New-York tribune., 1909-07-07
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
Commission Houses InactiUe-Fur-
ther Gold Exports Indicated.

Stock market trading was intensely dull
throughout the best part of the day. the only
suggestion OF activity developing in the late
ouerations when under the lead of Reading
and Southern Pacific the prominent issues ad-
vanced to a higher level on a fair volume OF
business The transactions we're made up al
most entirely of the dealings Of the profes-
sional element, which, however. showed no gen
eral disposition TO make extensive commitments
though the well developed indications of bulllsh
manipulation in Reading and the Hartman
shares induced some moderately heavy pur-
chases for long account just before the close
in the stocks named in United States steel,
Northern Pacific. AtchisOn American Smelling
ANA Igamated Copper and Third Avenue the
b1,ving of the last named apparently being for
interests who put out short contracts at the
time of the announcement of the reorganization
pIan Commission houses were not active fac
tors in the market. The persistent strength OF
stocks and the easy position of money apparent
L. no longer appeal to the so-called public as
far as new buying is concerned, but they Ger
tainly are factors inducing confidence among
holders in the belief thai there is nothing IN the
outlook warranting liquidation at prevailing
nrices A tremendous amount of stock is pelhg
carried upon borrowed money, and any unset
fling occurrence doubtless would serve to knock
oyer the present top heavy speculative structure
TO the tune Of heavy losses among people VINO
do not know enough to realize pronts at hlsh
figures or who have the poor sense to accu-
r,,,Iate a long account at inflated levels Lower
nrices for grain encouraged some buying or the
granger railroad shares on the expectation CT
large crops though the cheerful sentiment over
the progress of wheat, corn ana other ceTeaiS
was offset TO some extent by the disappointing
conditions in the cotton belt Foreign houses
were not factors in the local market and abroad
the speculative and investment movements were
as uninteresting as reported here In the last
few minutes of trading Reading sold on on
realizing.
&c and
in Paris and Berlin exchange on London sug-
gests engagements Of gold at this centre Tor
ebin,nent 10 the French capital. and possibly TO
Germany in the current week, while IL is prop
able further exports of the metal VIII be made
to South America. Though there is no urgent
demand abroad for gold, the scarcity of ex-
change bills here and the unattractive market
for money at New York encourage shipments III
response to the inquiry for remittance Wh'ch
continues active a consequence OF our neaFy
ir7,nort trade against which there is no material
offset on merchandise export account owing 10
the light outward movement of domestic prod
ucts Local money rates are too low to attract
large amounts Of foreign money TO this market
while stock market prices are too mgh 10 IN
duce an active European speculative or invest
uent movement in our securities, the result of
which is unwillingness on the part OF Europe
to leave its balances here or to take an active
Dosition on the long side of speculation, factor
which tends to intensity the adverse exchange
market situation. In the month Of June there
was an increase in the amount of money in cir
culation in this country, but the gain was due
TO an enlargement in national bank holdings
rather than to expansion in gold, receipts of new
gold being more than balanced by exports OF
the metal to Europe and Argentina ana Tor
the fiscal wear a gain OF nearly S6S,000O0o was
shown in the amount Of money in circulation,
of which more than $34.00000O was supplied by
cur bond secured currency II we had a scien-
tifc currency system there would be no ex-
trenes in money rates and no paper money IN
Hation with its sequel Of gold exports; nor
would there be uneasiness in financial circles
as the crop moving period approached regard
ing the chances Of financing the haryests with