New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-29
'I-niisted.
Closing prices of active bonds dealt in witt
STOCK MARKET OPERATIONS.

After showing irregularity and nervousness IN
the first few minutes Of trading, the general list
advanced under the influence of covering Of
shorts. the improvement aggregating ! point in
the more active issues, though this was not
maintained in the last hour. Final prices. 4
rule were at small gains compared with
the closing OF the preceding day. but in the
greater number of instances the changes were
unimportant and represented nothing more than
the result Of traders transactions. There was
no evidence of the liquidation that marked the
course of dealings on Monday, while there Is no
disposition on the part of the public to buy
stocks for speculative account, despite the at
tractive figures at which most issues We're
| quoted Heavy foreign selling and weakness in
all departments of the London market were fac
tors that served to restrain speculative activity
here while the great losses recently suffered in
the local market by substantial interests and the
necessity of many individuals to sell stocks In
order TO raise cash to meet the demands Incl
dent to their participation in undertakings also
| were factors that naturally worked against a
| bull movement British consols sold at the low
prices established earlier in the year. which was
the low point since 1S4S and the decline in these
| issues and a break in the price of copper in Lon
| don were not without eeffct sentiment in Wall
| Street In Union Pacific and Reading consider
| able selling pressure reported in the final
| trading the latter falling > points from its best
| price and closing unchanged from Monday. The
copper shares and Baltimore & Ohio also We're
weak features a the close.
Since last Friday the local banks have lost on
their operations with the sub-Treasury trihe
| more than $1O0OOG0, and 1t is likely this amount
| will be increased before the end of the week
| In view of this movement and the withdra walls
| of gold for export the prospects for favorable
| bank statement are not particularly promising
| though the extensive liquidation in the stock
| market may result in a contraction in loans
| large enough TO offset the loss In cash an in
| iuence upon the reserve above legal require
ments There is practically inquiry for call
money. owing to the absence OF active buy
ing demand in the securities market. and it is
| not considered probable there viii he much
| change in call money rates in the immediate
! future. except. perhaps, a temporary stiffeninG
incident to the prepare tons for the June inter-
| est and dividend disbursements. Paris is
| strengthening its gold holdings to an extent that
| creates the impression of uneasiness the
| French capital over the Russian situation,
which according TO cable advices received yes
| terday from St Petersburg. is somewhat alarm
ing and naturally suggests TO Paris bankers the
wisdom of having a strong gold reserve in the
| event of financial and political trouble IN the
Cars empire. France is the financial banker
| of the Muscovite realm, and Paris being an
enormous holder of the obligations of that coun-
try cannot afford to let Russia's credit suffer.
| Local bankers do not look for extensive ship
| ments of gold from New York. but much as
| SI0OoOOo may go abroad The Secretary Of the
Treasury has made no announcement regarding
the manner in which he will pay the govern
ment As that reach maturity in July. but the
chances are he will liquidate large part Of
them from federal funds held in national
banks.
Government holdings In depos!tary insttu-
tons amount to S1T2 61S 800 exclusive of dis
Hlrsing officers balances, while the availa be
cSsh balance in the Treasury after the deduction
of all liabilities is S67, 14O675 and the amount
Of bonds outstanding which must be redeemed
is in the neighborhood of $40. oOOO 900. The Sec
rotary OF the Treasury could pay off the entire
amount from money in government vaults but
In so doing the margin Of surplus in the gen.
eral fund would be reduced to an extent that
hardly would appear safe in view Of the Treas
urys large daily operations. BY checking on the
deposltary banks for the payment OF the bonds
there will be loss IN the governments balance
but the banks will have as much money as The
owners of the bonds will not take their pay
ments out OF the channels of monetary circull-
ton The position of the money market Is not
worrying bankers at this centre. They are try
ing TO get much as they can for their money
and while call funds practically are un!enda OLE
bankers able to secure good figures from
| corporations that need assistance. There was 2
time when the railroads dictated conditions Il
| the bankers. Things are different now and q
is the railroad that has to ask the banker fol
terms The railroads Of this county are sx