The Washington herald., 1907-11-24
WALL STREET NOTES
Strong Opening and Advance
Continues TO the Close.
PREMIUM ON CURRENCY ENDS
Normal Financial Conditions EX-
pected In Very Near Future-Indus-
trial Dividends Declared, Banks
ReOpening, and Factories Resum-
ing-MarSet in SoId-Out Condition.

New York. Nov. &.-The market to-
day presented a strong front At the open
ing and maintained it TO the end. The
shorts were taken completely by sur
prise. the more so as there was no very
tangible reason, 80 far as any Of them
knew, why the whole market should be-
come aggressiveiy strong on the one
day in the week which they thought
least likely TO be selected for that kind
of 4 demonstration.
They attributed the change largely 10
the visit OF two prominent New York
bankers 10 President Roosevelt. but
curiously enough they had no very defin-
tie theory as to what the visit had been
arranged for or what it had accom-
plished. There was enough mystery
about the matter. however, to make them
uneasy. and the vigor with which prices
went up certainly did not tend 70 assure
their feelings. There was every indica-
ton OF large short interest in a sold
out market.
Outside Of purely speculative circles the
view was expressed that most inn
portant factor had come into the situa-
ton in the practical cessation Of the
buying OF currency at a premium. It
was said that currency quotations had
become almost nominal and that even
these would soon disappear altogether.
The demand had ceased with the making
up OF the weeks pay rolls and normal
conditions were expected to prevail within
the very near future.
In some quarters IL was said that the
issue Of government notes had, in its
sentimental effect. accomplished what had
been expected 20 come from the actual
increase OF circulation based upon it
the stamping out Of the premium on cur
rency that increased the boarding Of cash
instead of reducing it,
Quite ii few matters Of substantial
market import have occurred i'm the past
few days without attracting the atten-
ton that was sheir due. the street being
too much absorbed in consideration Of the
many unfavorable rumors that had been
brought out by the weakness in certain
securities to notice them. Items Of real
news did not lose tht.r ultimate force
because disregarded at their first appear
ance. and their combined effect was great
er to-day than could have been the case
had each at once received the attention
that IL merited-
Industrial dividends had been declared
without change. mills and factories that
had closed down either reopeued or made
preparations to start UP ON Monday,
closed banks were resuming. savings in
stitutions which had taken advantage OF
the thirty-day rule had begun 10 pay out
to those who had not cancelled their
notices Of Withdrawals and wage pay
mentS In Pittsburg. instead of showing
a great falling Of really showed large
Increase. All Of these facts afforded tes-
timOny that the crisis IN the business
affairs OF the country had passed
No part Of the $30.OOO. 900 common stock
purchased about three years ago by
Union Pacific interests was ever turned
over TO the Union Pacific Railroad If
such a transfer was ever proposed there
was change OF plan. and these inter
ests.' after making IL known that they
had bought the stock, proceeded 70 sell
il out for their own profit
There never was definite assurance that
more than this had az any time been IN
tended. and IN the fall OF 1905. aided by "a
/
I dend rate would De Immediately raised
from a { per cent to "a per cent basis
there was very heavy selling from some
quarter, while the street bought the
stock with enthusiasm forcing the price
mp 90 HOB. The 100000 preferred stock
which had been bought by the same in
terests' was turned over 10 the Union
Pacific. but for a long time e has been
believed that a very successful market
operation was conducted In the common
stock mainly by means Of an opportunity
that chance had thrown In the way Pos
siSly the stock has only recently been
delivered. but even this would hardly
change opinions rs to when it was sold
Since the declaration of the regular
dividend on National Lead there has been
less disposition than before TO doubt the
semiohcial assurances that the forth
coming dividend on American Smelling
and Refining viii be declared at the reg
ular rate The sort Of reasoning used in
arriving at the more hopeful conclusion
/ is that rs both companies are controlled
by the same interests the confidence in
the outlook for the future which deter
mined the course OF action I'm the one
| case may suffice for similar liberality ia
the other.