The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-19
FINANCIAL AND ooMMERoTAL.

Stock Exchange transactions were a
lttlo larger In quantity to-day than they
were yesterday. but the character Of the
market for securities was OF exactly tile
same pieoe as that Of the preceding dag.
There was the same relative degree OF
animation displayed In the first hour OF
business with q rising tendency In prices
and a concentration of speculative activity
In the Union Pacific and Rending common
stocks. Thereafter the market wal prao-
ideally Stasnant, Just as IL was throughout
the RroatAT part OF the day yesterday.
whilo prices gradually reoeded 30 that net
gains and losses In quotations were In
discriminatory scattered at the close.
III recession was commonly explained
as caused by the circumstance that the
directors OF the Central Railroad OF New
Jersey at their meeting to-day cellar
only the regular quarterly dividend on
the company's stock. There has been
somo expectation recently that this divi-
lend would be increased and that following
such action there would be an increase
IN the distribution on the Reading common
shares. inasmuch as the Reading company
holds a majority interest In the Central
Railroad OF New Jerseys stock. The
foreign markets were quiet and irregular
to-day but In the main heavy, English
consols again falling to Q new low record
price for the year and to Q level that makes
the return on them 3 per cent. per annum.
The leading factor In the financial situation
abroad ut the moment is pressure for money
there for use at the half yearly financial
settlements. Berlin. II is understood, Is In
especial need o ffundsfor this purpose and the
London and Paris markets no less than that Of
Berlin sreallanxiousto enlarge their reserves,
and for the time being our own market
aside from that Of the gold mines them
selves appears to be the chief source OF
supply. In London to-day discounts were
a little easier because, it was said. Of the
likelihood that gold would soon be exported
from this city to London direct, and it is
probably the case that IL the Bank of Eng
land should, like the Bank Of France, allow
interest on gold in transit the English insti-
tuition could take gold from this country.
SUCH a policy, however, would obviously
be inadvisable from the English point of
view in many ways. While the Bank Of
EnRland's proportion of cash on hand TO
liabilities just now is not very large il is
still not unseasonably small, and for the
Bank Of England to use extreme measures
10 lOICO BOlu iIOm tulb COulJIy WOulu SCI
a precedent whose financial bearing in an
international way might become uncom
Portable later on. For all this the matter
Of chief interest in the financial district
to-day was the engagement Of 1900, 900 in
gold for export to Paris on to-morrow's
steamer, coupled also with recognition of
the fact that as sterling exchange here
still held firmly despite the gold engage
ment 1t was altogether probable that metal
remittances would be increased upon the
steamer sailing the day following. There
is some comfort in the knowledge that il
the ingathering of gold by the foreign
banks lie solely due to the necessities Incl
dent TO the end Of the half year the opera
ions must be drawing to an end inasmuch
as the time when gold can be shipped from
this city so as to arrive in Europe on or
before the end Of the month is rapidly mar
rowing. In response to all these develop
ments time money has In the last fortnight
steadily hardened and rates for its use both
as regards bid and asked prices were again
raised to-day.
Aside from the resumption Of gold eX-
ports the only other subjects Of talk In
Wall Street to-day were the announce
ments made in the morning newspapers
Of the 324, 1000. 900 distribution to It's stock
holders by the Adams Express Company
and the fluctuations Of prices on the
produce exchanges. The Adams Express
Company, according to the plan as stated,
is to distribute to it's shareholders $24. 900, 900
of the asserts accumulated in It's treasury
in the shape Of a gift Of forty year collateral
trust bonds covering the securities in
which the assets in question are invested
The plan adopted by the express company
is practically the same as that utilized
nine years ago when a similar distribution
of 3l2, 600. 900 was made. The bonds are to
draw per cent. interest and it is officially
declared that the interest now drawn by
the securities that will pass under the
! collateral trust mortgage is greater than
tina which is sufficient to pay the interest
on the new bonds created Naturally, of
! course, the Adams Express Company stock
holders would be greatly interested to know
what the precise nature Of these securities
is The quotations for the speculative
options in the wheat market to-day con-
tinued their yesterdays brisk advance in
the morning, but fell again in the after
noon. leaving wheat prices only moderately
| above those made at yesterdays close.
The strength OF the grain market in the
last few days is thought by careful observers
to have been mostly due TO the forces
making for a natural recovery after a
| pronounced decline, since the news from
the grain fields, although still more or less
mixed. tells generally Of improved condi-
tons. But a specific reason for the rise
in wheat to-day was, as must lie admitted,
an emphatic renewal Of indications that
the shortage in the foreign crops this year
would he large,
New York stock Exchange SaIeS, June Is.