The San Francisco call., 1907-06-16
STOCKS IN WALL STREET
ARE HEAVY AND L|sTLEss
Foreign Influences Aid in
Further Depressing
the Market
GOLD FOR EXPORT
Discounts Rise in Response
to Withdrawal of Coin
From London

NEW YORK. June 15.-The heavy
and listless tone of the speculation re-
mained unaltered in todays stock mar
ket- Foreign Influences played some
part in this showing, especially on ac-
count of the bearing of the further de-
mand for gold export. The financial
difficulties in Alexandria were reflected
in the withdrawal from London today
of $l,250.000 for shipment to Egypt
Discounts rose in response in London.
The renewed complications in Russian
politics turn attention to the Paris
markets and promise a continuance OF
the demand from that center for gold.
Foreign exchange in this market in
fact continued firm today. The bank
statement revealed a larger decrease
in cash than had been estimated, and
as there is no loan contraction to re-
duce the deposits the already narrow
surplus was still further depleted. The
loan item, IL was believed, did not fully
reflect the demands upon banks, in
view of the heavy payments which fell
due today.
Many dividends were payable today;
Including the Standard oil and Console
dated gas, and besides. the first INSTALL
nlent OF subscriptions on new Southern
Pacific preferred stock. calling for So
100000, became payable. The effect of
the loan item of the banks may be
thrown forward into next weeks state
ment.
The foreign trade statement for May
was regarded with interest, owing TO
its bearing on the exchange situation.
The heavy increase in merchandise inn
ports so far -overbore small gains in
value of exports that the excess value
of exports for the month was reduced
TO $4,000, 600, compared with $25,609,O0O
fer May Of last year. Union PacIhc
was under some special pressure, ow-
ing to the report of the passing of the
Chicago and Alton system TO Rock
Island control The market became al
ment appeared and prices ran OF
slightly afterward.
The bonds market also was easy.
Total sales, par value, $4,000.
The Finaneier says: Last weeks
official statement of the New York as
sociated banks disclosed a smaller loss
in the surplus reserve than was expect
ed from the traceable decreases in
cash that were indicated during the
week so that the exhibit was, on the
whole, somewhat favorable from the
borrowers standpoint. The cash loss
was $2,633,200, which sum agreed quite
closely with the estimates that were
based on the interbank changes, the
subtreasury operations and the average
that was brought over from the preVi-
Gus week representing the shipments
late in that week of gold to Paris. The
withdrawal of s2.0OO.60o Of the metal
on Friday for shipment on Sunday
accounted for only one-sixth in the
average loss The general deposits
were reduced by $4S69,00 and conse-
ouently the reserve requirements were
decreased by $6.127,300. dedueting
which from the above quoted loss of
cash left 81, ,465, 900 as the reduction in
surplus reserve to s4,154,265; computed
upon the basis of deposits less those
of s41,639.4 400 public funds the surplus
is S12.424,475. Loans were contracted
by S1,6S9, 500. while the excess of loans
over deposits was increased about S2,-
900 600 compared with the previous
week The daily average of bank clear
ances during the week was s246, 600. 600
or $27 10000 less than in the previous
week of June, rejecting the dull specu-
lation on the stock market; clearances
on Saturday representing Fridays
business were 243,2ss,93S. Compari-
sons of loans by / Individual banks
showed that seven of these fnstitu-
tfons contracted this item by $1,000. 900
net. Five banks lost $3.50, 900 cash.