The Birmingham age-herald., 1907-10-13

with gold. The movement is going to force a readjustment of values through out the civilized world and those busi- ness men who recognize this fact and shape their courses accordingly will fare the best. Denunciation is fashionable just now because the process of read justing values has uncovered some of the many rascals that are always doing a prosperous business and that always will continue to do so.
 When an old building Is torn down it is perfectly proper to kill the rats that are found, but the rat-killing is en- tirely incidental to the foundation of a new building.
 In regard to the specific declines of yesterday but little can be said in addi- ton to what well informed persons have known for weeks. The Amalgamated Copper company will play the last act in it's monumental farce by closing down its m1nes' thereby relieving the situation of itself. The dividend it pays the next time will be limited by the amount of money It can borrow to make payment for it's funds are tied up in the metal The smelting trust no longer exists and the American Smelling and Refining com pany has become merely one of the com panies doing a smelting business Pro- fessional traders are taking advantage of the situation to even up ancient enmities
 The bank statement was even better than expected, although the changes were by no means in line with fore. casts.
 The Increase in the surplus reserves was $2,0Ol,3l5. The increase in surplus was brought about by the much larger con traction in deposits than expected or one of $10,655500 Loans were also de- creased s5666,50O
 Conditions in general business, as re- hEr fltA favorable and with volume ahead of a year ago. This is in face of the handicap of prohibitive rates for money and com mercial paper
 Retail trade is very dull At London money was in good supply and quiet de- mand In the market today. Discounts were firm. Americans were weak. At Paris there was renewed depressions as the result of heavy selling from Vienna in connection with the reported alarming condition of Emperor Franz Joseph.
 The total number of shares of stocks sold on the New York stock exchange today amounted to 625,2S3 against 416,3OO the same day last year.
 The total par value of bonds sold today amounted to s1,243,00O against $1 ,oe3, 900 the same day last year
 According to Wall street gossips who often know what they are talking about there are 15 seats on the New York stock exchange offered for sale. The last seat was sold for about s70000. decline of s25,00o from the high point of about year ago.
 Barton Sewell, vice president of the American Smelling and Refining com pany, stated today that the earnings of the company are such that the present dividend rate can be continued. Shelters pays per cent which at 75 Is 10 2-3 per cent on the investment
 NiOiSSiup in hn mid let of exciting deals on the curb. It ranged about 6as. which is BPS share under the high price 1t touched less than a year ago.
 Because of the disclosures of graft in the Metropolitan, stockholders of the United Gas Improvement company of Philadelphia have organized a protective association
 Silver declined nearly a cent an ounce today to a new low level Silver brokers pretend to be hystifed by this decline but those of them that are alive to the general situation know the decline is due to sales in India and China, where gold is taking it's place. Bankers all over the world understand that this Is also the cause for the scarcity of money and they are trying to plan some way to check the movement
 Silver bars in London fell ss penny fur ther to 8S pence per ounce. Today's New York price was < lower at 62ss Mexican dollars were one point lower at 4S1sG511s
 Government bonds closed with a fur ther reduction in the bid quotation of II GN for the twos and fours. Recessons in the price level of the active issues in the general bond market were limited to small fractions The principal dealings were in American tobacco sixes and fours and United States steel fiNas.
 Bonds.
 IT. <. rcfUpding 2s, registered. 1O5N -afu os