New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-08
FINANCIAL MARKET
Gold Engaged Abroad for Ship
ment TO New York.

Transac tions in yesterdays stock mar
ket were relatively light in volume on q
movement of prices that showed, as a
rule. insignificant changes at the close.
as compared with the final figures Of the
preceding day. There was no evidence
Of liquidation and no attempt on the part
Of traders to bring about lower quota
tons: indeed. the general attitude of the
professional element favored the theory
that for the time at least operations on
the short side are not likely to result In
ouiclz profits The short interest in the
current market is large. and as forced
liquidation evidently has run its course
transa ctions for the advance appear far
more attractive than do dealings for
bear account. Stocks are in stronger
hands to-day than al any time in recent
months Present holders will not sell at
prevailing figures, and the outlook.
therefore for gradual improvement In
prices is more encouraging than ordi-
nariIy supposed although it does not
appear probable that anything in the
nature Of bull movement will develop
in the Immediate future
The general course of trading yester-
day suggested unimportant operations in
the rest of the month. with little inter
est in speculation from substantial
sources until all doubt has been removed
regarding the size Of this years har-
vests. Advices received from the agri-
cultural section of the country were
favorable. especially from the spring
wheat territory. where much needed
rains were reported. OF the total bust
ness in stocks. the larger part was sup
piled by Amalgamated Copper. Reading,
Union Pacific and United States Steel
the last named contributing more than
cne-fifth of the total dealings An
nouncement that the St. Paul directors
had declared the regular dividend on the
stock and the expectation that there
would be no change in the Atchison
dividend at the meeting Of the directors
to-day were important factors in the
afternoon advance in prices. St. Paul
also was helped by the company's report
Of earnings for May, showing q gain
both in net and gross returns. Missouri
Pacific likewise showed substantial i'm
BIpNtlllCLA III DSS SAilI AiC1 AS0~-s0~H0 ~
the same month
The United States has not imported
gold TO any extent since the early part
Of 1905. and the ability Of our bankers
10 bring in the metal at this particular
time is one of the most encouraging
features of the financial situation. We
have exported a tremendous amount of
gold in the last eighteen months to pay
our obligations abroad, which have been
unusually heavy. owing to the growth
Of our import merchandise trade and the
decline in our shipments Of domestic
products. but apparently international
monetary conditions are changing in
favor OF this country, with the promise
OF creating All exchange situation that
viii enable the New York banks to off
set TO material extent the expected in
terror drain upon their resources through
the importation Of the yellow metal
Following the panic Of 1907 this country
imported more than S115.o0O,0o0 gold.
the movement ending IL January. 1905,
while since that time net exports of gold
from the United States have amounted
10 upward Of S164.0J0.00O. The Bank of
England made no change yesterday in
its minimum rate Of discount. and cable
sdvices suggested that no decline would
occur just as long as an American de-
mand for gold continued. In its pro-
portion Of reserve 10 liability the British
institution shows a substantial Increase
over The figures o. week ago. but the
percentage IS slightly under ten-year
ayeras5 for this period. Local money
market rates exhibit Il firmer tendency
a better demand mas developed for time
accommodation. particularly for four
and six months matuTities the latter
being quoted Al from -. Ia ; per cent.
on commercial paper q per cent IS the
minimum, with little business reported
8nder 5 per cent. London discounts are
fir1ner. as a consequence of the Ameri-
caT demand for gold. while local sterling
rates are higher for the same reason.
pgtpI II IfTIgiTH cEEnEtTIES