New-York tribune., 1908-07-04
FINANCIAL AFFAIRS
STOCK VALUES FIRM.
Prices Up on Small TRANSACTIONS
Bank Statement Figures.

c+o,1, market operations yesterday were hlaue
nm of the insignificant dealings or unlrnpoi li.
traders the total business amounting W -
Il 800 shares a low record for the sedi oii
tba last twelve wears The greater nurhoer oL
Wall Street interests were out OF Town, CO ,
,,,uch regret was expressed in commission
houses and among SPECTATORS IN general tild'
the exchange opened at all-somethhs Iiihs
would not have happened If the governors hhu
listened to the petition Of the members VINO d
week ago decided that the dull situation in the
Street warranted a triple holiday at the end OIL
the current week There were only re" ddu-
ers on the floor. while banking houses pIacu-
caIly were deserted, orders from the lattei
source being about the smallest ever known Ior
one day In the history Of Wall Street Inc a"-
sence of outside buying and the inactivity on
the part of the room element, however. Old not
lead to a demonstration against values prices
ruling firm throughout the five hours OF tradlng'
with net gains at the close in all the prominent
shares though the Improvement was confined to
fractions, except in Baltimore & Ohio, which on
purchases of less than 1000 shares ended the
day at net advance of IL. Reading ana
Union Pacific, in which operations generally are
heavy supplied but little more than lo,eoo
shares between them while the only other is
sues in which dealings amounted to more than
5000 shares were United States Steel common
and American Smelling, the latter being the
leader in point of activity, with total business
Of II 900 shares. Extensive comment on sucn
a market would he a waste of words. The bank
statement published after the close of business
was complicated by the movement of funds in
connection with the July payments. and the loss
shown in cash and reserve did not reflect an
actual withdrawal of money from this centre.
Trust companies and corporations withdrew
large sums from the Clearing House banks for
interest and dividend payments, indication
of which was presented in cash loss by the
Clearing House banks of more than S11,0G0,0O0
and a gain by the trust companies of
than that amount. AS result of all changes
the average statement showed apparent loss
in the reserve above legal requirements of Sill
4O3 500 to So, ,695. 800. which compares with
1856 $50 at this time last year and Sc. 465075 in
1906.
Bank statement figures show cash and reserve
holdings in the Clearing House institutions, in
the trust companies and in non-reporting banks
to an extent that discourages the idea of higher
rates for money in the near future; indeed, cur
rent indications point to relatively easy quota
tions for loans In the harvest period, when in
terror requirements in connection with the
financing of the crops will be effective in taking
a considerable amount of currency from TINS
centre New York holds more than one-elghth
of the entire amount of money in the country
and in the current month the supply will be IN
creased through excess treasury payments and
receipts of funds from out Of town points, not
withstanding the Treasury call for S45,00O.OD
of government funds from depositary institu-
tions New York holds S19,0o0000 of federal
funds. and bankers would be willing to give up
this entire amount as their proportion Of the
call particularly as It is estimated the govern
ment's excess of expenditures revenue re-
cepts in July will reach at least S20,Oo,oOO.
According to the monthly report on the amount
of money tn the country, circulation in June in
creased So 275, 600 while for the fiscal year
there was gain in the amount of money in the
United States outside of Treasury holdings, of
S131 115 033. This sum and large total be-
sides is lying idle. owing the inactivity Of the
business world and in the investment markets,
but the accumulation that is going on is
strengthening fundamental conditions, and at
remote time it will prove a powerful incentive
TO a revival OF industrial and stock market
activity. Borrowers secure loans for
the end of the year at almost unprecedent-
edly low figures, and yet the demand for this
sort of accommodation is exceedingly light,
while the same thing may be said of that for
shorter periods, for which to 31a per cent are
quoted for from sixty days TO six months. Little
commercial paper is offering in the current