New-York tribune., 1907-12-18
SToCI. MARKET OPERATIONS.

STOCk MARKET UPEhh1lONo'
Trading in stocks was light in volume
throughout the day on movement OF values
that showed great irregularity, with nna
changes presenting more net losses than gains
In the early dealings the general tendency was
in the direction OF lower quotations. but de-
cIines as a. rule were confined 10 small figures,
with the chief weakness in Distillers. which
made a new low record for the year, the copper
shares Reading, New York Central and Penn
sy1vania. Announcement in the early afternoon
of extra dividends by the Lake Shore and the
Michigan Central directors effective IN IN
ducing a general rally, IN which New York Cen
trail shared TO the extent of more than points,
buying OF the issue being based on the theory
that the favorable action of the Lake Shore ana
Michigan Central companies would be followed
by the declaration Of the regular quarterly rate
on New York Central stock at the meeting of
the board to-day. In conservative quarters. how
ever no enthusiasm was noticed as result OF
the probability OF the maintenance OF the divi-
dend on the per cent basis which was eStab-
lished last January chiefly for the purpose OF
making better market for proposed new Sc
curities AS the New York Central owns the
bulk of the Lake Shore and Michigan Central
stocks, il, of course, Teaps d big benefit from
the extra dividends on its subsidiary lines Sell
ing Of Reading in the morning followed the re-
port that the coal railroads so far had been
unable TO devise any suitable plan by which
they could divest themselves of the ownership
of their mines, as they will be compelled TO do
under the law passed by the last session OF Con-
sress, while sharp decline in New York Air
Brake appeared be due to the fear of a divi-
dend reduction at the meeting of the company s,
directors o-day. In the last hour prices again
developed a heavy tone under the lead Of Great
Northern and Missouri Pacific. the Hill stock
closing at d loss of points and Missouri Pa
cifc at a net loss OF 13s. The borrowing de-
ma nd wa al( all
money advanced to 1e per cent and sterling
change was strong The premium on currency
ruled under per cent and the inquiry was light.
The reason why the United States is able TO
draw gold from Europe is presented in the coun-
trys report of foreign commerce in the month
OF November, figures for which were received
yesterday; also in the report for the eleven
months of the year, which shows total imports
and exports the value Of $3,047I73,743, an
increase over the same time in the preceding
year of s203.178474 and an excess of exports 10
the value of s3S5.405.63s In November the ex-
cess of exports amounted to s93.s55,751, the out
ward movement of merchandise in that time
being heavier than in any preceding month in
the history OF the land, reaching the large total
of s204,444.S6o, a gain over November. 1906, Of
s21,1S9,175. Imports also were heavy, making
the best record for any November with the ex-
cepton Of that month a year ago. from which
there decline of $685. ,234, but the enor-
NOUS shipments of food products, cotton and
general merchandise from the various ports of
this country made the inward movement small
in comparison. There was an increase in eX-
ports of domestic products, such as grain and
cotton. to the value of s17.461,393, as compared
with the corresponding period in 1906 the rest
Of the increase being represented by copper and
manufactured articles This showing ought to
change the prophets of evil TO angels OF prom
ise and increase the confidence of owners of
good American investment securities. II shows
that at q time when needed more gold we
were able secure II abroad in exchange for
products of the soil and of the rnsnufsc-
tories; it ought to prove to the satisfaction of
all people that underlying conditions In the
United States are strong, and that we OCCUPY q
position in the international exchange market
that serves to protect our money market when
the necessities of the situation demand the I'M
rortation Of the precious metal II has been
held in some quarters that the gold engaged
abroad represents foreign loans to this country
but nothing is further from the facts. We mere
~ have been calling in credits. and as
Europe needs grain, cotton and other
things which have for sale there is no
chance Of extinction of the balance in our
favor.
The gold that has been received here from
abroad will stay in this country as long as the
country needs it. When money becomes a drug
upon the market and when changes develop in
foreign exchange and money rates that Will
make il more profitable 10 leave our credits
abroad gold exports from New York doubtless
VIII take place, but there will be forced
movement of the metal TO foreign shores unless
freak legislation is passed by Congress giving
the government the power TO manufacture all
kinds OF paper money against deposits of cot
and ones general goods and chattels. as
suggested by some of the "erudite' lawmakers
from sections Of the country where financial
topics not quite sanely discussed II Mr.
J1rs af,rc nf n ofoft
clustering about, should be adopted gold would
leave the country, but fortunately the people of
the United States as whole, understand better
TO- day than al any time in the history of the
nation the dangers OF Bryanism and other hnan-
cial 'isn1s," and they in no mood to counte-
nance anything that will cheaper our money and
carry best metal which is our real money
TO foreign lands. Money will rule at q stiff level
in the rest of the year. from all Indications but
no further disturbance IS looked for in .hc fnan-
cial markets. though il is not thought likely