Los Angeles herald., 1907-11-13
MARKET GETS
POORSUPPOR7
SMALL TRADING DISCONTINUED
ON WALL STREET
Impression Prevails That conserva-
tive Financial Powers FroWn
on Marginal Opera
tons
Bv Associated Press.

By Associated Press
NEW YORK, Nov 12.-The impression got
labroad in the stock market today that the kind
Of operations which began to make themselves
felt yesterday were not approved by the hnan-
cal conservative powers whose efforts are
bent at the present time to the mending OF
the situation. There was discontinuanco OF
small ventures on, margin which came into no
'ice yesterday This left the market uncertain
and poorly supported.
The weakness the copper group intervened
in the state of affairs. and there was no power
of resistance to the sympathetic Influence Oh
this factor The passing of dividend OIL
minor property OF the Amalgamated Copper
company was th., immediate occasion OF sell
ing of the coppei stocks but the whole sltua-
tion in the trade came into discussion.
American Smelling was most acutely ar
fected. and this gave rise to conJectures Oh
coming reduction in the dividend on that
stock. Even the electrical equipment com
panes were affected to some extent, the fali-
ing off in demand for copper being presumed
to come most largely from curtaiment IN that
industry The renewed sagging tendency OF
copper. which was communicated to the Lon
don metal market. removed the doubts over
the rate of consumption in the trade. whlcn
had been somewhat relieved at the time OF
the heavy buying of the American output by
foreign consumers, there was disposition 10
bring into question in comprehensive way
and probably dividend payments, of set
back to trade which must follow the entan-
clements. -
Reports from various quarters of reduction
of operating forces by factories furnished tood
for the discussion. 1t is remarked also that
an upward movement In prices OF securities
leads to an early discontinuance of an impor-
tant demand for small lots of stocks which
has been so influential factor in the removal
from the market of floating supply OF Sc
curities,
The extension Of this process is regarded as
desirable as making for the health of the
market in every way by broadening the HELD
of interest in the affairs of the corporations
by finding a solid odgment for aggregate
holdings as distinguished from the ordinary
holdings looking merely to proht on price
advance. and by attracting funds which have
been withdrawn from other uses in the pres
contingency and bringing them back into
the channels Of the bank of the operations OF
the country.
1t is believed that the encouragement offered
by financial leaders to attempt to revive purely
speculative operations. this policy being
prompted by the motives described was more
responsible than any other cause for the action
of the stock market today The demand for
currency reflected some additional urgency
early in the day, but the declining premium
currency agitation effected an easing OF the
strain.
More gold was engaged for import, but the
gold movement into and out of the Bank OF
England showed balance in favor of receipts
Discounts eased both in London and Berlin
and tho sterling exchange rate fell back both
in Paris and Berlin. In New York also the
advance in foreign exchange was maintained
The beginning OF the London stock market
settlemen. revealed that the selling of stocks
in that market has been somewhat overdone,
and the covering OF shorts by the bears worked
an upward movement of prices
This was an influence in the early advance
in New York, which more than lost in
the subsequent reaction The reported failure
of one of the largest banks In Portland, Ore,
came too late in the day. but helped to keep
prices down to tho end.
Bonds were Irregular. Total sales. par value,
s34ss,0OO. United States Is declined II per
cent on call