Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-07-10
f|NANCE,COMMERCE
AND STOCKS
VIII Street.

New York. July 9.-The reactionary
tendency became rather marked in
today's stock market though there was
some show of resistance to the decline
ana efforts to support were evident
at some points. The principal ground
fur the reaction was the banking posi-
ton which is the cause for some INK
iety based on the public accounting
Of the banks themselves, although
the rates charged for money today
showed no symptoms of a coming
stfingencY. In view of the special re-
quifements impending this tranquility
of the money market looks back for
explanation to The estimates of the
known movements of one last
week which indicated a gain by the
banks Of six to eight million dollars,
although the bank statement reported
a decrease in cash Of five millions. This
discrepancy in the statement was the
main cause OF the low surplus, which
was stated at below $500, 900. If this
had been the actual condition of tho
New York banking surplus on Satur-
day II would be difficl.lt to explain
how h withdrawal Of $1,750s000
gold for export and the obligation 10
be faced of a return of g&ernment
deposits tomorrow, amounting to $780,
10000 for the whole country and
about $12, 900, 600 for the New York
city banks, Gould fail To preCipitate a
'llH Al fftliAi III lAlt lRAdf tiiAfIltA It
kot. The New York banks turned in
only about 81, 600, 600 of the $12,0 900
600 of government deposits which viii
he required to surrender tomorrow.
ON the other hand. only Seas
100 of government 4 per cent bonds
nave been presented to the New York
sub-trcaStlrN since July /. The seem
ingly total Indifference of the financial
community to the apparent inevitable ]
ness of a money Hurry under these cir
cumstanccs. gave rise to uoniecturcs
some relieving influence not gem
orally known was In the background.
Itumor suggested that the secretary
the treasury might postpone the re-
turn of part of tho government de-
posits in view of the small amount of
bonds redeemed. No authority for his /
umo could he learned. The maturity
tomorrow of installments Of subscrip- (
tions amounting to $4,000. 900 fol-
ST5. 600 geo for Atchison convertible ,
bonds are complitating factors I'm
situation, July 10 is thus seen to
be, TO some extent. q critical period in
he money market and its passage
without disturbance will be felt as pre-
a clear field beyond. Foreign
exchange rates declined during tho
itY n the chance of further immC-
exports of gold was aNcrted.
Foreign subscriptions for the Union
and Atchison bonds may have
60 affect the exchange market.
on time loans were inclined 40
advance here.
Reports of various new phases az
government activity against corpora
ions were An adverse influence to at
cmpts t. advance prices. including
he federal governments plan To APP
ilN for receivers for offending corpora
ions, "a judicial expression Of the view
hat the New York Traction control
represented a monopoly and hat pro-
.ecdinEs against the telegraph COM
,anics on combination by the New
fork state authorities. The marking
of the price of copper seemed to
- 81 uufavorablc effect. although
Upper stocks were advanced yesterday
n expectation of this action. 81. EaUl =
the only point of actual resiS,-
nee ia tho decline. efforts AT support
entering on that stock which closed /,
gain Of over "A point. otherwise de +,
lines are general. Union Pacific be- ,
ng most conspicuous. Closing stocks: ,