Omaha daily bee., 1908-07-02
NEW YORK. STOCKS AyDBONDS
Fiscal Year Opens with Market in
Condition of Profound Apathy.
VOLUME OF SALES Is SMALL
Supplies Of Money Redundant and
Call Rate e. Low Despite Large
Requirements of Trust
Companies.

NEW YORK, July 1.-The new fiscal year
opened In the financial district in a con-
dltion of profound apathy so far as was
reflected in the securities market. Bankers
and trust companies had some occupation
in the paying Of interest on bonds ana
inere weeT utner seasOnable money oblga
tions to be met, including payment OF a
81. 6l5,0 600 installment OF subscriptions for
new Northern Pacific stock. Trust COM
panies are compelled under the law to fix
their reserves today at 10 per cent Of de-
posts and the condition Of reserves OF
those companies, shown by their last re-
port, would indicate that they must have
withdrawn from the banks in the neigh
borhood Of S25tOo.@o to meet this require
ment. The financial community is IN
houtl' expec ati1n OF a call from tha Treas
ury department for return of perhaps 800
1000 OF government deposits. The July
York are estimated in the neighborhood
OF $500 O.CC0, yet so heavy is. the surtelt
feeble the demand for facilities from b1r-
rowers that these extraordinary require
ments have done nothing more than s,itfen
the call money rate temporarily to 2 per
prevailing.
The fiscal year opens with large supplies
Of funds pressing for employment in the
time money market, where loans carrying
over the year end today fell to a go per
rate in London sagged to within a shade
Of l per cent today. Notwithstanding these
pie; hcric conditions Of money the bond and
stock markets lay in a lethargiC state and
wholly Indifferent to any developments In
the news. Money rates are now lower
than at any period since the summer Of
1884. and the record must go back four
years further for any parallel for the. low
leveI Of activity in stock today. The ag-
gregate sales for the day amounted to
only $4,000 shares. on August %, 1902,
there were sold $500 shares at the Sock
exchange. 1t Is. Of course. signif cant that
these comparisons carry back to years of
previous national political campaigns. The
pendency Of the political canvass must, in
all probability, be given the prime pal re-
sponsibility for the present immobility Of
the markets.
Railroad reports Of net earnings for May
reflected the drastic efforts to overcome
the losses in gross returns by cutting ex-
penses, the months economies in the Penn
sylNania lines directly operated amounting
to S,94S, 100, with the effect OF limiting the
net decrease to 1913, 900. On the lines west
or Pittsburg, S2,O99, coo was cut from the
orc OF S4S2O " in the net return was indi-
Gated. Louisville & Nashville had a 1911, 159
decrease IN net earnings to show after a
S4enVz6 reduction In operating cost Erie
was able to overcome less than half the
gross decrease of $3.50, $50 in operating
economies. leaving s559.S5 for the falling
OFF In net. Atlantic Coast line. on the
other hand. met its S322,3.S gross decrease
by a cut of $4S7,5 in operating cost, thus
leaving a balance OF increase for the net
showing and putting itself into the list
The southern railway group showed some
benefit from this exhibit, In spite OF the
strength developed in the cotton market
by the publication Of the government re-
wheat market was without had Influence
on the price OF granger stocks, A demon
stratlon in the New York Traction securi-
les was Without explanation in the news.
Zones were Irregular. United States Steel
sinking 6s were strong. Total sales. par
XSiue' $2S4oOCG United states Is, regis
Following were he range OF prices on
the Stock exchange today: