New-York tribune., 1909-07-23
FINANCIAL MARKETS
LIGHT STOCK CHANGES.
Most Issues Shoe Small Net Gains
Sterling Rates Higher.

a strong market for stocks in the carry oPeia-
tions in the course Of which many or the ac'i'e
issues sold a point or more above the cioSIhe
of the preceding day, subsequently attracted
volume Of realizing heavy enough 10 orlhg ABOUT
decided irregula-ity, with reactions IN various
issues notably United States Steel common tla'
served. to convert many gains into losses. New
York Central. Baltimore & OHIO. chesapeake q
Ohio and Amalgamated Copper displayed re-
roarlable frrnness in the face Of weakness IN the
Steel shares while Reading and Union Paclhc
also made a fair showing on class OF ou!ihs
that apparently had for its purpose the propl'is
I'D Of the general market as an onset to lhe sen
ing pressure in Steel common, the acknowledged
! leader of the current speculation. The largest
dealings were in this issue, and Its movement
was watched with particular interest owing u
the belief that the immediate future OF the mar
ket will depend TO large extent upon the char-
acter of the operations in the so-called Morgan
favorite While the selling in United states
Steel was heavy. the maximum decline ola not
exceed l point the demand from the shorts at
the low level and support from substantial IN
terests supplying a power OF absorption lild'
kent its fluctuations within narrow limits with
a gradual recovery in the late afternoon 10 a
pojnt Il above the closing of the preceding day
When the stock reached 691s active support was
reported large blocks changing hands at that
level and up TO 70A. against 73 the high price
of the week Opinion differs in the street as 10
the probable action of the directors on the dlVi-
dend at their meeting next week, but IN con-
seryatiVe quarters good reason IS belleVed 10
exist for an increase before the end of the year
peorle who apparently are convinced that
larger dividend will be paid are figuring on an
advance Of one-quarter Of l per cent 1or the
quarter. which would place the stock on 8
per cent basis. Republic Iron and Steel re-
sponded TO the announcement or the plan TOT
the ravrent of the back dividends on the pre-
ferred stock. while the general market exhibited
q stronger tone in the late trading, with the
larger number of issues showing small net gains
Il
Amalgamated Copper, New York Central ana
American Smelling being exceptionally strong.
ON the basis of gold production in the United
States in 1905 amounting to upward of SS6,3OO'-
OO0 the output of the mines IN the current year
will be offset to large extent by exports from
this country, as since January shipments to
all countries have been more than $75,0O0OOO,
while imports have reached an unimportant
total with no indication at the moment of heavy
receipts in the remainder Of the year. though
exchange conditions in the autumn may be ia
vorabe to moderate flow of the metal from
Europe to New York. In the last year the
excess of gold exports over imports amounted
to $50 s69 357, so that the net gain on new gold
was in the neighborhoOd Of s65,000.o0O. We
cannot look forward to any such increase In
1903 but high rates for money in the fall may
h.. effective in inducing foreign bankers to leave
their balances here in the form of loans, which,
of course will serve the useful purpose for the
time being of helping out situation that prom
ises to be under active strain as a conse-
connection with providing funds for crop NOV
ing purposes and for the general needs OF eX-
rected heavy business operations, to say nothing
of the needs of the stock and commodity mar
lzets II is estimated that the cost of carrying
the croDs this year from the time OF harvest
through the lerod of distribution will be far
greater than in former years, owing to high
,rices and larger yields. and il is figured by
-'Th. Wall Street Journal that the amount of
money in the form of cash or credit that viii
he locked IIp IN the handling and holding of the
harvests Of 1909 VIII be approximately $1,000
600 900 more than in the preceding year based
on the expected value and size of the crops.
Though the country may look forward with con-
fdence to abundant harvest yields. there is little
reason 10 suppose that there will be unusual
y large surplus available for export, owing to
the requirements of increasing population;
neither is there reason to suppose that home
and foreign consumers will be able TO fill their
needs at cheap prices.
Present indications point TO fair crops abroad
and a continuation of the European grain buying
movement in Argentina, which already this year
has cost the United States more than s3S 000, 900
as a result Of the payment of European grain
obligations at Buencs Ayres through the medium
OF the local exchange market. This country is
indebted to Europe on account of our heavy i'm
ports of merchandise and other known factors
that frequently have been mentioned in this
column. and which have not been offset by ex-
ports Of commodities and manufactures and
while have shipped to Europe more than
S37. 600 gold since the first Of the wear we
also have sent Buenos Ayres an amount a
trifie larger. wholly a consequence of our
adverse International balance, which has per-
mitted London TO finance its South American