The daily morning journal and courier., 1907-11-09

GOLD ARRIVALS HELP The Big Corn Crop-$2, OOO,-
 900 More Gold-To-d days
 Bank Statement.
 The stock market improved yesterday feeling the good effects on the financial situation of the imports of gold ana prices rallied well, but fell off .llttle near the close over the news that the bank statement summary for to-day would be held over until the market closed.
 The inflow of European gold to this market will only figure very moderate ly in to-day's bank statement. This is because the first arrival of $S,O0O,00O did not reach the treasury vaults until Wednesday.
 The advance in the minimum rate of discount of the Bank of Germany yes terday from 1-2 to 7 1-2 per cent. att tracted less attention than usual be- cause of the fact that such an advance was regarded as a foregone conclusion when the English and French banks put up their rates.
 Both the gold arrivals and the fact that serious trouble in industrial lines still failed to come to light helped the market The local currency premium was a trifle lower.
 The rise in the Bank of England rate drew gold from the continent and some contributions were made by Berlin. The German monetary position has been a strained one-for a long time past and the German banks as a whole are in no position to lose gold, hence the pretec- tive measures taken by the Imperial bank of Germany.
 In Chicago and Boston yesterday, Swift & O. sold at S1 and S2, little gain; Diamond Match at 114; Boston Parrot, 10 1-2; shannon, 10 1-2; New York and New Haven at 1S0.
 American shares at London, before our market opened, softened little, but there, was no real weakness. The dealings here largely centered in the stocks that have been the main points of interest for some time. Union Pacific was most prominent and next to it came the United States SteeDsecurities U. s. Steel common and preferred ad- yanced, but weakness showed in Steel sinking fund 5s on liquidation repre- senting bonds given in exchange for Tennessee Coal and Iron stock, which under the agreement of sale, were sub- stituted as collateral in loans previous ly secured by T. c. I. shares But the money thus obtained was evidently be- ing retinvested in other bonds and in stocks.
 While the earnings of the company are more than ample to maintain the dividend, directors of the North Ameri- can company have deferred action on 1t temporarily. They .have/ adjourned to meet again in a few days. The reason given for the postponement of the div idend is the financial situation and was set forth in an official statement by the company
 Lehigh Valley gained point yester- day, selling at 54
 The premium on currency Is reduced enough to suggest that it will disap- ' pear altogether as soon as all the gold . now under engagement or on the ocean 2 reaches this country. Call money was supplied more freely than at any time ' in the last two weeks, loans of this character being freely made in the af- E ternoon at 6 per cent.
 The contention that if our bankers < did not stop their raid on foreign gold &supplies, Europe would retaliate bv X selling our securities, was certainly not borne out by anything that happened yesterday. On the contrary, foreign houses bought our stocks on balance in E face of the announcement that over $3, ,OO0, 900 additional gold had been se- cured in London yesterday morning. Band in face of a renewed decline yes- terday afternoon in rates of sterling exchange.
 The deposit of $S,0OO,0OO in North western banks by the Hill roads is ex- pected to expedite the movement of grain, and any increase in receipts will, of course, be reflected in the busi- ness of Northern Pacific and Great Northern, which are essentially grain Parrying lines.
 When Union Pacific stock did not < act as traders thought 1t should-2O, ,OOO Bhares were bought without the price being advanced-the report was spread hat there were "matched' orders in he market. It was said, however, on he other hand, that John w. Gates lad been a heavy buyer of the stock esterday
 Interest was aroused yesterday by tatements of bank stock specialists # hat there is an increasing demand for hat class of security. Bids are quite
 umerous for round lots of 25 and 50 hares. The recent great slump in in- ustrial and railroad securities was re- ected in the bank shares as well.
 Although some traders said the mar ct was largely sold, traders were gen.