New-York tribune., 1908-07-03
FINANCIAL AFFAIRS
STOCK TRADING LIGHT.
Prices Firm at Small Net AdUdnCes
Banks Gain Cash.

Total transactions in yesterdays STOCK mar
ket amounted trifle over 100000 shares one
half of which supplied by Reading. Union
Pacific and United States Steel There were
only four issues in which dealings ran beyond
5000 shares while there were many securities
that were not quoted at all as far as actual buS-
ness was concerned. the total number OF sepa-
rate stocks dealt in and the entire trading for
the day being smaller than on any preceding
day in the year. And the total operations were
lighter than on any preceding day since March
10. 1904 the low record before that time peinS
made in the dull period in 1900.
Prices as a rule, were firm throughout, with
fractional net gains in so-called active shares at
the close, and net gain of over i per cent IN
Consolidated Gas which on Insignificant transac-
tions moved up result of the court decision
sustaining the demurrer interposed by the COM
nanv in the suit brought against il by Attorney
General Jackson to annul its charter Inc gen.
eral market was made up entirely of the opera
tions of the board room element. which was not
disposed to make extensive commitments on
either side Of the account, especially on the bear
side the greater part of the business represent
ing covering of shorts and evening OF contracts
incident to the approach of the two day hohoay-
Outside matters without effect upon the
movement of values. The success of the Harrl-
man railroads in converting large decreases in
gros; earnings for the month of May into unlm-
portant net losses, the good showing by the On
tario & Western in it's net results, bank clear
ings showing the heavy falling off in the volume
y
were not factors In the dull and stupid trading.
Money continued easy here, and In London the
Bank of England made no change in its mini
mum rate of discount while showing a per
centage of reserve to liability trif1e above the
average for this week in the last eight years.
Bonds were relatively more active than stocks
Enormous of money are now being dis
bursed in the shape of dividends and interest,
and the fact the bond market offers so many at
tractive opportunities for the investment OF
he of reinVeStment
of part of the July payments in mortgage is
sues; also in first class stocks that are selling
on a basis that returns from AZ to 01a per cent
on the purchase.
There is good reason for the With
holding of idle money from the investment
market 1t is true corporations are not en-
joying the heavy profits recorded year ago,
but in the greater number OF cases they are
more than making the interest and divi-
dends on their senior securities, while there is
no good argument for belief that the current
declining tendency in earning will run on IN
definitely The crops are growing in manner
that foreshadows bountiful harvestS, and big
harvests mean enormous increase in the pur-
chasing power of the agricultural community.
which must be reflected in greater activity
among the manufactures and the. railroads.
Money is easy and will continue cheap Tor long
time TO come, and the accumulation or vast
ank reserves will be an important factor IN lay
ing the foundations for the resumption Of in
dustrial prosperity
The menace of Bryan. of course, may serve
to retard business improvement, but business
men from one end of the country to the other
will carry on an active war against the Demo-
cratic candidate. until the votes are cast, TO the
end that success may came TO Secretary Taft,
who stands for everything that will protect and
upbuild American industries. for everything that
will preserve the integrity of the courts and the
interests of capital and labor. General sentiment
in financial circles does not favor the theory that
there will be any liquidation Of investment Sc
curties in the next few months, especially as the
price of money is so much under the yield on
good stocks and bonds. Time money for over
the end of the year practically goes begging at
81 per cent
The cali of the Secretary Of the Treasury for
S.0OO0000 government funds held by depositary
banks will not tend to advance money rates at
this centre. The local institutions hold S19OOo,-
900 in federal deposits, and the return of this
entire amount could be made without causing
any serious fluctuations in the loan market,
owing to the heavy cash ana surplus holdings
here And as pointed in this column yes
terday the drawing by interior banks on their
New York balances in payment of their proper
fion of the government call would not upset the
local monetary situation. especially the Treas
ury will be a heavy debtor to the New York
banks on revenue account in the current month.
while the latter VIII continue to receive money
from the interior in excess of shipments In the
current week the city banks have gained upward
of S5Otoo00 in cash the known movement OF
money and therefore il is likely the Clearing
House statement. which will be published o.
day will show Il further addition to already
swollen bank holdings