The daily morning journal and courier., 1907-07-13

It was pretty dull market that of yesterday. It was native market but at the same time 1t was firm.
 The imminence of two such sigpif- cant matters as bank statement which is likely to show exhausted sur plus reserves and a report by the h. terstate Commerce commission outlin- ing the Union Pacific policy in relation to It's holdings of securities tended to restrict speculative engagements.
 Both home and foreign markets were fairly firm, with some buying of our stocks in London as the interesting feature of the movement there. The British market still reflected some lit- tie disappointment at the failure of It's bond issues. Here the tone was fair ly cheerful throughout and little was heard of the poor showing of Thurs days bond offerings.
 Doubt in regard to to-day's bank statement was the chief deterring in- fluence in the market. With good prospect, as many thought, that the surplus reserves will be wiped out, and that a considerable deficit would be created-few persons cared to buy stocks. But call money was easy, rul- ing between 4 1-2 and 3-4 during most of the session, and currency movements pointed to a better bank statement than had been expected. Last weeks statement made it appear that the banks lost about $5,OOO,OOo, whereas they gained some $70O0,OOO on the weeks cash movements. This gain should be reflected in to-days bank statement.
 The opinion yesterday afternoon was that loans would contract substantially, but not in sufficient volume to prevent small deficit. Call money seemed to point to such condition, for the re- newal rate was lower than 1t has been, and late in the day money was offered at 2 per cent. Time money, however, was held at per cent. for six months The Union Pacific full paid As were . nearly point under the figure at { which the syndicate has pledged itself to take nearly $71,000,00O worth. Sentiment was practically unaffected during the greater part of the session : by the poor reception accorded to the ' Union Pacific and Atchison bond issues. ! One explanation of this was that the recent break in the market was 7 brought about by number of unfa- #vorable incidents, which overshadowed ' the bond issues, and when the selling was ended some recovery was in or lder. It is generally agreed that the two Mcompanies mentioned would not suffer ! from lack of funds, and that in time & these new bond issues would be ab- sorbed.
 Of the several dips in New York Air Brake to par there was very good buy < ing and all of the stock offered there :! was absorbed. Recently additional buy ing has developed at higher range and yesterday the price went to no y The profits of the concern are said to be large.
 
 During the closing quarter-hour the market settled back into a groove, and he price movement was narrow and ininteresting. Not over 5000 shares wer traded in between 2:45 and 8 \ clock For two minutes or more at 4 time not Sale was heard from the 5 ticker, Prices closed 1-2 to 3-4 above last nights closing.
 Brokers borrowed money at a lower rate yesterday than since the first of Tuly. It was offered at 1-2 per cent.
 Tor renewals and went down to 1-2 Der cent, later, although surplus re- serves are likely to be wiped out to- ! lay The outlook Is for an average for
 he next three or four weeks but very ittle change in the high quotation for
 ime loans,
 Among. specialties American Tobacco sues were again weak, as were the peal traction shares. Liquidation in
 he former was based on the federal
 ction against the company. The com-
 bon stock was offered down 10 points
 1rther on the curb early m Enc day,
 !th no bids for it for a time, The ! bnds on the exchange were quite heav-
 sold. American Snuff common
 roke IF IF points, to 192 1-2, on sin
 e sale.
 The feature in Union Pacific was the slying below 137 by people who sold a
 eat deal of stock above 14O. It is sup
 bsed that they averaged their cost
 ice at about 1S5 or 136 and made a
 oft of or points on the movement.
 any persons are of the firm opinion
 at the range of Union Pacific for the
 xt six months will be between 125 and
 5.
 <, [nterborough-M Metropolitan issues sold '. on the decision of Attorney General
 CksOn to try tO break nm thn merger