The San Francisco call., 1907-06-19
New York stock Market

NEW YORK June lS-Iistless Indifference
was the dominating tone OF the stock market To-
day. There was some extension in the eacly
dealings of Yesterdays upward movement, 5ut
hy tho expiration Of the first hour all the buying
ardcrs in sight had been executed and left the
market easily vulnerable 10 subsequent reaction
The announcement of an engagement Of gold fer
Export 10 Paris tomorrow also served TO reinforce
lie warning of depletion Of money market re-
has been taken for granted owing 10 the fecii-
lies bv FAST steamers sailing ON that siay The
anticipation Of the movement by one day carried
suggestion Of urgency which made a senti-
mental impression. Taken with the shipments
q last saturday and the expected outgo IN
Thursday, today's engagement already points -
q practical exhaustion OF the surplus reserves Ct
be banks before the week is out. Both the call
and time money markets were affected by this
outlook today aud ruled et higher rates London
also reported disturbed over the money out
ook and British consols slipped fraction lower
than the recent low record for more than 80
Years past Discounts in the London market
held practically at the bank rate. The further
advsncc in the sterling rate at Paris gave poiut
TO the discussion Of possible inducements 70 ''e
aaercd by the Bank Of England 20 draw goid
fr7m New York. The vanishing surplus reserves
with the Of the semiannual settlements ap-
preaching discouraged any disposition 10 extend
marginal holdings in the stock market Some
brokers profess the hope that the sums 70 be
TLemeuts Including the redemption Of the GaV-
crnment per cents Of 1907 may stimulate IN
restment demand. Cp 10 this time however.
ilere has been no sign Of the preliminary buying
for investment. especially In the bond market.
which precedes ordinarily period Of distribution
of profits. II Is the conviction of some OF the
inrestnents commission houses that there is a
waiting demand Of this character which would
become active on any strong demonstration that
tie long decline in prices has ended Some dis
appointment was expressed by operators IN Read
ing the action OF the directors OF the Can-
trail Railroad of New Jersey IN declaring only
-le regular quarterly dividend that stock.
This was accepted apparently as definite refu-
tstion Of assertions that rise on the Reading
dividend this week was in contemplation. A
more probable index Of the character Of the re-
cent operations in Reading was the rurnor set
afost Of buying IN the Union Pacific interest
looking 10 the formation Of ocean TO ocean
system This ruInor had too grandiose tone 10 fl
the extremely modest dimensions Of today 5
market and had much 70 do with awakening sus-
picions- Cheerful reports from the crop regions
and the favorable weekly bulletin of the weath"r
bureau did not avail TO arrest the reaction ~
tendency. Small declines reached generally from
the DAYS business.
Bonds were steady Total sales par valIe,
$4,000. United States bonds we're unchanged
call
New York Stock List
2 F. Hutton & Co. 400 California street.
members Of the New York stock exchange, fur
nish the following list OF bond and stock sales
yesterday