New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-16

Closing prices yesterday of bonds dealt in
STOCK MARKET OPERATIONS.

Stock market movements showed great irreg1-
larity IN the five hours Of business, with moro
net losses than gains at the close In few
securities notably Canadian Pacific, Wabash,
Norfolk and Western, the United States Rubber
shares and Wisconsin Central, substantial i'm
provement was recorded but in the greater
number of stocks there little indication Of
active bull support, Canadian Pacific touched
new high record price at 1913. The advance in this
issue was not accompanied by new news develop
rnents affecting the property. but It was learned
In well informed quarters that the important
interests who for so many months have been
actively connected with the movement in the
stock still were holding their shares and work
ing for better prices for the security. There are
many good reasons why Canadian Pacific should
move to a higher level, and it now begins to
look as If the prediction made many months
ago in The Tribune that the stock would sell at
200 would be verified There is little Of the
stock available for speculative purposes, outside
Of the amount held by the leading owners, and
as a. consequence It is not difficult matter Tor
the insiders to advance its price. The STOCK
however has great merit, and the people VINO
are holding it for a better quotation are working
on the theory that the security on Its intrinsic
value is worth more than its current quotation
wabash issues advanced on buying encouraged
nv the idea that the Ramsey appeal for proxies
issues but the character Of the heaviest buying
in the dav did not reflect absorption Of the
various wabash securities for the account.
either Of the Gould or Ramsay interests The
Could people are quite confident that the prop
erty will remain in their hands. The Goulds
always have had the best interests Of the Wa
bash in mind.
Foreign commerce in the month of August.
statistics of which were received yesterday from
the Department Of Labor and Commerce. sho"
that the outward movement Of general mer-
chandise for the month was larger than in any
preceding corresponding time in the history Of
the country There was increase both in
exports of domestic products, such as grain and
cotton. and in manufactures, the total amount
ing in value to $117,453,5S1 against $92,253, SS1
in August 1904. Imports also increased
amounting to heavier total than ever before
reported in August, showing a gain over last
wear of over SS0O0000 The excess of exports
over imports amounted in value to S2l621,O33,
compared with an excess in the corresponding
period in the preceding year of $4,516.013 and
81 1917 1876 in 1908 For the eight months ended
August 81 there was an excess OF exports over
imports to the amount of S196007, 216 In the
same time there was an excess of exports or
GOLD from the United States of $16,565,392, and
an excess of exports of silver of S13,47S.313.
The large balance On trade account was Offset
by other factors which govern the foreign eX-
change market-factors too well known to need
exclamation in this columu-but at the moment
exchange is running in favor Of this country,
and it is not at all unlikely that large ship
1nents of gold will be made TO this side In the
Immediate future. The position OF the local
money market demands assistance from abroad,
and this help will be provided for by enormous
exports of cotton and grain from American
ports in the course of the next few months.
The demand for remittance for European &C
count is light al present while the supply or
bills. including finance bills, is heavy.
According to the known movement of money
in the week the local banks have lost over So
100000 in cash. but the chances are that little
of this loss VIII be shown in the reserve above
legal requirements in to-day's Clearing House
statement, It may be taken for granted that
the banks have been able TO bring about a
large contraction in their loans, an operation
which, of course. involves a reduction In de-
posts The larger interests apparently still are
on the bull side of the stock market, and until
they change their attitude every effort will be
made by the banks to prevent disturbance In
the money market It is within their power to
keep rates down, despite low reserves but the
day. doubtless, will come when, for "the health
Of the situation" the big men will find II neces-
sary to screw up money prices, Call money
touched 4 per cent yesterday.
n