The sun., 1908-12-13
ELy,sACLtL. AND0COMMERCIAL.
SATURDAY, Dec. 1.

VI SATURDAY Dec IL.
Talk Of gold exports as an adverse
stock market factor IL Of as little real
weight Under existing circumstances as
could possibly be imagined. but 1t was
harped upon to-day by spectators for
ths fall In the market to considerable
extent. The market also had to contend
With a sharp break in the American SBelt-
Ing and Refining common shares which
atone time carried their price "a points
below the hast quotation of yesterday
and the Influence of these two matters
was, as seemed. responsible for as much
heoviness In prices in the early part OF
to-day as has been shown at any time
during the week The gold export ques-
tion was brought into view little more
prnminently, perhaps, by decided adj
vance to-day il the sterling exchange
rate, which seems to make additional
metal remittances altogether probable.
Al, the supply of gold bars at the Assay
Oface available for export has been ex-
hatisted an advance in sterling from yes
teHdays level must Of course take place
before further engagements Of gold for
fofeign shipment in the form Of coin can
be- made IL seemed to be generally
thought among bankers that II is not
unlikely that these shipments may reach
an aggregate on the present movement
Of SIC, 900 900: but the course of sterling
exchange is determined by so many vary
ing and rapidly changing factors that
predictions on the point are not over
Trustworthy. The substantial facts are
In the present instance that the gold being
sent abroad is lent to European borrow
ers for use in their financial requirements
in the end of the year settlements and that
this borrowing is only mado possible by
the very low rates obtaining here for call
and time money. Preliminary declines
In; tho market to-day were less than a
point in most cases. and in the closing half
hour of business the character of the mar
ket was entirely reversed. Throughout
the day New York Central stock formed
q striking exception to the general move
ment OF prices. and toward the end of
business the buying in this quarter be-
came SO pronounced as to notably affect
the market as whole. The stock named
closed at a new higt record for the year
and at an advance of so points for the
two hour Stock Exchange session. All
the Vanderbilt issues shared particularly
In this, buoysnoy and rtInior was natur-
ally busy with explanations of the rise.
None of these stories appeared to pro-
ceed from an authoritative source, bat
the buying OF the Vanderbilt issues was
nevertheless of the kind that Wall Street
calls good As the net result of it all
4 tho greater number of the active and lead
ing stocks dealt in closed at net gains. A |
distinct feature of the market was, more
over, the strength shown by many Of the |
railway equipment stocks To-day's |
bank statement was not nearly as bad as
forecasts of it had made out, owing to |
the fact of which there were intimations |
in this column yesterday that the slight |
elevation in money rates toward the end |
Of the week was sufficient TO bring the |
trust companies into the market as lend
ers. so that the loans of the banks proper
were Substantially decreased. There |
fore to-day, although according to both
theayerage and actual figures of the hAnk I.
return there was decrease Of in the |
neighborhood of $1,000, 900 in bank cash |
the surplus reserve decreased but moder-
ately. most noteworthy news de-
yelopment of the day was the announce
mene of decision of tbs Public Service |
Commission upholding the ten cent fare
now charged by the Brooklyn Rapid |
Transit Company from the Manhattan
terminal OF the Brooklyn Bridge to Flush
ling. This action was taken by many peo-
pie as foreshadowing the course likely |
10 be followed by the commission in the |
case involving rates to Coney Island
II was the general observation that |
professional movements, busying them
selves to a very large extent in the low |
priced shares, had most to do with the |
weeks stock market although there is
little doubt that important financial plans |
are maturing in many directions and that |
their influence has been exhibited in Sc
curity- prices. The mercantile agencies
made upon the whole better report of |
business conditions than they did last
week the Christmas trade developing
favorably. with the purchases Of season.
able merchandise stimulated by the colder
weather. All these reports bear wit
ness to one striking factor, the great in
crease seen during the year in building
operations from one end of the country
TO the other. The general reason FOR this
has been, presumably. the lower prices
that have obtained for all building mate
rials; hut however caused building has
been SO carried on that at the present time
operations of the kind are only slightly
less than they were in the extraordinarily
active season two years ago. An instance
OF this was the statement of the president
Of the United States Realty and Improve
ment Company made during the week
that the contracts of the company were
now about $50 900 900. the largest amount
Of business on hand since the corporation
was organized.