New-York tribune., 1907-11-03
ENLISTED.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

A showing by the Clearing House banks more
unfavorabe on its face than any ever before re-
ported in the history of Wall Street for obvious
reasons not released for publication until
after the close of the stock market, which a
tame affair in the two hours of trading. Doubt
less if the average statement had appeared at
the usual time securities prices again would
have gone into q state of Generalization. the
reserve showed a decrease of $37.605,525 in
creasing the deficit to S38,S3S,S25. against n sur
plus at this time year ago of $3O49,775 and
surplus of $2,354275 In the corresponding period
in 1905 AS against estimated loss in cash
Of less than $500 ,000-this estimate being based
on the known movement Of money as complied
Frddy-t}eFe was an actual falling off Of 500
Sol 800. made UP of $20512,100 specie and $1O,-
O89,700 legal tender notes, the decline represent
ing in great part Withdrawals from the banks
in connection with the assistance extended
trust companies and Withdrawals by depostors
who became alarmed over the banking situation
in this city. The shipments Of money by the
banks to the interior accounted for in the
estimates made on the preceding day. and they
were offset by government deposits with the
banks. Loans increased S60.741,60O but as this
expansion represented in part loans to interests
who had TO secure money 70 buy drafts against
gold imports the gain presented less of an un-
favorable significance than quick reading Of
the figures would indicate. Loans were made
TO trust companies, and the operation be-
tween bankers and the city in the financing of
municipal revenue bonds also doubtless figured
played in this account by the issuance OF Clear
ing House certificates Under conditions pre-
Vaiiing in the week the bank statement IS not
so bad as IL appears the surface, and il
shows more than anything else that the New
York banks have done their duty in a great
and trying emergency. From now on improve
ment ought TO be reported in bank holdings.
Stocks moved in an irregular manner on a small
volume Of business without important changes
in either direction and with last quotations
showing more net losses than gains among the
leading issues. American Smelling Pennsyl-
vana, United States Steel preferred Pacific
Coast and Union Pacific were about the frmest
features on the list closing at advances as COM
pared with the final figures of the preceding day
The decline in Pacific Coast stock in the last
week was not accompanied by selling by the
leading interests in the property. Only a few
shares came upon the market and represented
the cash necessities of unimportant holders AS
the common stock pays per cent annually its
yield TO current buyers Is more than per cent
Fluctuations in the foreign exchange mar
ket in the last week covered a wider range
than ever before recorded in a six-day period
and views of the leading exchange houses in
dicated belief on their part Of further erratic
movement for several weeks TO come owing to
the extraordinary monetary conditions in this
country which compelled the issuance Of Clear
ing House certificates. engagements Of gold for
import and premium on currency in this and
other cities The range OF demand sterling was
from 4S1h to 4S7 while sterling cables ran
bid and asked prices both for demand and cables
from % to 80 points. Notwithstanding the fact
that exchange advanced at the close Of the
week TO practically the gold exporting point OF
normal times. the ability of this country to i'm
port further amounts of gold from Europe was
not questioned in banking circles, evidence of
which was reflected in additional engagements
Saturday, bringing the total secured in Europe
10 upward Of S30OO00O0. Just as long as the
United States needs the metal ii will flow this
way. even If il is necessary to make imports
at loss. Exports of cotton are increasing and
they will be an important factor in increasing
New Yorks ability to bring in gold while the
same thing may be said of the outward move
ment Of grain and Of copper Moreover 1t is
not unlikely the low price for securities here
will attract foreign investment buying. and it
appears quite probable of the new city
revenue bonds will find a European market
New York is doing everything in its power to
meet the currency requirements OF the interior,
and the fact that local banks shipped to other
points last week more than $4,000 900 ought TO
dispel the idea that is held in some quarters
that this centre is neglecting the requirements
of correspondents in outside cities. The necessi-
ties of the interior will be financed through ad-
ditional imports Of gold and through an in
crease in national bank note circulation. while
local needs will be handled in the same manner
Currency was bought and sold in this city YES
terday by several Wall Street firms on a COM
mission basis.