New-York tribune., 1908-07-10
FINANCIAL AFFAIRS
4CTIVITY IN STOCKS.
Irregularity Follozcs Baltimore 8
Ohio DiUidend 4ction-Close
Irregular.

ON a volume of trading almost as large as
that of the preceding day, the stock market yes
terday continued to exhibit strength ana an du-
vancing tendency, although irregularlty oeVel-
oped after the announcement OF the surprising
dividend action Baltimore ONO common,
Prices at the close showed preponderance OF
net gains, a few running to two points OF over
New high levels for the year were rea-heo U! I"
number of stocks. notably American Smeitlns
and Refining which closed at S4A, net gam
for the dav of %. points. The United states
Steel issues which were the market fealui ",
Ix-dresdav moved yesterday within a fracuoiia
nrice range and were much less actiNe,
and preferred closing each wlth d net eaN
only u per cent. Union Paclnc' St: r"ui 'liu ~
paadine the customary leaders In the rail"ay
- ,,,dar more or less pressure during
.;o- dre TO heavy realizing and 10 sohlo
extent to short selling, the pearS' 49,,
operating in these and other STOCKS VIZ ~ A Ios.
caution born of their reverses during 'ne 10''
few weeks. ,,;a~d
Tho maintenance of the per cent DIVIDEND
- - po1+;noore r Ohio common stock was d
-,o,-e entirely unlocked for by the Street which
had commonly expected reduction 10 pei
cent with 4 as a possibility ana tie me"S
.be directors action created a distinctly odu
,ropression, although Baltimore d ONO coliiiiion
,,self advanced 22s points, closing practlcaiS a'
49,, ,e+ of the day Other large railway sys-
+ar,s which have suffered much less seVereis
than the Baltimore & Ohio from the ~ GU ie',
business depression have met the situd'ioii ~
reduction of their dividend rates ana tle ac
of their boards has in each case peeil VIZ
,,,,,ended as a safe and conservative PoiicS'
-. g. -eses,1rance among investors. These
-. roo have s1lrpluses, and the course OF tiie
baltimore &. Ohio in drawing upon lts sulp
-. +ho amount of 81. 100000 for the purpose ol
continuing the old rate OF u per cent
t,.nrnt+ IN the financial district to he not With
-. ro1a+io, 10 the fact that the Union Paclnc'
f the 10 ner cent annual dividend on the coih-
,,,o,, e+oct Of which company 4 per cent repre-
&c dividends received by it on stock holdings
=; thor railroads is the owner OF more lhah
600 600 600 Of Baltimore & Ohio common stoch'
sIiqhtIv hardening tendency was reported III
+be market for time money. but IN view OF the
enormous accumulation Of funds at TINS centre
ayd the current duIness of trade there is little
reason 10 look for anything like materially
higher rates in the near future or to fear any
real strineency even during the crop moving
reriod although the demand for funds from the
interior at that season will in all probability be
heavy if the promise Of abundant harVests
shall come TO fulfilment. The favorable monthly
renort of the government supplemented yes
terday by a summary published by one Of the
large mercantile agencies of reports from its
branch offices in the farming districts, showing
a considerable rise since July in the condition
of the various growing crops.
The weekly statement of the Bank of England
showed a considerable decrease in cash with
however a much heavier decrease in deposits
land loan. and the proportion OF reserve to liza
bilities is now 1923 per cent, figure exceeded
only twice in the last ten years for the corre-
spending week. and comparing with an average
of 1886 per cent for the last eight years. The
Bank of France reported a. gain in gold of ST.
625oo0 bringing its total holdings of the metal
to S633,2G7.ooO, the heaviest amount in its his
tory.