The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-12-22

SATURDAY, Dec. "a.

-
that they began in the middle Of the week
OF ~reooverinR tho stocks that they had sold.
This was all there was to the days security
market. Advances in prices, although
general, were not IA large as they were
yesterday and the market was almost
wholly desolate Of individual feature. Tn
Distillers Securities shares dropped nearly
three points at the Opening OF business
following the announcement made late yes
torday afternoon that the management OF
the company had decided to reduce the.
quarterly dividend ON the stocls from ~
TO one-haIf of 1 per cent, but the final
quotation for the shares was. nevertheless.
NJ only a fractional net recession. Tom
solhriated Gas stock reacted a lrtrhe from'its
sharp upTush yesterday, although the chhr-
acter Of tho decision rendered by Judge
Hough ia the United States District Court
in the suit brought by the company to re-
strain the oDcration Of the ~ cent gas law
was rightly considered in Wall Street to he
n moro far reaching and salNtarY pronounce
ment than was commonly estimated YES
terday from the brief summaries Of the de-
cision tina were then published. Trans
notions in the Reading shares furnished,
as they have for many days past, nearly
one-fourth Of the days total deal
lngs in stocks. Although rates for cahlcd
sterling aGain rose to-day. the demand
for mail remit,nncca Of Sterling bills fell OIL
inasmuch as the time has now passed when
, transactions Of thi' sort can take place 10y
post in tine 10 be OF value in the APPROACH
ing ICnd0n yearly sCttlcncnA ~ as much
weirh ~ any single influence IN he DAVIS
market was TIE general impression that the
weekly bank statement due 10 appear after
midday would make an extremely favorable
showing. ~ forecasts voiced found cN-
preston N one time that the deficit in the
surplus reserve would b" reduced in the
large sutN Of SahyAe.yata. -S,Heh--- gHesses
were not borng out by the event "a although
the bank Teturn was the bsst e&hbr Of its
kind that has been made since the cu!nina-
ton OF the recent tiUaHcip disturbance
There was shown y decv~pSe in the loans OF
S9,5Sl 900, an increase IN hnnk cash Of $780,
900, and a decrease IN the deficit in the suT-
plus reserve. therefore of s9,3lO,00O. These
figures Indicated plliniy .eaough that rccI-
p~erative forces ia tho financial situation are
steadily progressing oven IL they are not
working with the great quicl ness that il
was at ono time predicted they wouid.
The TRUST companies that were helped
through their difficulties are paying of
tlGtT iVIlH W NLNf lNhihh " WI NAhhrftNhNNAy
way, and though local institutions are still
compelled to send money daily TO out of
town banks their losses in this way are
he ng more than made mp through gold
imports.
A matter, however, in regard to the
money situation proper that may become
important IN the next few weeks 10 the
necessity of a certain amount OF with
Irovyal. Of CoVapptoaV.f p,,pSv from DO
p~ository . banks. The working balance
Of the Government actually in hand is now
only about slf.OOc .00e. add in the first part
Of the year the Government must make
unusually heavy expenditures. The tend
ency is running very strong az the moment
for the Government revenue to decrease.
The president OF the Nstillr~s Securities
Company yesterday in a statement made
accompanying the explanation given. by
him Of the reduction in the ~cumpany's
dividend called attention to the fact that
the Governments receipts through internal
revenues at the one point Of Peoria, Ill,
had fallen la the month OF November from
s4,OOO, 600 TO s., 500, 900, while the decrease
Of $1,000, 900 in The value Of the Country's
imports last month attested also to the
current falling off in the aggregate amount
Of customs collections. In general in the
financial district during the week the atten-
non Of the people in the higher banking
circles seemed TO rest rather particularly
upon the subject Of pending business con-
traction. The statement Of earnings and
expenditures Of the Baltimore and Ohio
Railroad Company for the month Of No
vemher. issued to-day, told Of an increase
in Gross eapipGs OF So, sos changed into
a net decrease Of &l44 ,5iS, and AZ show
ing the rapidity with which the com
pany's business has been reduced il was
trustworthily understood to-day that the
company now has idle in it's yards. 500
freight cars, whereas all we're. 10 use thirty
days ago, It is also very evident that
the shutting down OF manufacturing plapts
the country over on account OF the Christ-
mas holidays Will be. Of unusually pro
longed and thorough character. The entire
working force of the American Brass
Company. for instance. will be hid on on
Tuesday next until after New Years Day,
a species OF suspension that has not taken
place before for very many years. There
are, however, two manifest Compensations
in this regard. One of them ia the fact
that the more rapid a general business
contraction is the more quickly will ac-
foundations Of money occur in banks and
other places OF deposit and the more speedy,
consequently. the return Of the financial
position to a normal basis. The other
Is the. circumstance, which IL seems is
peculiar 10 the present case. thar stocks
OF unseld goods throughout the country
are small. Manufacturers are suffering
to some extent by having on hand a certain
quantity of raw materials for which they
paid prices higher thar the present market
valuations. But there has been very
little heaping up of manufactured articles
proper in the hands of retailers. These
retailers have In recent months drawn
heavily on their stocks, instead Of ordering
advance supplies from manufacturers as
they ordinarily do, and the result Of this will
be. very likely. that when business revives
il win do 30 within lirtte SuddeRIVss.
New York stock Exchange sales, Dsc. IN.
cLonINo PRICES or UNITED STATES BONDS.