New-York tribune., 1908-02-08
STOCK MARKET OPERATIONS.

light days business was transacted yesler-
day on the Stock Exchange, the price tendency
being downward and the close being weak, win
net losses recorded in almost all Of the issues
dealt in. The market thoroughly pro1es-
sonal commission house business being as usual
at a standstill and news affecting securities
values developed. The dearth OF news was IN
part supplied by the circulation OF ru1nors OF
probable further shrinkage in railroad earnings
with resulting reductions of dividends, and other
unsettlfng reports: but these stories, although
doubtless contributing to the general weakness
did not have the effect Of starting selling
movement heavy scale. duiness being the
prevailing feature during almost the entire ses-
sion Brooklyn Rapid Transit was among the
weakest of the issues. on liquidation of some
of the stock taken over in protecting an i'm
perled interest last fall and on selling by the
bear party, whose operations yesterday en-
braced a wide range of stocks Union Pacific
was another of the stocks under pressure the
selling which was the heaviest for any issue.
being accompanied by revival of the report that
the company was about 10 announce bond
issue of from s3O,000000 TO s50,000.000. Amer
lean Ice Securities also notably weak, losing
2s points the day. on liquidation.
The money market remained in substantially
the same condition of extreme ease has pre-
vailed for many days rates for call and time
loans showing change. Foreign exchange
rates advanced q few points and then declined a
little the net change being trifing. Transactions
for London account were small. and as usual Of
late represented mainly sales.
The preliminary estimate based on the known
movements of money during the week shows a
probable gain of about s1.650,000 cash by the
banks of this city. which makes likely q fairly
satisfactory showing in to-daYs weekly Clear
ing House statement. The gain from the in
terror estimated at around 100000, shows a
material falling off from the corresponding
figures for several weeks past. and the with
drawals during the week from the government
depositary banks by the Secretary of the Treas
ury, amounting 10 perhaps $5,000.000 another
important factor in making to-ddyS cash gain
showing a relatively small one.
The financial community is awaiting With in
terest and with full appreciation Of its i'm
portance and value the carrying into effect to-
day of the innovation made by Clark Williams,
State Superintendent of Banks. in directing the
publication of weekly statements of condition by
state banks and trust companies This state
ment, supplementing that which has long been
issued each Saturday by the Clearing House will
make il possible for the first time to obtain an
approximately complete presentation of the
banking position in the financial centre of the
country. and among its incidental advantages
will be the ending of the scandal which has
arisen from time to time through charges that
money has been diverted to trust companies by
banks for their own purposes. The Clearing
House too. Will to-day initiate a decided reform
in making public statement of the actual con-
dition of its member institutions at the close of
business on Friday, supplementng the custom
Rrv weekly statement, which is based on aver
ages.