The Washington herald., 1907-11-10
EUROPE SEEKS GOLD
London Tries to RecOup for
Metal Sent to New York.
UNION PACIFIC IN DEMAND
hensOn for Good Buying Somewhat
OF Mystery, bur Distribution of
securities Held by the Company Is
Most Plausible ExpIanntiOn-Gen-
eraI Outlook shows Improvement.

nc" ioIA, nov. Ill transactions IN
stocks were less than 100000 shares and
changes in prices OF the active stocks
were utterly trlhing.
There appeared 70 be a little pressure
10 sell in certain quarters. such as in
the Canadian Pacific and Mexican Cen
tral shares; but the amount OF stock
thus sold WAS small.
The European markets were. FOR the
most part, again depressed under the in
huence of matters on this side OF the
Atlantic. having relation, chiefly. TO a
continuation OF the demands Of our bank
ers for sold. Three million dollars more
were withdrawn to-day from the Bank
OF England for shipment to this side
although the bank managed TO partially
recoup itself by the purchase of 100000
in gold in the open market
The chief topic OF gossip during bust
ness hours was the threatened strike OF
the employees OF the Calumet and Hecla
Mining Company. because OF the reduc-
ton in their wages that has been or
dered. Ii may be doubted whether news
paper dispatches to-day on this point
were accurate.
Employees Are Favored.
There are no labor union organizations
among the Calumet and Hecla's men. and
these employees have long been the most
favored individuals OF the kind in the
country. They have almost invariably
received wage somewhat higher than
the prevailing market rate, while other
benehcences showered upon them by the
company have been of an almost extrav-
agant character
The men in the past have shown them
selves 20 be fully aware OF their good
fortune. and IL will prove very surpris-
ing II they object To q curtallment OF
their pay, based on such obvious grounds
OF Justice as exist in the present case
With the practical disappearance from
the scene as financial factors of the az
falrs Of the trust companies that have
been under fire and of the uncertain status
OF the pool holdings of Tennessee Coal
and Iron stock. attention in Wall street
now converges upon The situation abroad
and upon the rapid contraction Of indus
trlal and commercial business that is
going on in our own land. on both OF
these points more hopeful view is com
ing 10 prevail
Europe VIII Need Money.
As money rates here decline. as they are
bound 10 do now within short time. our
bankers viii probably ship back to the Eu-
rcpean banks some Of the gold that was
perhaps unnecessarily withdrawn from
Them and the higher money rates that
have prevailed in Europe as the result Of
the depletion OF bank reserves there Will
accomplish the same beneficial result
abroad as they have here in inforcing a
needed slackening OF business activity
Regarding our own land. the feeling in
Wall street at the end Of the week was
that the business letting down was likely
10 Doe sharper and shorter than has hither-
10 been thought likely.
While there appeared TO be no let-up
in the good buying of Union Pacific. there
were Indications of resumption OF bear
ish operations by some OF the specu-
lative interests which for months past
seem to have been entirely unable TO see
anything in the market except on that
side. The reason for the good buying re-
NAMED a mystery. for while most of the
traders attributed it 10 the probability Of
an early announcement Of the plan to
give the stockholders the direct owner
ship OF the securities now in the COM
pany's treasury. nowhere could anything
at all cOrrOborative of this DE found ex-
cept IN the single circumstance that there
was absorption of the stock by interests
which would be likely 10 have advance
Information in regard TO that matter
Possibly a less picturesque reason theory
might come nearer stating the actual
facts.
There has been for some weeks past a
good deal OF discussion as to the posi-
bility OF a reduction in the rate Of divi-
dend on the stock SO strongly has the
expectation of a reduction been enter
a.,fv 4
doubt whatever that il has resulted in
heavy short selling, and it was probably
the basis Of predictions made some weeks
ago that the stock would drop below par
and stay there. The time for action on
the dividend is now near at hand. and il
is extremely improbable that any change
will he made. The rise in the sock may
largely represent the retreat of the short
interest.