Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-16
NEW YORK STOCK
AND BOND MARKET
!. 15.-Tho reactionary move,

NE1v yoRtS Ian. 1.-THE reactionary move
rnent of the market became more pronounce"
today and prices gave way rather ,, not
attended by any marked change In the tenor
Of the news, but was accounted Tor rather on
technical grounds. the advance having run
spfficient length TO bring out sales to take
trofts while the buyers facilities were nc less
Striking than last week -,
Interest rates we're lower for all classes OF
loans and the call loan rate at the stock eN-
change showed rapid approach 70 absolute
case No official information is obtainaole as
10 the clearing house loan ceruncate lShues'
hut II is admitted that these instruments are
IN progress of rapid retirement the rate OF
which has been sufficient since last Saturday
bank statement to insure total extinction OF
fbe whole issue in a few days time. me re-
fux OF funds to banking reserve banking cen
ters deprtves the discussion OF the uhiaVoi-
able course Of the government revenues "a any
disturbing effect
The growth of the deficit in the government
revenues which has now reached Sl2oooVW lot
The fiscal year compared with surplus over eN-
r,enditlres for the same period last year OF
500 COO OO0 while the free cash in the treasury
Is less than ss.00o,0OO. makes it certain thae
large calls must be made on the banks Tor
surrender of government deposits in snort
time.
From other indications it is evident that not
f,nlv are banking deposits returning freely TO
New York but that bank circulation Is CON
tracing materially.
Current redemption of national bank notes rs
running very large The total thus far IN
January, according to yesterdays statement
of the United States treasury operations. hav-
ing reached nearly S13,000,000, or considerably
over a million dollars a day. Todays debit
Valance of 81 345 223 of the subtreasury at the
New York clearing house was quite hair OF II
accounted for by bank notes presented Tor re-
delnption. 49,,
The notes are capable of reinsurance by the
-epenishment of the per cent redemption
fund with the treasury. The clrculatioh' now
ever has set in with force, as shown by
he figures Of thu deposits of lawful money at
Washington by the banks for that purpose
Yesterdays treasury statement showed the
total retirement thus far In the present month
10 have reached the sum of S3.S4l,O32, ana TINS
figure marks the first occasion on which ad-
vantage has been taken Of last winters new
provision Of the law extending the limit OF
iiermitted retirement Of bank notes in any one
month from SO 000,0 900 to s9.0OO.0o0
with the month still but half gone. 1t Will
be seen that contraction Of the enormous eX-
lansion Of circulation following the panic mas
actively set In. Withdrawals of government
deposits from the banks in moderate amounts
* not expected OF affect the money market UNI
iavorably The significance of the inflow Of
money as exhibit of trade contraction re-
ce.ved more attention in the prevailing mood
of the financial district today.
The continued reports of declining railroad
Earnings and the retrenchment of expenditures
ly the railroads and other great corporations
was given consideration. The action expected
tomorrow of the Amasamated Copper divi-
bends is awaited with interest, in view OF the
examule Of reduced disbursements on copper
securities which have been offered Reading
,gas bid UP with great determination In the
last hour OF the trading, with more than It's
dividend, and the low prices 10 which stocks
fell In the course of the selling were partly
repaired in sympathy with the public DEM
onstration. The closing tone, however, was
irregular.
Bonds were irregular. Total sales, par value,
s3S72, 900. u. s. is declined 4 per cent on call