New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-07
STOCK MARKET OPERATIONS.

stocks yesterday opened al generally advanced
prices in response IN the promise Of money mar
ket relief afforded by the action OF the Secretary
Of the Treasury in making again effective his
gold import facilitation" order. But it soon ap-
peared that, as the banks arranging 10 bring in
gold under the order We're not 10 he able TO Oh
tain before Monday the special deposits Of gov
eminent funds To be placed with them during the
period required for transferring their consign-
ments from Europe 10 this port. actual relief
could not be had before that day: and as foreign
exchange rates rose sharply at the opening. by
an amount equivalent 10 the saving of the in
terest I'm transit, this advance suggesting that
the gold movement might turn out 10 be much
less than at first estimated. the stock market
began to weaken. and thereafter was in the main
dull until toward the close. when, on assurances
Of heavy importations OF the metal. II turned
strong and active. final prices being about the
best Of the session. Whatever may he the degree
Of ease in money next week money was still
scarce yesterday. ana the prospect of better
times just ahead failed 10 have much effect in
lowering the loarlng rate until late IN the day,
when call money. which had ruled at 20 20 %
per cent from the opening. dropped to per cent.
The banks lost 10 the Sub-Treasurv yesterday.
on telegraphic transfers san Francisco and
New Orleans SGOOO00, making their total loss
since last Friday Sj.5009o0. With the surplus
reserve. as shown IN last weeks statement. only
81. 6S9 100, and with such gold rs has been en-
gagged this week not figuring in to-morrow's
bank statement. the outlook is for a deficit in
the reserve item this week. although such
transferrence Of loans 10 foreign bankers may
have occurred as to be reflected in a reduction Of
deposits so extensive TO make the loss in re-
serve small There was no easing OF the rates
for time loans on which 10 ~ per cent
exacted or for loans mercantile paper. The
demand sterling rate in the course of the day
lost about half Of its initial advance. the con-
tinued strength in money rates. and closed at
4s345. about 80 points above Wednesday. this
being around the normal import point. There
were indications that bonds against the importa-
ton Of perhaps S15.O00O0o gold would be lodged
with the Assistant Treasurer Monday. large
proportion OF these engagements probably
having been already arranged. and estimates OF
the probable size Of the import movement ranged
as high as S3OO00OOO or S35O00OO0. The Bank
Of England made no change in its minimum rate
Of discount. and its proportion Of reserve 90
liabilities is still above 80 per cent although ii
has lost 100000 gold in the week. That fits dis
count rate will be advanced next Thursday is
likely. for the great bulk Of the gold desired TO
be imported by New York institutions must be
sought I'm London.
Large sums daily are being dispatched 20 San
Francisco presumably for use in the rehabilita-
flon Cf the wrecked city, ana the vast demand
for funds for moving the crops will soon be 10
full tide. while no dninution of the require
ments for carrying on the business undertakings
Of the country is yet in sight. The addition TO
the resources Of the banks through the impend-
ing gold mportations could find full employ
ment IN being devoted to strengthening the re-
serves of those institutions I'm anticipation of the
heavy drain from these quarters in the imme-
date future. What is more likely is that the
fresh gold WIFI be used the basis for an I'm
mediate further advance In the stock market
Already suggestions are heard OF an appeal
by and by TO the Secretary for more relief in
the form Of buying bonds.
Reading the most active stock in yester-
days trading. being advanced on a variety OF
rumors 10 the extent Of 3ls points by the able
manipulators who have long been interested in
Its upward progress Amalgamated Copper
after long inactivity. taken IN hand and
was advanced II. points 10 113. on heavy trad
ing. Brooklyn Rapid Transit on the publication
OF favorable annual report. gained IL points
Great Northern made gain OF Ss points on
fresh exploitation OF the "ore DEAF tale ST
Paul and Union Pacific were comparative lag
CARDS. the former advancing only III points and
the latter only IL. The United States Steel is
sues, the 'ore deal" party OF the second part.
scored advances Of lIs points for the common
and q for the preferred.