New-York tribune., 1906-09-12

0uoIi aeVelopments yesterday as had a bear
ing on the stock market were not OF an rr,a-
Noraole sort yet the tone OF the market mas
weak during almost the entire session and a,
- olose net declines were shown running 10
points IN Pennsylvania. I7s in New yo-,,
central. 1% in Union Pacific, 1ss in 81 PauI
IS IN Reading. 31s in Great Northern. . no,nt.
IN Amalgamated Copper and IL and no,n,
respectively. in United States Steel oonroon ara
preferred The market opened under MONDAYS
close' In response TO a lower range Of prices
IRON LONDON, due to the unea siness there ovAr
'"7 magnitude OF the gold movement and 70 the
resulting indications OF hardening in nnonev
rates. Private discounts IN London rosA mr.
ther yesterday and the Bank OF England IS er
pected 70 advance its minimum rate Tomorrow,
With London disinclined to part with its eoI6
" may De that the flow Of the metal 20 this
country VIII not attain the full volume which
hao been predicted Nevertheless a score and
more OF millions has been secured. and the local
banks mere In the last few days received ad-
Nances from the Sub-Treasury OF cash amount
ing 10 more than S13.OOOOOO against gold ar
ranged 10 be shipped by them on or after SEN
temoer 10 The cash advanced by the sub
treasury in the shape OF special deposits under
rhe gold import facilitation order and now form
ing part Of the cash resources Of the fraportins
'Hsulutlons' is already so much larger than the
amount necessary for wiping out the daAc,t
that with allowance made for the large daily
Withdrawals OF cash for moving the crops- Il ,s
a virtual certainty that the reserve item In this
weeks bank statement will show last satur-
oay deficit in reserve Of more than 100000
replaced by substantial surplus. The outcome
might be different IL the stock market we're
active at rapidly advancing prices as II was
from the day OF the Union Pacific dividend der
laraton until few days ago
The market was. indeed, active Yesterday. with
transactions exceeding 100000 shares. but its
movement was downward All sorts OF surrnises
We're af1oat 10 account for its tendency. in the
iace Of easier conditions promising in the money
market as the result Of the replenishing Of the
banks cash reserves through the bringing in Of
gold from Europe: and IN the face OF such facts
as the government crop report OF Monday. with
IT'S indication of colossal and record breaking
IaFVests this year The closeness OF the election
In Maine was one Of the explanations put forth
and the ruInor that a hitch had occurred In the
ore deaI' was for the sixth or seventh time
made TO do its duty OF circulating. But the prob
able explanation OF the markets course Is ths.
tne leading interests. who held prices reasonably
steady during last week. when the money situa-
non was so threatening. are now selling stocks:
just as they are accustomed 10 pour buying or
decs in when break gives signs OF degenerating
into a panic. selling when the danger point IA
past their holdings thus acquired. Call money
rose 10 per cent yesterday. and time money
rates are not easing. and II may be that the
financial powers are. after all. going 20 take
counsel OF conservatism and check the bun cam
paign until the money market situation shall
nave become clearer and more promising-for
many millions must in the next few weeks be
dispatched 10 the interior, and gold is becoming
increasingly harder TO get from abroad