The Washington herald., 1907-11-13
WALL STREET NOTES
Gold Importation Adversely
Affects Local Market
SMELLING AND COPPER OFF
Declines TO Accept Tip on
Reading Securities and Cables
Market Considered HenIthfuI, De-
spite Adverse Conditions Abroad.

New York, Nov. 12-It was not for the
best interests Of the street that the trad
ing was unduly stimulated yesterday by
the story of ar engagement of $l5.0J00OO
gold in Paris for importation TO this
country. for the unwonted activity and
test of strength soon told upon the mar
ket which suffered the natural reaction
just as soon as the effect of stimulant
had worn off Unless the movement OF
sold soon ceases it is the opinion in fnan-
cial circles it may cause such unsettle-
ment Of the situation abroad as must
react seriously on conditions at home.
The first stocks to betray weakness
after the early squirt in the market were
American Smelling and Refining and
Amalgamated Copper. the first being az
fected by the general expectation that the
next dividend would be declared at re-
duced rate, and the second suffering
from the suspicion that a good deal of
the metal sold within the last few weeks.
instead Of going into consumption. had
merely passed into the hands Of a specu-
lative syndicate, to be held until re
yiyal of business created a better market
for it. The passing Of the dividend on the
stock OF the Parrot Mining Company.
subsidiary of Amalgamated. eXerted a de-
pressing influence on the latter, stock.
London was favored with the tip 10 buy
Reading. but sent back word IN reply 10
the intimation Of an extra dividend that
il was believed increased dividends and
increased wages were two things that
American railroad managers would not
IA in IA 60
Rumor grew tired Of her familiar Union
Pacific strain, and struck a different
chord. The discordant Jangle descriptive
OF the plan to segregate the assets Of the
company gave place 10 a melodiOus and
seductive melody. the burden OF which
was that two prominent fnanciers-one
of them a banker who took a prominent
part in the formulation Of measures for
the relief of the financial difficulties
couple Of weeks ago, the other one Of the
leading members of the Standard OIL
group Of capitalists-wOuld hereafter ex-
ert great influence In the direction OF
Union Pacific affairs, and that as soon
as normal conditions were restored, a
new chairman OF the finance committee
OF the Union Pacific board of directors
would be appointed 70 succeed Mr. Har-
riman, who. however, would continue 70
act both as a member Of the committee
ana as president Of the road. Under the
influence Of this, the stock rose 20 a
higher level than IL had before touched
for some weeks past. but the price after
ward fell back In sympathy with the
break in Smelters and the general in
iuences which checked ;he incorporate
enthusiasm with which this market had
opened.
The suspension Of couple Of out-of-
town banks ana rumors of financial trou-
bles in Europe exerted a depressing in
fuence on sentiment. but it had 70 be
conceded that market that had held up
under the influence OF these, and Of the
heavy decline in Shelters and Amalga-
mated Copper, was a fairly husky kind
Of a market everything considered.
Notwithstanding the tendency toward
ease IN the call money market, there is
still an almost total absence Of funds for
time loans, and II is said that as much
as Is per cent has recently been offered
for a ninety-day loan on all industrial
collateral