New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-06
FINANCIAL MARKETS
NEW READING RECORD.
Stocks Close We'll Under Best Prices
Time Money Rates Frmer.

Advancing prices marked the course OF stock
market trading in the early part OF the day.
new high average for the year being established
both for the railway and industrial shares with
the chief improvement in Reading. Jersey Cen
trail. the Gould issues American Steel Foun-
dries, Chicago Great Western, Consolidated Gas
and Republic Iron and Steel Bull pools were
active in these stocks. well in other parts
of the list while commission houses reported
heavy volume Of business for public account.
especially IN the industrals and Reading. the
advanced price Of the latter failing 10 dis
courage operations in IL. though on the rise
there selling from substantial sources just
as there was IN all the high grade securities.
The effect of this selling somewhat pro-
nounced in Union Pacific. but in the larger
number Of shares sales until the last hour were
offset by new buying and clever manipulation.
Readings advance 20 a new high record was not
accompanied by developments affecting the po-
sition Of the stock but The Street appeared un-
willing TO believe that the movement did not
foreshadow some public announcement favor
able 10 the property. and the fact that buying Of
the issue was reported for the account OF people
who were known 10 have excellent sources OF
information served to stimulate public interest
in the speculation Something big WIFI have 10
happen 10 justify the current price Of this
curity Strength in Missouri Pacific helped
by considerations regarding the forthcoming
amalgamation OF the Gould properties in Mis-
souri,, which will make easier the future flnanc-
ing OF the company's needs. while the improve
ment recorded in other members OF the Gould
group due 10 sympathetic buying. Wabash
preferred enjoying especial attention from the
speculative element. Wabash preferred is a long
way from a dividend. In the last hour the gem
eral market became weak, declines OF from l TO
> points representing increased pressure from
traders who did not 10 go home long Of
stocks and material falling OFF in the commits
sion house demand. Some operators sold fol-
lowing the passage OF the tariff measure I'm the
Senate the theory of selling on the publication
OF good news that has been more than discount
ed by stock market quotations. shaking out
movement is overdue. The technical position
OF speculation is weak.
Call money is firmer; also time funds. The
amount of money in circulation in the country
decreased in the month of-July sls.s77. 062 due
almost entirely to exports of gold TO South
America. which were far in excess Of new gold
received from the mines while the total circu-
lation on August / showed a net increase as
compared with the same time year ago Of
s49ll7, 952 made up of an increase of s74.237.S55
in gold certificates. silver certificates and ma
tional bank notes. and decrease Of s25.119.e03
In gold coin silver dollars. treasury notes and
United States notes Banknotes furnished the
largest item of increase. and gold coin the chief
item of loss, though against loss in gold coin
In circulation Of sls,9Sl.s4l there was gain in
gold certificates of more than s2l000.000. The
actual net gain in the eountry's supply Of gold
in the last twelve months. including federal
Treasury holdings. amounts TO only s19.677.635.
the gold production in that time or the mines
I'm the West and in Alaska having been offset by
the heavy outward movement Of the metal to
foreign countries. The receipts of new gold in
the last year at New York and the large flow
OF currency from the interior on the other hand
have offset the shipments of gold from this
port influence the cash holdings Of the
local banks which now about $4,000. 900 in
excess OF those reported at this time I'm 1908.
but II IL had not been for adverse foreign trade
situation in the last year the Clearing House
institutions would be In C. far stronger cash
position than they al present. In spite OF
heavy gold exports cash holdings at this point
are unusually large for this period OF the year
owing 10 the enormous amount OF money that
has been sent here in the last eighteen months
The fact. however, that much interior money
is held by the city banks insures a material
depletion in the cash and reserve item when the
general business and harvest demands become
urgent later in the season. II is encouraging 10
report better export demand for wheat as a
consequence OF the decline in the price of the
cereal. and IL is 10 be hoped that as a result of
our large crops enough exchange viii be e:e-
ated to encourage exports Of cold from Europe
to this country IN tho autumn