New-York tribune., 1908-06-12
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
Smallest Daily Total of Dealings
for the Yea-Money Rates
Continue EdSy.

rrh. s.ocl, market Yesterday was almost q
thing Of suspended animation. Ihere were
few transactions for the account OF the poaro
room element and occasional orders from COM
mission houses but a rule speculation pre-
sented all the indications of complete stagna-
lion Price movements were unimportant 1rac-
tional changes being recorded in most OF u'e
few issues dealt in, with alternate gains anu
advauces-seldon amounting to more than ~
and irregular differences at the close as coill-
rared with the final figures of the preceding day
So-called active shares in most instances showed
small net losses. Brooklyn Rapid transit III
terborough Metropolitan and Third avenue
shares managed to make themselves conspicuous
hv ending a point more under Wednesday
last quotations, the Brooklyn stock being SOLD
to a light extent on the success of the anti-race-
track bill Third Avenue declining on its poor
earnings and the Interborough evidently being
put down on general principles. uncertainty
over the character of the Chicago platform was
advanced as the reason for the dulness in the
dav This. Of course, the only natural eX-
c1lse for the refusal of operators to make eX-
tensive commitments either side of the mar
ket but it supplied good reason Tor the
absence of capital in the regular investment
market In some quarters bear traders advanced
The argument that the light dealings We're a pad
sign for holders of securities on margin, lhIl-
mating that such a dull day would be followed
bv active attacks upon values. There is just as
much reason to look for advance as de-
cline as resultant of yesterdays ridiculous mar
llet and the fact that so little was accomplished
on the board need not be taken as an indication
that stagnation is to prevail for any length OF
time Amalgamated Copper. Union Paclhc.
Northern Pacific. Great Northern Reading and
United States Steel common supplied the greater
art Of the days total business Of 1929 shares,
which was the low record for any day since
June "a, 1907.
The Bank of England made no change in It's
minimum rate of discount at its weekly meeting
yesterday but the strong showing presented in
the return and the growing ease in open market
quotations for money encouraged the belief that
the premier banking institution of the world
would reduce its rate to a per cent basis before
the end of the month. Ordinarily at this period
of the wear the Bank of England shows large
reserves but not since 1897 has the rate Of dis
count been as low per cent. Outside of
Germany extreme ease prevails in the money
markets of all the leading countries. and even
in Berlin signs OF improvement are noted,
reflection of which is seen in the increased
holdings by the Imperial Bank Of Germany
and in the lessened demand for gold at Ber-
lin The sterling exchange market at this cen
tire is below the point at which shipments or
the metal may be made at a profit, and as
the German bank apparently no longer intends
10 offer to pay interest on gold in transit II
reasonably may be assumed that the outward
movement of the yellow metal is over for the
present at least, probably for the season.
Money rates abroad too low to attract gold
from here, despite the extreme ease in the local
market, and from all indications the chances are
there viii he a plethora of funds IN all the lead
ing capitals except Berlin for many weeks to
come the local outlook favoring cheap rates for
loans until the demands for money in connection
with the financing and marketing of the crops
and in connection with business revival become
urgent So far in the current week the New
York banks have gained upward Of $5000,000
~, their operations with the Sub Treasury, but
in the current month TO date the governments
receipts and expenditures about balance, with in
dications pointing toward A somewhat smaller
deficit for the fiscal year than recently predicted.
4 Treasury call upon depositary banks, which
may be made any day, will not affect money
ra+es at this centre as government deposits in
the New York banks are less than $20,o00,000,
while reserves are exceedingly heavy