New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-03
FINANCIAL MARKET
Gold to the Amount of $3,000,'
600 Taken for Export
to Europe.

After advances in the early dealings on
a moderately active volume Of business
prices weakened and trading contracted
in all parts Of the list, the operations IN
the larger part Of the day representing
little beyond the transactions or an I'M
important professional element. The sig
nifcance Of the dulness supplied the
chief tonic Of discussion among traders.
who had idle time on their hands. some
Of the wise ones decided II was dulness
incident TO the top of baby bull move
ment about 10 collapse, while other pro-
found thinkers made up their minds the
falling off in the operations foreshad-
owed a reaction that would carry prices
TO a new low point for the year, the
opinion Of the latter beng strengthened
by the fact that there appeared TO be
total lack OF support. Probably the an
sence OF the Hebrews, who were kept
away from the Street owing to the Jew
ish holiday. was the chief reason for the
markets inactivity. In view of the re-
cent sharp advances and the elimination
Of big short interest the reactionary
tendency was not at all surprising, es-
pecially as the public showed no inclina-
ton to come into the market, while the
larger financial interests paid practically
no attention 10 the course Of trading.
The favorable government cotton re-
port was without effect upon speculative
movements IN stocks, but was reflected IN
unite evident that the total yield Of cot
ton this year will be enormous. as the
condition percentage Is well above the
average for the last ten years while so
far in the new cotton season the ginning
OUTPUT has broken all records, amount
ing from September | TO September "A
10 g. 663. O66 bales, which is 90 per cent
larger than the average for the five pre-
ceding wears. Stock prices rallied little
I'm the last hour, and a few more net
gains than losses were reported at the
close among the leading issues. Steel
common ended unchanged. United States
Rubber was unusually strong at net
gain Of more than 3 points, the advance
being accompanied by reports OF expand
ing business in the rubber manufactur-
ing Industry. especially in the goods
handled by the United States Rubber
Company. Union Pacific, Reading, Anal
gamated Copper American Smelling,
Iehigh Valley and Missouri Pacific en-
loved small gains, while st. Paul, Atchi-
son. New York Central, Northern Pacific
and Southern Pacific closed at small
losses.
From current indications the local
banks will show n material falling off IN
cash resources at the end OF the week,
as they already have lost more than
81. 900 900 in their operations with the
ub-Treasury. in addition to S2O00,O0O
engaged yesterday for shipment abroad.
Further exports Of gold TO the French
Capitai in the course of the week are not
improbable. while it is possible that the
interior may begin TO draw on this
centre for funds incident TO crop fnan-
cling purposes, although the only reason
for the latter is TO be found in the fact
that ordinarily the first week In October
witnesses moderately heavy shipments
70 out-of-town points. The loss by the
banks 10 the interior in the first week
Of October last year was little more
than $4,000. 900. which followed a loss
Of more than $11 100000 in the last week
IN September. So far there has been no
active inquiry from the West and South
for currency from New York, and while
IL is reasonable to look for something of
the sort before the close Of the autumn
bankers do not believe the interior
movement Of itself will be much of
factor in the money market.
Exports of gold from here are viewed
in a favorable light by our bankers, who
would welcome almost anything calcu-
lated to stimulate higher rates for loan
accommodation. Gold also may go from
here 10 Berlin. The Imperial Bank or
Germany shows in its weekly exhibit
loss i'm cash reserve Of $39,OO0.OOO OF
which $24 100000 is in gold, an increase
In loans and discounts Of S144, 100000.
and an increase in note circulation Of
Sl54. 100000. The loss In reserve is even
heavier than in this week in 1907, on the
eve of the German commercial crisis and
our own Wall Street panic.