New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-12
81 nlisted
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

D1OSh MhhhEl OIEhA11UNS.
Trading in yesterdays stock market was light
in volume a movement of values that ex-
hibited rregularity in all parts Of the list with
the final tendency in the direction of lower
quotations In the early dealings some improve
ment was reported over the closing figures Of
the preceding day, but the rallies as rule,
were confined to fractions. while in the subse-
quent operations further weakness developed in
many Of the prominent issues notably in Anal
gamated Copper, Reading Southern Pacific and
Union Pacific, the last named security closing
the day at a loss OF q. Fluctuations generally
were fractional. and final changes in the
so-caed active list in no case amounted to
more than =. Canadian Pacific. ST. Paul. Great
Northern and Northern Pacific were among the
shares which showed some resistance to bear
pressure but their operations did not reflect
the presence in the market Of an aggressive de-
mand for the stocks. There little commits
sion house buying for speculative account. but
in some Of the banking houses investment pur-
chases were reported. including buying Of Rock
Island bonds which recently put out by
the company Professional traders sold stocks
all rallies, and made attempt to conceal
their belief that prices will go to a lower level
result of the collapse in the Lawson boom
and money market conditions. Traders also
OF undigested securities in the current market
which includes a large proportion of the Atchi-
and Union Pacific bonds. subscriptions for
which were extremely disappointing. According
to the opinion OF the leading Wall Street in
terests a sustained upward movement in Sc
curities is out OF the question at present, but
they believe stocks and bonds are selling at an
attractive level for investors. and that purchases
made at the current level eventually will return
handsome profits. Call mOrey ruled at 6i2 per
urhgl
Conditions in the local bond market are far
from favorable from the Dealers point Of view,
and there appears no probability of Improvement
in the immediate future, notwithstanding the at
tractive prices at which railway mortgage and
other issues are selling. There seems to be no
great amount Of money available for invest
mept purposes, q reflection of which is presented
in the poor response to the Union Pacific and
Atchison bond offering; also in the recent fail
ure Of the city bond sale There is a vast
amount Of money in the savings banks, but de-
positors evidently do not care to change the
form of their investment, despite the fact that
IL is possible for them 10 secure first class
municipal and railway bonds which return a
larger income yield and which equally as
safe the savings banks. Savings banks IN
vest their funds in approved city and railway Sc
curities and the safety OF these issues as an in
vestment for savings bank depOsitors is APP
parent. Weakness in the japanese bonds in
the last few days. the light subscriptions 10 the
Union Pacific and Atchson offerings and the
lack Of interest in the general market by the
so-Called public factors which discourage
bond dealers over the future. though bankers
have not as yet become so Respondent as TO be-
lieve current conditions will continue indeh-
nitely Outside of Wall Street spirits not
depressed, as business operations continue to
break records in all lines Of trade while general
indications do not point to the development of
a material setback in the country's industrial
prosperity a result Of the abnormal situa-
ton in the financial community at this centre.
70 han che
heavy gains in both gross and net returns over
the corresponding period a year ago. the per-
centage of increase being especially noteworthy
in view OF the fact that in 1906 traffic receipts
were unusually heavy. While bank clearings
in New York recently have been under the
record at this time last year. owing to the
lighter volume of speculative transactions, in
other parts OF the country material gains
shown as compared with the figures OF July,
1906.
So far in the present week the local banks
have lost to the Sub-Treasury 50 SOC 900 and
unless therefore there has been a material con-
traction in loans the reserve above legal re-
auirements in to-morrow's bank statement ought
TO show a substantial reduction from last weeks
figures week ago the reserve declined TO
$3.50. 900, leaving but a bare margin above the
legal level. and II IS conceivable that in this
weeks return deficit will be shown. though
through the inconsistent workings Of the aver
age system different results may be brought
about The decline in sterling exchange in the
last few days makes gold exports Improbable,
and some bankers believe the outward move
ment of the metal over for the present, notwith-
standing the apparent urgent desire on the part
of the Bank"of France to add to its gold re-
serve. If foreign bankers anxious enough
TO stand the expense Of importing gold when ex-
change is below the gold export point at this
centre, they will. of course be able to take moro
of the metal from New York. but it is rather i'm
probable that their necessities are great as to
induce them to make extraordinary offers for
this accommodation. moderately large amount
of finance paper is supplying the sterling
ket with enough bills to meet current demands
while later in the season there onght to be a
big supply of commercial bills against grain and
cotton exports, but in the mean time If Europe
should take further substantial of gold
from hero there would be something approach
ing stringency In the money market, particularly
as in few weeks preparations will begin to
meet the requirements of the interior in connec-
ton with the gathering and marketing of this
years harvest