New-York tribune., 1907-11-22
ENLISTED. TEX dividend.
Closing prices of active bonds dealt in, witt
STOCK MARKET OPERATIONS.

Price movements in Yesterdays stock market
showed great irregularity, with the final ten
dency in the direction of higher quotations.
though Improvement in the last hour from the
low figures OF the midday trading was not so
extensive as to bring about net advances in
more than q few issues, notably Great Northern,
Amalgamated Copper, St. Paul, American
Smelters, Southern Pacific and the United
States Steel shares. In the greater number of
stocks net losses were shown, running in some
instances. beyond points, as In Atlantic coast
Line, Baltimore & Ohio, Brooklyn Rapid Tran
sit Dsters' Securities, Erie first preferred
Louisville & Nashville and Southern Railway
preferred. the three last named presenting the
chief points of weakness due to liquidation and
bear pressure. Opening prices, as rule were
under the closing of the preceding day. but
after the first hour a nrmeT tone developed
which in turn was followed by further weak
ness in the course of which new low records
for the year made by several shares
under the influence of forced selling and
traders operations. these transactions being
especially marked in the Erie stocks, Southern
Railway preferred Atlantic Coast Line, Louis
Vile & Nashville and Brooklyn Rapid Transit
At the low points the market became dull, and
indications that liquidation for the time at
end encouraged covering operations, which
helped by the report that arrangements
had been made 10 import direct from Paris ii
large amount OF gold, and by an easier tone in
the currency premium market, in which the
premium, after ranging above Wednesdays fig
ures, declined to per cent, against high level
of 312 per cent. The morning decline in New
York Central carried that stock 10 new low
record for the year and a price 64% points
under the high record of 1906 In the Erie
shares selling of actual stock due TO the
needs of holders, and the big decline in the first
preferred was not surprising, in view of the
fact that there practically is no market at pres
ent for issues paying scrip dividends. The Erie
Company has declared a scrip dividend the
first and second preferred stocks, subject to the
approval of the Public Service Commission, but
so far no action has been taken by that body on
the question. Foreign houses were sellers on
balance in the local market, and abroad Ameri
securities heavy and in demand.
The Bank of England made poor weekly re-
turn, but the rate of discount remained un-
changed at the per cent level while open mar
ket discounts We're frTner. The banks propOr-
ton of reserve to liability. shown in the
turn, more than per cent under the aver
age for this period in the last years
Improvement in bank reserves. the disappear
of the premium on currency and decline
in time money rates will furnish the best signs
of returning normal conditions IN the financial
situation. The probable showing in this weeks
bank return is therefore being discussed with
unusual interest. while close attention is being
given to the course of the time money market
and the daily changes in the premium on cur
rency which far do not indicate any increase
in the amount Of money available for the
binary purposes of trade active return
movement to the banks Of money withdrawn by
people who foolishly believe the best place for
their funds is in safe deposit vaults, where they
do the owner good and serve TO retard the re-
establishment of easy credit facilities. Time
money is in light supply and borrowers are COM
peled to pay what practically amounts to usuri-
Gus rates yet the actual supply of money in the
country IS larger than at any time in the re-
cent height of industrial prosperity though
through the loss of confidence based in great
part upon the criminal practices of certain nsti-
tutions and the disclosures of the misuse of
funds by certain corporations and operations by
the latter dangerous to the best interest Of the
public, large total of this amount of money in
the country is withheld from banks and other
fiscal concerns the position and reputation of
which above reproach, criticism suspicion.
Confidence once weakened, a rule. is long
time IN recovering, and the fact that certain peo-
pie and publications are endeavoring to create in
the public mind the impression that the policies
of the present Washington administration
responsible for the current position of affairs in
the financial and industrial world tends TO post
pone the time when the people of the country
will realize that the best place for their funds
is the banks and that the flare of the official
limelight upon the doings of "high finance" has
prevented panic in comparison to which the
existing disturbance would be as a bite of
mosquito is to the sting of rattlesnake
Students of the present perplexing problems
VIII find that the destruction of capital by
earthquakes, the consequent call for new capital,
overstimulation in business overspeculatiOn in
real estate and securities, overextension OF
credit and the destructive methods OF high
finance" are the factors underlying the financial
collapse, and not the efforts of President Roose-
welt TO compel corporations to obey the law and
to have enacted new laws for the protection Of
the public. High finance" has been hurt and
the results of its pernicous work is being felt
by thousands of innocent people. And the fact
that the methods of high finance have been
checked has brought forth an ugly growl from