The Washington herald., 1907-07-28
WALL STREET NOTES
Banks Show Increase in De-
pOsitS and Loans.
CALL MONEY at LOW EBB
Trust Companies Prefer to Get Reg
uIar = Per Cent from Financial
Institutions 10 Caring for LOans at
Small Rate of Interest-SOufhern
Pacific Gains GI-2 Points for Week

New York. July 2I-An increase OF
I SlL93,76 in loans and an increase of 81
al, 500 IL deposits were the items Of the
haak statement whi,h attracted the
greatest attention.
They represented. it was generally
agreed. a shifting OF trust company funds
that is customary whenever the call
money rate drags along at a figure close
20 per cent. THAT is the rate on de-
posits of trust companies money. ana,
though the call money rate be slightly
above it, the trust companies often pre-
Ter the stated . per cent TO the annoy
auce of caring for the call loans.
Withdrawal from the call money mar
kets shifts the loans to the banks, but at
the same time increases the deposits of the
clearing house institutions. so that ordi-
narlS the balance is about even. The
gain i'm surplus was but $4,000, much
smaller than had been predicted. The re-
ported surplus was S9.25S,655 as against
SIS, So, 10 in the corresponding week q
1896. The surplus is none too large, if
there is a determination to accelerate the
activity and widen the range Of the mar
ket
TheStreet considered il ample for pur-
poses of the near future. and the only
display Of activity and strength of the
session followed the publication of the
cures. otherwise the market was very
dull with few price movements of in
terest and almost none Of Importance.
The aggregate of sales for the week
was 3CS5.0J0 shares, OF which l,2J. 900, or
close 10 40 per cent, were IN UniUn Pa
cihc and Southern Pacific The market
throughout was distinctly Hartman
market. with speculative interest cen
tered on the Hartman stocks, and the
general tendency Of prices influenced prin-
clpally by them. Southern Pacific gained
l-2 points I'm the week and closed within
fraction of the high point reached on
Thursday. but after transactions Of more
than 70G000 shares ia Union Pacific, the
net gain for the week was but l 5-S
points. The volume of transactions in
both stocks points to vast amount OF
manipulation.
American lee lost l-2 points to-day on
a single sale of 100 shares.
The stock went at 80. as compared with
a price well above 9 in December. The
price was the lowest since April. 1906,
and was the more significant because
it followed a number Of sharp declines
occurring whenever apparently. long
stock is put on the market
OF the l0w-priced railroad stocks, Mis-
souri,. Kansas and Texas has made the
most encouraging showing ia the latter
part Of the week In transactions Of
l2.UU5 shares, the common was partcu-
larly active and strong to-day, scoring
net gain of ! rs points. Apparently au-
thentic estimates represent the company
as having earned II per cent on the
common in the fiscal year ended June 30.
The common has never paid dividend,
and the initial dividend on the preferred
was seclared last year. The preferred is
limited % 4 per cent and is selling on a
per cent investment return basis
brisk upward movement in Texas
and Pacific to-day was one of the few
bursts OF activity obsFrvable in the Gould
stocks since the market shook off its
letaargy. The idea prevails that Mr..
Gould is still following the policy OF per-
mtting his securities to find their own
market level
The fact that these securities appeared
to be free from manipulation or inside
operations of various kinds was frequent
ly noted during the big decline OF the
late winter.