New-York tribune., 1908-04-14
FINANCIAL AFFAIRS
GOLD EXPORTS LIKELY.
Strength of Traction Issues Feature
of a Dull Stock Market.

Dulness prevailed in the stock market yester-
day with generally sagging price tendency.
and the rket closed irregular, with final prices
at almost al the low of the session. The
trading was almost wholly professional. and the
principal activity was again in the local traction
stocks. all Of which made substantial net ad-
vances ranging from l point in Interborough-
Metropolitan common 10 points in Third Ave-
nue. and : in Manhattan. The buying OF these
issues was said 10 be on the advantages to ac
crue 10 the lines through the curtailment of the
transfer privileges. but another explanation can
perhaps be found in the fact that the INTERIOR
ough Rapid Transit Company is about to bring
out very large bond issue. Some of the spe-
ciaties also marked UP yesterday, as is often
done in market like the present. where inter
est is tagging and efforts made to stimulate
It The news and rurors Of the day having
market relation were in the main bearish in
nature but had no actively depressing influence
The fire in Chelsea. although involving heavy
property loss. which will be reflected 70 some
extent in the lessened ability of the fire insur
ance companies to purchase bonds not SO
disastrous as to be classed as catastrophe and
figured only slightly a stock market factor
Rumors of cotton house being in difficulties
which were denied by the firm indicated and
for which no direct confirmation could be had,
aid 10 the bear party in stocks, whose
position Was also helped by A sharp break in
the cotton market Another reduction in the
price of copper metal by the United States
Metals Selling Company served TO call renewed
attention to the unsatisfa ctory condition of the
industry which few weeks ago was enjoying
a transitory period Of activity. AdviCes from
Washington that Eastern trunk lines had filed
with the Interstate Commerce Commission
and higher tariffs covering shipments of grain
from points on the Great Lakes TO tideWater on
the Atlantic we're in line with the recent re
ports that a general advance in freight rates was
in contemplation, but had no beneficial effect on
the prices of railway issues, although it is gen
orally understood that the commission does not
disapproye OF moderate advance in rates.
A sharp advance in exchange on London. de-
mand sterling rising extreme 20 points to 4.S7,
caused the impression to become general that
exports of gold TO Paris would be made before
long as the sterling market has been rising for
some time and d very small further advance.
with the rate at Paris remaining at its present
level, would make possible the shipment of the
metal at q profit a triangular operation"
Indeed, il figured by experts that shipments
could be made at current rates if the Bank of
France were to offer inducements, course, how
ever which that institution is understood not 10
be desirous of taking. No apprehensiOns are
felt here over the probable loss of the metal
even though the shipments should aggregate
many millions, enormous is the supply of
idle funds in the banks and large is the
volume Of money still coming TO this centre from
the interior. This is the normal season for eX-
portation of gold to Europe, and heavy are
the cash holdings of the banks that not in years
have they been better prepared for drain of
gold than is the to-day. Another call from
the Secretary Of the Treasury for the repayment
Of government deposits perhaps to the amount
Of as much as 100000 600. is also daily expected
but the prospect of this withdrawal also Is
looked upon with equanimity by the bankers,
who. with money the current nominal rates.
are able to make only the scantiest Of profits
for their Institutions.