New-York tribune., 1909-09-18
FINANCIAL MARKETS
RE4DTNGS NEU RECORD.
ST. Paul Shares MOrc Cp-BGnkS
Lose More Than So 100000.

stock market prices, though shoWlhe 81
laritv and Instances OF weakness III ''tS 80
trading ended the day strong ana AT Ie' e-.5S
- NAVY nrominent issues. The afternoon au-
-. 80 esneciallv pronounced in Readhg'
Ar,sleamated Copper and ST. Paul the lasC
r1ad y,,o1ing I'D 4 points on an active Nolui,'0
of business that apparently was oS-t,, o9S14 %
idea that the stock was cheap III COliP
nth certain other high grade securlues anu -.
the expectation that the company iicA1 i
-old show a material addition 10 eaIhihSs
through the operation of the Paclhc Coast
,ensio,, st Paul returns at It's present ,is,
A2 per cent and is selling under t'eauliS' -
s,.sr,sd . points in yesterdays market aiu
,t,;ct fields 10 current buyers - per cent
IT, resdinr Company has vast assets pu' aP-
narentlv the stockholders are not 10 a.,
tbine more than the per cent rate IN tlie IA
,,.asiate future Though Reading has neeh au-
- ,1a last twelve months on talk OF
,.,,e- 5ividend the insiders evidently are sa's- ~
saS ,I-,tb the stocks present DIVIDEND poslllol
There was no indication OF inNeslfhelll bus -''e e,
& paul or Reading. AS rule STOCKS s-.r. ar 80,
ing higher than the price at "i'NI' -, .,a
- "a buv and as the market ls Ni'llou' -
-. oF this sort Of buying and Is again DC
,,,z l,onevcombed with weak accounts car
r,e6 on borrowed money another coLiapSs " -
distspt time appears probable esPeciaiiS ~ % ~
.,-.riot Is entering a period Of higher money
iiI e-,rength in AmalgaTnated Copper was
t,l~ad l,, the belief that the copper lhuuslIS'
which has been slow in rejecting trace mp
mont soon would emerge from It's posiSlo" -
.,ati,-e inactivity, and the fact that buying
US renorted for interests ldehllheo WIN 80
- ,ra6e strengthened the idea that inns
,,rsncb of the metal industry IL about |" VIZ
ness A marked revival, despite the curreh' "e"N
ness I'm prices ana the slack demand lI"i 'o
suuers The history OF the copper uoue -
.1,at an enormous surplus of copper stocks ON
1,,a ,I,lfe frequently has been followed In quick
5o- ~, a conner famine The hard coal shares
we're strong features throughout the day
According 20 the known movement OF money
- ,be current week the local banks have iost
a ,1,an SO 0aAs0 in cash holdings, Which
counares with q loss Of more than sll'vv''V"
= ,,,eel, ago the relatively small decline for the
las, six business days being due In large part 10
ias,-,. remittances TO this centre from out-of-
town pojnts in connection with DUH commit
,,,.nts in the stock market. The firmer tendency
in the money market and the good demand I"I
funds for speculative requirements nave ca"seu
a temporary advance in interior eNchahse Oh
New york but it need not be assumed that the
gain Of little more than SloeO'po on the III
terror movement foreshadoWs a big now OF
money 10 New York. The banks lost enough on
their transactions with the Sun-Ireasury 10
offset the gain from other cities ana ihuch "l
the loss 70 the government was due 70 the
transfer of funds for the banks to the interior
From the course of the stock market IN recent
days IL would appear safe 10 predict cohslu-
cradle expansicn in loans in to-day Clearing
House statement though unknown factors
weekly bank statement IL may not be wise 10
count upon an increase in the loan item or sum
cient extent 70 bring about material reduction
I'm the small reserve above legal requirements
Conflicting influences have governed the course
of money in the last few days. but the general
tendency of factors affecting the loan market
has been in direction favorins higher rates Tor
accommodation, reflection of which is found in
a comparison Of call and time funds at the close
OF business yesterday with the quotations OF a
week ago. II speculation in stocks is held In
check there should be no disturbance in the
money market. The present attitude, however,
OF the speculative community does not encour-
age the idea that there is TO be quiet time in'
Wall Street in the immediate future. while the
movement of money TO New York in recent days
for in the stock market suggests an increas-
ing public interest in speculation at a time when
crop and trade demands for money promise 10
become urgent. Money has been cheap since the
decline I'm rates following the panic, but 1t be-
gins 90 look as If the period Of easy rates We're
drawing TO a close.
In considerations affecting the money market
the position of the countrys foreign trade should
not be disregarded. especially this country is
such heavy user Of foreign capital. In August
our shipments of merchandise for the third
month in succession We're under imports. the
excess Of the latter amounting I'm value to
50 10000 IL is necessary To go back fourteen
years TO find corresponding month in which
imports have exceeded exports. Imports
enormous, and with one exception were heavier
than IN any preceding August in the history of
the country the increase as compared with 1905
amounting 20 S2f.S42. 400, against decrease IN