance.
Absolutely the only matters receiving any
attention at ali during the day in the hnan-
cial district were the various foreign political
sdtuRtions' and the weekly bank state
ment. The foreign financial markets were
not particularly heavy, sentiment in London
being favorably affected by the beginning
OF gold exports to London from this centre,
while there was something Of a turn for
the better in the French internal troubles.
Liquidation for Paris account, however,
continued in London and all the foreign
exchanges we're perturbed by the imminence
OF the financial settlements in London
and Paris. The weekly bank statement
attracted attention only because of what
was generally recognized ODE its absurdly
inadequate showing of local conditions.
It IL known that the banks have lost nearly
SitUOONOV bu lilS tV NOCh VI pubh gnu
shipments and have received less than
half Of this sum on net balance in their
transactions with interior institutions.
Nevertheless the bank return to-day under
the average eystem of compilation ex-
hihited a loss by the banks in cash of but
S71o, 900; and inasmuch as bank loans de-
creased IS, 403. 100 the surplus reserves Of
the Clearing House institutions increased
AJftt o5E The raluofinn ~ loona uoa
expected in view OF the fact that trust COM
panies and other similar private lenders
nave been recently extending credit on
account Of the higher rates for the Use Of
funds. The erroneous exhibit thus made
will undoubtedly be repaired, after the
usual fashion, in the succeeding week,
and as the banks start of the new week
with a further loss Of over $1,000, 900, owing
to gold exports, the indications are for an
~-unrHuaily poor bank showing ne 1t Saturday.
Events during the week were neither
n1tnerousnor important in a financial sense
and were not, at any rate, sufficient to
avert 8 constantly, narrowing tendency
IL. the activity OF the market. Dulness in
the market was more pronounced than at
any time previously in the year, commission
house business being almost entirely non-
C4lbJCl ~ ldllbdSllOl6 III bloChb III
consisting, according to all appearances,
of the efforts of a decreasing number
Of habitual spectators to obtain inin-
itesimal profits through mutual trading.
More attention than to anything else was
perhaps paid TO the continuance Of gold
exports upon a large scale and to the fact
that late in the week the Bank OF England
Joined with the Bank Of France in Offering
;nkarast -. oo1d IN trapait to kbo ps.t;al,
capital from this side Of the Atlantic. The
hand Of the English bank appears to have
been forced in the matter by the recent
financial difficulties in Egypt incident to
the collapse of speculation in land values
there. A favorable factor of the week was,
on the other hand, the development Of
splendid weather for the crops over the
country's entire agricultural territory. in
the cotton growing States as we'll as in the
winter and spring wheat sections. Great
Improvement in crop conditions has mani
festly taken place and the high tempera-
lures of the week nave also exercised a
beneficial effect upon the ~country's business
in promoting sales OF summer merchandise
that have been heretofore so notably de-
layed. A degree OF caution in making
commitments for the future is now evident
III ooblhCGo tlic III y q.
although as yet orders for the future de-
livery Of goods are in many lines greater
than they were at the corresponding period
a year ago. Another matter that is cause
for qualification is the change for the bet
ter that has recently occurred in railway
net earnings. The full reports of the
operations Of the railways for April as
they are now being received show that
A@s-. - e-z== z=Tiina= -. ,,ra.ta- ,i,,,
previously during the year, and that al
though these increases are still heavily
Offset by enlarged operating expenses the
degree of Offset is lees than it has been pre-
viously. 1t is to he remembered, how
ever, that the particular cause of the in
GREASE in railway gross earnings for April
10 that in the same month a year ago the
bituminous and anthracite railroads we're
in the throes of a coal strike. What would
undoubtedly benefit the security market
more than anything elsa at the present time
would be a cessation, 80 far as it could pos
sibly be brought about, Of a further issue
Of railway or industrial securities There
was much ommen during the week CON
corning the extreme inactivity of the bond
market, and hostile criticism was directed
to the fact that at this season the bond
market is usually extremely active owing
to the investment Of money in anticipation
of the receipt of July interest and dividends.
The fact is that although the gross amount
Of such Investments has been diminished
this year for certain plain reasons. it is still
going on in considerable quantity, but has
addressed itself to railway notes and other
high priced and short time obligations of
like character, which are dealt in in a way
that escapes public notice. Investors are
naturally not willing to buy the old and
we'll known railway bonds yielding be-
tween 4 and s per cent. when they can buy
the notes OF corporations like the Penn
aylvania Railway Company yielding So
per cent Slowly but surely these notes
and other newly created securities like
them are being absorbed, and when they are
gone a demand will in the nature Of things
be felt for securities of the old fashioned
class. II, however, our corporate enter
prisee are 10 keep on flooding the market
with new security issues chances of an ad- |
..,roa in aap,,rity Dripaa pntat nan,o,,-sh. |