New-York tribune., 1907-11-26
STOCK MARKET OPERATIONS.

Stocks were heavy in the greater part of the
day under the influence Of selling by the pro-
fessional element and further liquidation of the
forced variety. Saturdays decided advance in
prices failing to attract enough new buyers to
offset the selling influence quotations.
Opening figures compared favorably with the
closing of the week before, but the absence of
an active over Sunday demand from commits
sion houses and evidence that advantage was
being taken of the improvement recorded Sat
urday to liquidate holdings scheduled for sale
on the first important rally naturally encour-
aged transactions for the decline, with results
that showed losses as large as the gains re-
corded in the last preceding day of business
Missouri Pacific was an especially weak feat
ure. losing more than points and selling at
a new low record for the year at 461z, which
compares wiki high price in 1906 Of 924
Western houses sold this issue and other Gould
shares, traders experiencing no difficulty in get
ting stocks for covering purposes. There were
no news developments accounting for the weak
ness in Missouri Pacific or for the declines in
other parts OF the list, including st. Paul which
again was under severe pressure, but in the
absence of real developments the Street con-
tented itself with speculations as 10 the ability
of Missouri Pacific and other roads to maintain
current rates of dividends In a time of falling
earnings. Atchison was for sale where the
market would take IT. the movement being based
on the knowledge that a number of loans in
which this stock figures as collateral were about
TO mature. In the industrial list Amalgamated
copper American smelling ana the steel shares
felt the effect of professional selling. New
York Centrals proposed financing. which was
reported the end Of the day, was not liked
Why did the New York Central increase its
dividend last January TO per cent, when the
directors knew of the company's pressing ne
cessities for cash for Improvement construc-
ton and equipment purposes? Conservative
action should have been taken at that time in
the matter of dividends. which now doubtless
will have TO come down. The stock has been
laFe eNvpr cir fba
the urgent requirements of the company which
make new financing necessary are not likely
10 increase confidence in the issue as d can
didate for higher prices. It lost yesterday 29s
Atchlson lost 2ls, ST. Paul 3, Great Northern
39s, Northern Pacific BIZ, PENNSYLVANIA 22s
Union Pacific 2ls United States Steel COM
man l and the preferred y. Final prices
were not much above the lowest of the day ex-
cept in Missouri Pacific which ended z above
the poorest. The bond market was irregular
and relatively more active than the share de-
partment, United States Steel 5s being weak
features.
Local banks have lost since Friday night up-
ward Of 100000 then operations with the
Sub-Treasury, due in great part it is supposed
to payments by Clearing House institutions 10
the government on account Of the Treasury GER
ufcates of Indebtedness. In the same time the
banks nave received large amount of gold
from Europe, and In the current week their
holdings will be further increased from this
source, though il is likely a considerable amount
of the gold arrivals will be offset bv shipments
OF money TO the interior. where the demand for
funds, though not so active as recently reported
is SUN heaVy enough to impose a material bur-
den upon the New York banks for Western and
Southern institutions. Saturdays statement of
the Clearing House members showed A cash re-
serve against cash deposits of about 20 per
cent, and in view of the great stress and strain
to which this centre has been subjected as a
result Of the financial disturbance this exhibit
IS particularly noteworthy and presents no
grounds for uneasiness over the situation here
a per cent deficit in the legal reserve indi-
eating that this item is being used for the verv
purpose for which it was created-namely, an
emergency. Indications of general improve
ment are furnished by the reports from various
parts of the country, and it is to be hoped that
the necessity for taking out a large volume of
banknote currency under the governments re-
lief plans will not develop. It is believed in
banking circles artificial means to bring about
the return of easier conditions in the monetary
situation though warranted in times Of panic,
no longer are so urgently demanded as thew
were when the Secretary Of the Treasury issued
his announcement regarding new Panama bonds
and certificates of Indebtedness, as since that
time natural methods have been at work and
now promise to to an extent that will re-
store credit facilities TO their proper basis
through gold imports and the return to the banks
of boarded money. Until liquidation has run
us course on the Stock Exchange securities
prices viii not reflect the changed financial con-
diuons but a redepositing movement at the
banks, already under way, will indicate the res
toration of confidence, Upon which the future of
the countrys prosperity depends
Restricted credit has caused a falling off in
gross railroad earnings, a reflection of which is
presented in the receipts of grain at Chicago
for the week ended Saturday, showing a decline
as compared with the same week a year ago of
12lS.l75 bushels and loss from the correspond
ing period in 1905 of 2,5s4,071 bushels. Better
conditions in the money world will increase the
movement Of grain from farmers hands, and il
Is likely foreign requirements will be large
enough 10 make an active grain tonnage to the
seaboard even after the close of the lake sea-