New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-19
STOCK MARKET OPERATIONS.

1nOGSn operations IN the stock market were
light in volume. with active dealings confined to
few issues. the movement of values in most
shares throughout the day in the direction
Of a higher level. noteworthy Improvement be-
ing recorded in a number OF securities. including
the Hill and Hartman issues, Analgamateu
Copper and st. Paul Union Pacific interests
again were active in efforts TO bring about a
higher price for the stock in order to facilitate
the distribution of the convertible bonds. either
by selling them TO the public. the latter having
the privilege Of conversion. or else by carrying
the price to the conversion level which would
enable the syndicate to convert its holdings and
Sell the stock in the open market. Unusual &C
tivity developed in Northern Pacific, the price
of which sold on q parity with Great Northern
preferred, but the movement not accom-
panied by developments affecting the property
the stock. though the character of the opera
tons suggested the probability OF distribution
TO Northern Pacific stockholders Of an extra
dividend upon the completion Of the so-called
Burlington deal, by which the Great Northern
purposes 10 take Northern Pacific inter
est in the Burlington company. The placing OF
Amalgamated Copper stock on straight per
cent dividend basis, and reported large sales or
copper at the new prices recently established.
Were factors that tended TO stimulate bull en-
thusiasm among floor room traders, while they
also attracted some commission house buying,
the latter however. being small in volume.
Brooklyn Rapid Transit and Baltimore q Ohio
were weak on small operations. Trading in
bonds was painfully light.
An advance in the Paris check on London and
the easier position Of the local foreign exchange
market suggest the inprobabiity OF further gold
exports to the French capital. Absence OF en-
gagements Of the precious metal for shipment 10
Europe Will help the city banks to increase their
cash holdings before the time comes for the out
ward movement OF currency to the interior. and
1t is believed reserves of the Clearing House
banks in the course Of the next few weeks will
increase to material extent, unless there should
be an outbreak Of furious bull speculation on the
Stock Exchange The position Of money in this
country and in Europe has improved in recent
weeks, but the supply Of funds is not large
enough 70 finance active operations the long
side Of the securities market, and attempts at
this juncture TO bring about sustained higher
prices doubtless will meet with failure despite
the generally favorable situation in the country's
industries Though bank reserves are slowly in
creasing they unusually low for this period
OF the year, not only in the United States but in
Europe well, the return Of the Bank of Eng
land received yesterday showing a percentage OF
reserve TO liability weaker than at any
spending time since 1900. while the Bank OF
France and the Imperial Bank OF Germany also
make poor comparisons with this time in pre-
ceding years. The Bank Of Englands minimum
rate OF discount is per cent against 3a per
cent a year ago, 2h per cent in 1905 and per
cent in the four preceding years. while the per
centage Of reserve is 46 compared with 49.l7
last year, 484S in 1905, 5071 in 1904, 5196 in
1903. $3.50 in 1902 and 1912 in 1901. In the week
over per cent from a week ago. New York
bank reserves are being helped by excess govern
ment expenditures and receipts Of money from
out Of town, but in a few weeks the demand IN
connection with the financing of the crops will
develop and with II there will come higher rates
for loans
Foreign commerce in the month of June
showed an excess Of merchandise exports over
imports to the value of S25249. 694. but this ia
Yorable balance offset by foreign selling of
nv he a1,,at ~ oF
imports, by American traveller credits and by
foreign loans for our account. Both imports
and exports were heavier than in any CORE
spending month in the history of the country,
and the totals made the fiscal year a record
breaker. the entire exports and imports for the
twelve months amounting in value to $3315.-'
202.116. increase over the preceding year OF
S@34, S25,170. In the last six years the growth
in exports has amounted in value to $449 49,
623, while in the same time there has been
expansion in imports to the extent of S53I $780,
IA. These figures are good bull arguments
American investment Issues, and they ought to
encourage every owner Of solid stocks and bonds
in the belief that their investments are backed
by a country OF tremendous earning and buying
power The great gain in imports furnishes i'm
pressive testimony of the prosperity of the peo-
pie and explains why the United States gov
eminent under fits tariff laws has such large
balance in its treasury. But the treasury's ex-
cess funds due directly to the buying power OF
tho public ought to be returned to the channels
OF trade through up-to-date currency reform.
The Aldrich bill makes II possible for the Secre-
tary of the Treasury to help the money market
IN times of stress, but the measure Is little more
than makeshift. and falls far short of remedy
ing the evils of present inadequate
rency system. The country is great and pros
porous, in spite Of its ANTICIPATED currency laws,
but IL would be infinitely better off II its mon
etary system were changed in proportion to the
changes that have taken place in general bust
ness and financial conditions in the United
States in the last decade