New-York tribune., 1907-11-15
STOCK MARKET OPERATIONS.

In the greater part OF the day the movement
Of values was in the direction OF lower prices,
declines in some Of the more prominent issues
running beyond point, and In few stocks
maximum reaching points, with the heaVi-
est loss among the active railroad shares in
St Paul, in which there were signs OF forced
IiolIidation and bear pressure. The movement
IN this security was accompanied by talk of
reduction in the dividend. while sentiment on
stocks in general was depressed as a result OF
the indisCrimiDate and irresponsible gossip that
is now heard regarding the possibility of gen
eral lowering in railway and industrial divi
dends In the industrial list United States
Steel preferred one OF the best preferred stocks
in the market, suffered q decline of points,
but its loss was not due to considerations af-
fecting it's intrinsic worth, selling representing
the necessity on the part of some holders TO
raise cash and pressure by room traders, who
took advantage of the signs of liquidation 10
make a turn on the short side, The regular
dividends on the Hartman stocks helped those
issues to some extent, but the effect upon the
rest of the list was unimportant No effort was
made 10 support the market on declines, though
in ST. Paul good buying was reported at the
low level also in Steel preferred, American
Sugar Refining and Reading. The decision of
the Secretary of the Treasury to recall a small
proportion of government deposits held by
few Of the local banks responsible for
calling of loans 10 a moderate extent and q
stronger tone in the call money market The
premium currency developed an easier ten
dency, foreign exchange was strong and no
further gold engagements We're announced me
Bank of England made no change in its discount
rate but presented improvement over the pre-
ceding week ir its return, the proportion OF re-
TO liability increasing more than per
cent The general market closed heavy, with
prices at or near the lowest of the day. Pitts
burg interests were active sellers. Pittsburg
operators are hard pressed for cash.
Country banks are making heavy calls upon
New York institutions for funds, and the charge
is made by some local bankers that the interior
pyOrbitaut In their demands and
actually boarding money as a result Of unneces-
sary uneaSiness over the general financial situa-
tion. II IS admitted that there urgent re-
quirements to be met IN connection with the
movement Of the crops and the meeting of pay
rolls. but ii is pointed out that in the OF
many interior banks efforts being made to
increase cash resources to extent not called
for by the actual position of the general money
market Domestic exchange is disorganzed
Banks in the West and South, IN many in
stances, have drawn their balances at this CEN
so low that they find II practically impossible
supply New York exchange for mercantile
remittance, and this is working to the injury
of the business community. The boarding OF
money and the Shylock operations Of certain in
terests who are dealing in money at premium
two of the unfortunate features Of the cur
rent situation. but with the increasing arrivals
of gold from Europe conditions doubtless will
develop that will bring to end the premium
on currency, while it is likely the common sense
of the people will return 10 an extent that will
result in heavy redepOSltnS movement with
banks and trust companies Some of the money
that has been Withdrawn from the banks and
trust companies has found its way into the
ings institutions. and It is quite probable the
latter concerns soon will invest these amounts
in securities in which they are permitted by law
TO place their funds, it is not considered gen.
eral advantage will be taken by savings banks
depostors of requests made under the stress of
excitement to withdraw their money under the
sitxy-day notice. The monetary situation while
Y,nf la &c INN and II is confidently
believed that within a few months money VIII
be q drug the market.
The country has a sound standard of value
and II has rich agricultural community ON
these two factors rest the elements of pros
perity, and ii is not conceivable the country Will
20 70 the dogs as long as it has such underlying
strength Prices on the Stock Exchange have
been declining for the best part of the current
year The depreciation in market values has
been enormous and has more than discounted d
reaction in business and the present troubled
financial waters, and just soon money
again begins TO accumulate in the banks there
will be a movement of funds into securities that
viii carry quotations to a much higher level.
Business may be dull for time. but it is not
going to pieces. Retrenchment in all lines is
under way and this movement Will work out to
the benefit of the cOuntry's industries. People
who own good stocks are advised to hold them.
People who have money locked up in safe de-
posit boxes tied up in stockings are advised to
invest IL in stocks and bonds, from which they
will receive big returns their purchases.
There good per cent bonds selling under
par. Attractive per cent bonds are selling
well under par, and the general list OF railway
and Industrial mortgage issues presents bar
gains that may not be seen again in years. Pre-
ferred stocks of representative companies offer
excellent opportunities for safe investment, as.
for instance, Atchiscn preferred, which returns
about per cent: ST. Paul preferred, 5 per cent;
Southern Pacific preferred. Ga per cent: Union
a fp F-gfa rfnn & AplaV Vipn-