The San Francisco call., 1907-02-17
WALL STREET MARKET
CLOSES At HIGH LEVEL
Sluggish and Uncertain Dur
ing the Early Hours
of the Session
SPECULATORS AT SEA
Confusing Cross-Currents in
the Weeks Banking
Operations

NEW YORK, Feb. 16.-Speeulative
sentiment was not distinctly outlined in
the movement of today's stock market
1t was in the last fifteen min
utes that prices moved decisively up
ward to the high level at which the
market closed. Up to that time the
drift was sluggish and uncertain. The
only active operations were IN Ana
conda, which exceeded yesterdays rec
ord level by u, but closed about un-
changed from last night.
The cross-currents in the banking
operations of the week were so con-
fusing that no clear conception had
been formed of what the changes in
the statement of condition would show.
The Improvement in the surplus item
was accepted as removing a danger
that the narrow margin might be en-
croached upon and some buying by
traders followed on this account.
The situation in the money market
is a good deal mixed. The effect of the
Government Withdrawals of deposits
from the national banks will be thrown
over into next weeks statement. The
time money market, while nominal,
was reported stronger, and money
brokers expect higher rates next week.
On the, other hand, sterling exchange
was weak, and there was increased
in London for New York next week.
The market did not show any i'm
mediate response to the news of the
placing abroad of s29, 100000 of New
Haven debenture bonds, except that
the weakness in the foreign exchange
market was attributed to an expecta-
ton that remittances to New York
would follow on account of these sub
scriptions. The transactions were re-
Xon n,
dication of an improving feeling to-
ward high grade American securities
on the part of foreigners.
Bonds have been in full demand. the
short-term note issues still absorbing
the attention of capitalists and invest
ors. United States Is registered have
advanced q per cent, the 2s coupon
Il per cent, and the old As y per cent,
and the new As coupon have declined
Il per cent on call during the week.
The Financier says:
Last weeks official statement Of the
New York Associated Banks was some
what more favorable than was ex-
peeted in that the. decrease in cash was
smaller than generally estimated, while
the surplus reserve was increased. 1t
seems likely, however, that the State
ment was made on declining averages
for cash as the result of surrenders
on friday OF PUBIC OepOSilS ny the
New York banks for the account OF
their correspondents in the interior.
The cash decrease, as reported by the
statement, was s91s,900. Deposits were
reduced by SS,016,300, which amount
closely agreed with the sum of the
contraction in loans and the loss of
cash, so that the statement made a
good proof. The required reserve
against deposits decreased s2,004,o75,
deducting from which the loss of cash
left S1,0S5,175 as the increase in the
surplus reserve to s4.431,050. Com
puted on the basis of deposits. less
those of s15,191,50o public funds, the
surplus is s8,22s.925.
Loans were contracted by $7,295.400.
probably as the result of liquidation
during the week, and also Withdrawals
of public deposits upon which loans
had been effected. Comparisons OF
loans by several banks show that seven
institutions contracted this item by
$4,000, 900 net; eight banks lost $780,
600 net cash.