Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-12
First Engagements Of Gold
for Import.
MEET RATE INCREASE
NO sTRINGENCY EXPECTED IN
MONEY MARKET.
Little Changes in Conditions Today
Loans on Call ga to 3 Per Cent
Closing Stock List.
pecinI nIsnstch TO The Star.

Special Dispatch TO The Star.
NEW YORK. September 12.-Announce-
ment was made this morning of the first
engagements Of gold for import for this
season. The first amount taken was ST.
30 600. and said to be part of a con-
signment of 81 ,40o,0O arriving from South
Africa. The banking house undertaking the
importation. which is usually the foremost
in corresponding operations In the foreign
exchange market. averrcd that the transact
ton was simple exchange operation, and
beyond any question todays negotiations
will be succeeded by additional importa-
lions OF the metal for any amount that
may he necessary to preserve the local
money market upon even keel. In other
words. any further advance in the rates
for money will be succeeded by additional
importations of gold. In case the latter
are in small volume for the season. 1t
will he because large gold importatons are
not warranted by local money market con-
dtIpns.
Tuday's transactions should effectualy
dispose of the approximations which have
been expressed in Wall street for the
past few weeks that the local money mar
kct IS 10 be confronted this autumn with
the prospect of extreme stringency. Such
views have nos. indeed. been held In the
beSt-informed quarters, but Wall streets
Ideas in this respect were undoubtedly the
main cause of the stock market reaction,
Their" was little change today in local mon
ctary conditions. Loans on call for all praC-
teal purposes commanded "a to 3 per cent
The variations from those figures We're of
special significance. This morning 8
table of the transactions between the banks
and the subtreasury since last Friday
showed that the former had lost in Conse-
qucnce more than 81 800. 900 from the time
that the figures of last weeks bank state
ment were compiled. Sterling exchange de-
ffiTth ar in thp ~, of no Il
but became firmer later. doubtless in con-
nectlon with the arrangements necessary
in connection with the gold importstions.
London Stock Market.
The London stock market was seemingly
unirtluenCed by the beginning of the gold
movement to this country, being generally
hrm with. however. some irregularity show
ing in the American department. The tone
there was ascr!bed to the reported financial
embarrassment of a London firm which has
been active in the speculation In American
securities, and Wall street found some con-
EectiOn between that circumstance and yes
terdays heavy buying OF Erie common
stock, On the other hand, there were very
positive and c!rcumStantial reports today to
the erect that the movement In Erie was
really based upon an important develop
meht In the railway field in the middle
west According to these reports the con-
tfol of the Cincinnati, Hamilton and Day
ton, Pere Marquette systems has passed. or
VIII pass. into the joint control of the
itPnsylVania and New York Central COM
Pahles, and the Erie lines are to be made
the eastern outlet of the purchased system.
Erie a Feature.
Erie was again a prominent feature of
the days stock market. but the dealings in
Erie did not by any means overshado
those In the remainder of the railway list
as was the case yesterday. In fact, ad-
Vances of one point and over were quite
common in that quarter. with the dealings
largest in Union Pacific. Southern Pacific
and Missouri Pacific. Reading, Atchson,
pennsylvania and New York Central. The
local traction shares were comparatively
dull, but the industrial and miscellaneous
issues showed advances corresponding to
those in the railway list. Sloss-Sheftield
and tennessee Coal and Iron We're notably
strong. As had been expected, the directors
OF the SlOss-Shefiield Company, In addition
to declaring the regular dividends. an
nouncCd the deClarati of a scrip dividend
upon the common stock of s., 500, 900, or 33hs
per cent representing amounts which have
been appropriated from the earnings of the
company for the development OF the prop
erty. Substantial advances were made also
in Amalgamated Copper American Smelt-
ing, the United States Steel shares Sugar
Refining and the Allis-Chalmers stocks.