The Birmingham age-herald., 1907-07-13
STOCK MARKET IS
 SLOW AND DULL Fluctuations Are Narrow But
 Undertone is Firm EASY TONE IN CALL MONEY Conditions Indicate That the Banks Are Not Near Their Limit of Sur
 plus Reserves-Market at
 Close steaded Up.
EASY TONE IN CALL MONEY

New York, July 12.-The market for se- curities became torpid today. the activity dwindling until at times late in the day the trading was idle. The fluctuations were correspondingly narrow, but the un- dertone was firm. The forecasts of the weeks currency movement showed a loss formidable inroad on cash resources of the banks than had been anticipated, and while the decrease was sufficient to leave room for question of the maintenance of surplus, considering the small margin of that item last week, the comparatively easy tone of the call money market today had reassuring effect. As the sub-treas- ury operations have taken ,OO0 from the banks, 1t will be seen that interior banks have withdrawn on their New York correspondents for repayments of the sS0,- 100000 of government deposits to a rather less amount than was expected.
 The banks estimate that the interior movement of currency has been in favor of this center on balance to the extent of several million dollars, which wil4reduce the loss on sub-treasury operations by that much. This gain the interior movement Is a decided improvement over the showing for recent weeks, although New York exchange at Chicago has ruled at discount during the week. As sur plus reserve of the banks stood at less than se00,00 last week, it is difficult to understand how the surplus has been con- served. Last weeks bank statement, however, in reporting loss of $5,0OO,0OO 'n cash, understated a reported gain shown by the known movements of money by more than S120O0,00o A rectiacation of this glaring discrepancy in tomorrow's bank statement is probable.
 The progressive easing of the call money market since the pinch of Wednesday pre- cludes the suppostion that the banks are near the limit of their surplus reserves. The Union Pacific and Atchison bond 1s- sues were subjects of continued discus sion. The subscription warrants for the Union Pacific bonds were listed on the New York stock exchange and after sell ing down to S9A, distinguished themselves by an advance to 91,, at which cash sales were made. AS only s4O0O,OOo of the $75,- 100000 offered to stockholders at 90 were applied for the source of the new demand at higher price was mystery. On the curb the full paid subscription warrants sold as low as STA, compared with SS, the syndicate subscription price. Some of the stocks of corporations which were the special target of government prose cutions were weak, including the Inter- borough Methopolitan stocks and the American Tobacco group. American Snun sold at a decline of 121s points from the preceding sale.
 @ The determined abstention of holders Of the matured United States per cents from presenting them for redemption Is a subject of wonderment in view or current conditions, which show a scarcity of loan able money supplies and practical fam inc of investment capital. The inert at titude of these bondholders is attributed in some sort to a profound distrust of in- vestment conditions as they exist at pres ent. One of the subjects of comment was the expected publication on Sunday Of the findings of the interstate commerce com mission on the Hartman investigation The Hartman stocks were firmly held during the day. The stagnation Of the market was it's feature in the latter part of the day, but the gains were held to firm closing onds were irregular. Total sales. par value, $1,o03,Ooo. United States bonds unchanged on call.