The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-28

SATURDAY, July 2;

SATURDAY, July y.
Fractional recesstons in prices were the
rule at the opening to-day. and while the
initial losses were made up before trading
had been under way for more h a few
minutes, the market did not long continue
TO hold an upward direction, but moved
aimlessly within narrow limits and without
any definite tendency uptil just before the
close, when in spite OF an uDfavorable bank
statement it began 10 exhibit a considerable
..sree OF strength. Repeated efforts we're
made by some OF the large professional
traders to bring about a reaction, the most
determined OF the attacks being delivered
Just saLer the publication Of the bank state
ment, But at no time did these succeed In
forcing out stock. while the underlying
strength was so great as to impress upon
some Of the most prominent OF the operators
for a decline the wisdom OF abandoning
that side Of the market for the present and
covering their outstanding short lines
Buying for this purpose had much to do
with the strength Of the market In the last
hour, which lifted closing quotations not
only we'll above the lowest OF the day but
in many stocks substantially above last
nights close. The item In the bank state
ment that caused the greatest amount OF
surprise was the increase of M7,el3, 700 IN
loans, which, with the corresponding in
crease in deposits. Offset the gain in cash
and kept the increase in surplus reserve
down to nominal figures. n addition TO
the loan account was, however. easily
explained by the decline in rates for call
money during the week, which caused the
withdrawal Of the rus companies from
the market as lenders and compelled the
banks to assume the burden Of LOANS previ-
ously carried by the other institutions.
At no time during the day was there any
great activity, and the Hartman issues
did not dominate the trading to anything
like the extent that they had done earlier
in the week. A number Of issues hitherto
comparatively neglected scored substantial
gains, among these being Missouri, Kansas
and Texas, Texas Pacific. Consolidated
Gas, American Cotton Oil and Virgins
carolina Chemical. New York Central
displayed strength and the Erie issues re-
covered from a traders raid ina way which
practically refuted the current stories that
the preferred dividends would be passed.
There appeared to be a large short interest
ia the common stock, although. of course,
a reduction I'm the preferred dividends
could hardly injurs the prospects for that
4 ihrQt, ~ IL Wourl llcou uu HlNiNttrO W. ZIG
amount OF earnings put back into the prop
erty. MzsH ~
Except for tbs movements IN Union Pacific
and Southern Pacific the week just closed
was without special interest in the stock
market, for although prices generally ex-
hibited a strong tons changes in quotations
outside of . very few issues were not inn
portant. United States Steel was depressed
.~-l. - Xhz. uuoaL zn fhA LfrLA ~ Vninara
In the Minnesota iron regions. but the stock
rallied with some vigor whom the strike COL
iapsed and 1t became generally understood
that the statement OF earnings for the
.quarter ended june %. 10 be published on
Tuesday, would show the largest net earn
~ings ever exhibited by the company for any
quarter in its history. The conflict between
the State and Federal courts over the new
passenger rate law passed by the Legisla-
ture of North Carolina became a factor to
which holders Of the stocks Of railroads
Z operating In that section OF the South we're
forced to give consideration oward the end
Of the week. and the decline in Southern
Railway preferred indicated what q serious
matter the enforcement Of the law might
become. The Supreme Court Of the United
States will ultimately be called upon to
decide the constitutionality of the measure,
and the sooner the matter can be deter
mined the better. The contention Of the
railroad that the enforcement of q two and
a quarter cent rate would be confscatory
seems to be. entirely reasonable in view
OF the small volume of passenger business
along the company's lines in hat State.
The grain and cotton markets we're fairly
active during the week at advancing prices.
New York stock Exchange aayeN. July n.