New-York tribune., 1906-09-18
.Unlisted tEx dividend.
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

On q heavy volume OF business, the STOCK mar
ket advanced during the greater part Of the day.
but in the last hour the call money rate rose
suddenly 10 10 per cent and stocks broke
sharply. the market closing weak The leaders
IN activity and maximum advances were Anal
gamated Copper and Anaconda, both Of which
were bought on reports Of the probability OF In
creased dividends; Reading. IN which ar the
close a 3-point advance had become a es-point
decline and Union Pacific. which lost IN the final
hour most Of its earlier gain. News develop
ments were few. Bonds against the importation
OF S925.OO0 gold were deposited at the Sub
Treasury. and there was transferred 20 the West
100000. The governments statement OF for
eign commerce In August was decidedly favor
able. showing the largest August movement ever
recorded and swelling the totals for both I'M
ports and exports for the last eight months 10
record sums
IN the foreign money markets conditions sug-
gest the .nprobability Of further heavy engage
ments Of gold at present for export 70 the United
States. Discount rates at all the foreign capi-
tails are hardening. and. according 20 the infor-
nation received by local bankers, much frmer
quotations Will develop abroad IN the course OF
The next few months. Eurcpes crops have 10
be financed. and as the harvests this year have
been favorable. a rule, the requirements Of
the European agricultural communities will be
heavy. while in addition the demands from mer-
camille sources will De active. II the demand for
gold from the United States becomes more
urgent the Bank Of England undoubtedly will
advance its minimum rate 10 per cent but this
prospect, apparently. does not bother New York
bankers. Is they believe they Will be able 10 Sc
cure the precious metal IN sufficient volume in
other parts OF the world TO meet home require
ments. On the current movement more than
S2OOOOOO0 gold has been engaged, and an
equivalent amount has been deposited with the
New York banks by the government, and in
spite Of this movement bank reserves are ex-
trenely low, the reserve above legal require
ments amounting 10 only S3,535.4O0 In view
OF the needs Of the agricultural -ction Of the
country and the accommodation that must be
extended 10 business men in general in counec-
ton with expanding industrial activity there
IS little prospect Of easy rates for loans in the
near future. and there certainly IS not enough
money in New York 10 warrant the current ac-
tivity in securities.
Government figures showing the movement of
foreign commerce in the last month, which were
! received yesterday present an excess Of exports
Of merchandise 70 the value OF s2ss66156
over imports. making for the eight months
ended August 81 an excess Of $685.
454.279. While exports in the month were larger
than in any corresponding period in the history
Of the country, there also was large gain IN i'm
| ports. the increase as compared with the same
month in 1906 amounting 10 upward Of 10000
COO. Though the excess Of exports IN the last
eight months suggests a large trade balance in
favor Of the United States, the figures do not
prove that this country has a credit balance
abroad, inasmuch as the excess Of exports has
been more than Offset by differentiation Of i'm
ports and by heavy loans abroad for American
! account. Gold now coming 10 the United States
does not represent the payment by Europe Of
foreign obligations in this country These I'm
ports Of the yellow metal are nothing more than
| loans negotiated by the United States in Europe
and while they serve TO assist the present money
market situation they may cause trouble when
the time comes for their repayment Paris
bankers are not encouraging the investment OF
French money in American securities. and cable
/ dispatches say they are outstanding their re-
serves In expectation OF demands from Russia
/ and the necessity OF supporting Russian securi-
ties in the event Of the extension OF disturbance
IN the Cars empire. Balances Of the New York
banks have been allowed 10 run unusually low ar
a time when the requirements Of legitimate busi-
] less are urgent. and II may come 20 pass that
the necessity OF heavy liquidation OF loans will
develop.
| large amount OF bankers finance bills will
mature at the end OF October and the chances
are lhat they VIII have to be renewed at high in
terest rates. unless by that time the N-v, vorl,
! monetary situation should show decided i'm
pToNeileht IN the direction Of easier quotations
4 for loans. Wall Street traders are confa.r, The,
the present speculation in securities viii yun on
/ Tor some time 20 come. notwithstandine ,ba
position OF money. and that the larger Interests
are still committed 70 the bul side Is reflected
IN their energetic efforts 20 secure additional
funds and in their decision 10 encourage ,be