New-York tribune., 1908-06-25
FINANCIAL AFFAIRS
STOCK VALUES FIRM.
Volume of Business Made Up Of
Traders DeaHngs-Money
Rates Edsg.

In yesterdays stupid stock market trading six
issues supplied more than two-thirds OF the total
operations and in these shares, we'll as in
other parts Of the list price fluctuations seldom
ran beyond 1 per cent. The general course OF
quotations presented great irreguarity, with
more net gains than losses at the close while
the general character of the dealings showed
no change from that of the last few days. tran
sactions being made up chiefly Of the operations
of the board room element. Union Pacific and
Reading the leaders in the quiet speculation,
ended the day at small fractional advances. due
to covering of shorts. this operation accounting
for most of the gains recorded elsewhere, though
in Westinghouse and American Ice shares some
inside buying was reported. with result Of
point gain in Westinghouse and "A in An1eri-
can Ice. Rock Island securities and Chesapeake
&, Ohio were heavy in the greater part of the
day: also Missouri Pacific in the last hour. when
a feeble attempt was made to depress the entire
market There was little outside business and
no indication of activity the part of the sub
stantial speculative interests, the latter main
tanning its passive attitude as far as specula-
ton was concerned, but persistent in the belief
that ultimately prices will seek a higher level
Doubtless the excessive heat was a factor In re-
straining market activity. News developments
having bearing upon railroad securities failed
10 create speculative interest in the stocks af-
fecred but as a matter of fact. there was little
in outside developments of sufficient importance
to attract either a buying or selling movement
particularly announcements in relation 10
railroads and industrial corporations were on
lines generally expected. for instance. the
declaration of the 2 per cent dividend on Ontario
&. Western If there had been a good market,
however the stock of this company doubtless
would have responded to the action of the di-
rectors.
So far in the current week the local banks
have gained on their operations with the Sub
Treasury more than s2OoOO0O while they also
have gained q large amount of money on In
terror currency movements. though the receipts
of funds from outside points at the moment are
not quite as heavy at this time week ago,
reflection Of which is presented in the decline at
other cities of exchange New York It is
likely. however. the movement of money Will he
in favor of this centre throughout next month,
and il therefore is improbable there will be any
hardening of money rates in the near future,
even if there should be additional gold export
enga gen1ents and a withdrawal of government
funds from depositary banks. Preparations for
the meeting Of the heavy July interest and divi-
dend disbursements may cause slightly f1rmer
tendency in time money for a few days. but there
is so much money this point and SO little
speculation in securities that II is not likely
call funds will be affected to any appreciahle
degree. Call loans are quoted as low as per
cent II is probable that one-half OF per cent
will he maid for this sort of accommodation be-
fore rates advance, and from present conditions
I'm the market il looks If lenders would be
glad to take even that low figure for their funds
Money is lying idle in all the banks and trust
companies evidently waiting for something to
turn up. Trust company deposits are heavy.
representing in many cases the holdings of peo-
ple who are afraid to employ them either in bust
ness OF in the stock market, but the time will
coma when these vast resources will begin to
move into legitimate business and investment
channels The fact that there is so much inactive
money at present is an encouraging bull point
for the future, inasmuch as when the inevitable
ti,,,e comes for a resumption of normal business
ouerations there will be vast credit resources
for all lines of trade. And if the requirements
of trade demand more money they will be filled
through the operation Of the emergency cur
rency measure.