New-York tribune., 1907-12-11
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Stock market values moved under the indu-
ence of liquidation and pressure from the pro-
fessional element throughout the greater part
of the five hours of trading, final prices show
ing a long list Of net declines, which in many
Of the active issues ran beyond points. The
Hill shares. AtchisoD. Reading. American Sugar
Refining, St Paul, Union Pacific and Distillers
we're especially weak features, while Delaware
& Hudson Chicago & Northwestern and num-
Der of other high grade securities also were
heavy Oh small sales encouraged by the forced
necessities Of holders. Lower dividends among
the industrial companies and the belief that fur
ther contraction in payment to stockholders VIII
develop in the course Of the next few months
were factors that helped along the bear move
n1ent but the chief influence shaping the course
OF business the strength in the call money
market. in which the rate advanced to % per
cent ruling at is per cent, with renewals at the
latter figure. Some of the banks called loans,
and the liquidation of collateral against accounts
that were not renewed naturally increased the
pressure from the advocates of cheaper prices.
The heaviness of stocks this week is not at al
surprising TO people who have followed the
course OF speculation in the last fortnight ana
further losses in the current month are not con-
sidered improbable, particularly as the money
market gives every indication Of unsettlement in
the balance of the year. Closing quotations
were somewhat above the lowest OF the day. ex
trer7e dulness prevailing in the final operations
DEVELOPMENT that received little atteution in
the Street was the governments favorable esu-
mate OF the cotton crop showing total pro-
duction for the year Of ,6TS 900 halesan album
dant yield and large enough to effect the for-
eign settlements already pledged The govern
ment invariably underestimates the cotton pro-
duction and the actual return for the cotton
crop year doubtless will be heavier than indi-
Gated by official forecasts
Although foreign exchange rates above the
normal gold importing point, engagements of
the metal abroad for American account may still
be made at profit. owing to the premium pre-
vaing at this centre currency. The premium
Is well under the level reported two weeks ago,
but it is large enough to leave margin for gold
shipments TO this country, as even at Y Of per
cent the rate is equivalent TO 243 points on the
quotation for sterling Just as the
premium disappears gola engagements viii
cease, unless there should be a marked drop in
foreign exchange, OF which there is little pros
pect, especially at this period of the year
sterling generally runs against New York For
tunately the necessity for additional shipments
of the metal no longer is urgent Monetary
supplies in this country have been increased 70
q large amount in the last month. bank reserves
at the interior points, as shown by statements
TO the Controller of the Currency, have advanced
in many cases to abnormal sums, and further
Improvement in holdings is looked for through
the return the banks of boarded funds and
through further issuance Of banknotes- 1t is not
likely, however, the banks throughout the coun-
try will take out large amount of additional
circulation as all indications suggest that such
an operation will not be profitable, particularly
q flnQer
only be made in limited amounts. MI Bryan
now asserts that his silver platform has been
vindlcated- This idea is far from the fact, but
the mere suggestion that the theory of bimet-
allisrn again may find place in the discussions
of the avowed candidate for the Democratic
nomination for the Presidency may cause some
uneasiness in business circles, and for this rea-
son Its resurrection at this time is unfortunate
And the same thing may be said of Senator Nc
Laur:n's bill just introduced in the Senate, which
would permit any holder of United States bonds
to deposit them with the Treasury in return for
notes and which also would permit people own
ing one or more bales Of cotton to pledge the
cotton to the extent of 20 per cent of les value,
against Treasury notes
Some politicians have q weak understanding
| OF currency matters. but they doubtless are sin
in their belief that their proposed measures
would relieve monetary stringency and prevent
its recurrence The country does not need more
money. ii has ample supply Of funds, but 1t
does need some legislation which will provide
for fewer kinds of money and which will supply
the circulating medium with the elasticity that
is so necessary for the varying requirements OF
trade The circulation per capita in the United
States is larger than In any country in the world,
with the exception OF France, and if We go into
the business of manufacturing money real
money-nainely, goodwill leave US. The quick
est way to drive gold from the country would
be to adopt bimetallism and increase our paper
circulation Recent troubles did not arise from
an actual lack OF money and it is not likely that
the majority of people in the United States will
inning TO the freak ideas of men who would like
TO deposit their goods and general chattels with
the Treasury and receive in return paper bear
ing the stamp of the government. At this par
ticular time il is well to note tne fact that the
banks of New York have done their duty in