The Birmingham age-herald., 1907-11-15
STOCK MARKET
 STILL UNSETTLED Evidences of Weakness Shown In Days Trading SOME FAVORABLE ASPECTS
Regular Dividend Declared By Union Pacific and Strong Statement of Bank of England Help To
 Encourage Financiers.

New York, November 14@rhe stoeN market was decidedly weak at some points today. Renewed liquidation or an urgent kind was inferred to be partly responsible for this It was suspected also that there was a growth or aeuV'ls on the part of the professional pears III the market, the circulation rom tifhe to time of rumors of an unfavoraoie char acter which failed of confirmation tend ing to confirm this impression. The prih- cipal immediate factor In the market was the emphatic testimony from the iron and steel trade of wide reaction there and the belief that it is to go further The selling induced by this development nat urally converged on the securities Of the United States Steel corporation, but PennsyIvania railroad was sharply af- fected and in close sympathy.
 Pennsylvania is the railroad system which responds most directly to the muta- lions in the iron and steel trade, owing 10 the large proportion of It's. tonnage which Is made up of materials for all branches of that trade. The supposition was that some large individual accounts in these stocks were being closed out and the selling orders were believed to have their origin in the iron and steel cen ters St. Paul was another distinct cen ter of acute weakness for causes individ- ual to itself, apparently, as related stocks were much less affected. The explanation may be found in the approach of the date for the payment of a large installment of subscriptions to new St. Paul common
 faf1at nf nx stock of both classes in round numbers is s10000O,OOO and on December 1 subscrib- CTS are committed to the payment of a 20 per cent installment, which calls there fore for approximately $20, ,0O0000. It needs no explanation to understand that condi- tions are not propitious for meeting such requirement.
 Notwithstanding the considerable sym pathetic effect of these special centers of weakness a scrutiny of the general list will show that it was affected com paratively little. The declaration of the regular quarterly dividend on the Union Pacific and Southern Pacific gave some help in resistance to the depr4sion.
 Some high premiums were paid on cur Iency again early in the day, but the tendency was coward relaxation. The point of interest on this subject has shift
 
 demands are most responsible for pres ent conditions. The opinion is heard amongst New York bankers that condi- tions may be due to what is, in effect hoarding by the interior banks them selves which have been moved tc strengthen their reserve position as a precautionary measure, but seem to have overdone the matter in some instances.
 The drawing down of balances of in terior banks in New York deposits is a prime factor in the dislocation of the domestic exchanges. The consequence is that no form of remittance is obtainable for payment of debts to New York mer- chants, which are receiving checks on in terior banks for that purpose, which are received subject to collection by New York banks a process that proves slow under present circumstances.
 Reports published prior to the close of the Stock Exchange of the nature Of the negotiations under way for a large sum of gold for New York from the