New-York tribune., 1907-11-13
STOCK MARKET OPERATIONS.

Stock market values were weak in the greater
part Of the day on a volume of business that
represented profit taking sales and professional
pressure. the latter being based on the absence
of any general speculative demand for securities
following the Improvement reported IN Mondays
trading and on the passing OF the Parrot Cop
per Company dividend which with the recent
postpCnement of the American Cotton Oil divi-
dend and the suspension at this time of the
North American dividend foreshadowed 10 some
minds similar action by other industrial con-
Germs. Further engagements Of gold for import
also used by the room element reason
for lower prices, on the theory that they would
lead TO acute financial trouble abroad. which, Of
course. would be reflected IN the local market.
American Smelters off more than points
on selling from various sources, the decline
being accompanied by talk of lower dividend
and statements in well informed quarters that
the directors Of the concern at their next meet
ing would place the common stock on a cheaper
dividend basis as the result OF the stringency In
money and an expected falling off in the demand
for consumption There is no reason to suppose
that conditions affecting the business of the
American Smelling Company are materially diff
ferent from those that have compelled the Anal
gamated Copper Company TO reduce its divi-
dend. and a decision by the Shelters directors
make smaller payments to stockholders would
be in line with conservative tinanciering. Union
Pacific declined more than points while
throughout the active list maximum losses ran
from l to per cent. Baltimore & Ohio furnish
ing the chief resistance TO the downward ten
dency. Reading also made a relatively good
showing. The demand for money continued
active and further large amounts were shipped
TO the West The premium on currency was
strong, due in great part TO the necessities OF
payrolIs which made up on the 18TH.
In the last two weeks bonds 10 the amount Of
about $70,000000 have been deposited with the
federal Treasury security against new bank
note circulation and the Treasury Department
t- tir,,a n, it- affo
demand from the banks throughout the country
with money, Notwithstanding the reports re
Gently circulated that the fiscal institutions en-
titled TO take out circulation were not exercising
their privilege to an extent warranted by tinan-
ciaI conditions. The National City Bank, Of this
city has secured an additional S1000.000 bank
note circulation, making $3000,000 by that con-
Germ alone since the movement began. National
banks in all parts Of the United States are max
ing every effort 10 take out new circulation and
are increasing their supply OF funds from this
source just fast as they can obtain the neces-
sary collateral. In addition to the Increase in
national bank note circulation IN the last few
weeks there has been large gain in govern
ment deposits with national banks, current de-
posits for the account Of the Treasury. now
standing at $226, ,S36.237, compared with $175,-
SlO573 one month ago, while the banks have
benefited by gold imports to the extent Of more
than $52 900, 600. with the prospect Of further
help from abroad. though indications suggest
about at an end !Or the present 1t is thought
probable the Bank IF France win send some of
the yellow metal to This side Of the ocean, but
fortunately the situation in this country has i'm
proved 10 a point that will permit generally
easier conditions without continuation Of the
gold movement Exports Of domestic products
in the month OF October. the figures Of which
were received yesterday, amounted in value TO
S9994S,449 a slight loss compared with tho
corresponding month in the preceding year, but
a gain over 1906 and it is thought probable the
full report Of the countrys foreign commerce
for October which will be issued Friday, show
ing total exports and imports, will present a
considerable excess Of exports over imports.
while for November current signs point toward
an even more favorable exhibit.
II is not unlikely railroad earnings in the rest
Of the year will show some decline from the
large totals reported in the same time IN 1906
as the monetary stringency already has cut
grain and general merchandise traffic IN the
West Competent observers of the situation.
however do not look for reduction in the vol
lime Of traffic that will general readJust-
r1cut Of dividends to q lower level, though 1t
IS believed that in certain cases where dividends
in the last year have been paid out on reck-
less scale lower distributions will be found i'm
perative. Preferred stocks are practically in an
inpregnable position while many common
stocks will be able 10 stand the pressure of
long period of hard times without suffering a
cut in their rates. Money affairs in the past
always have recovered quickly from the effects
of panic, and there Is no reason to suppose that
the present instance will supply exception.
especially as already tremendous Improvement
has been recorded in the situation. The tech
nicaI position OF the stock market is strong, and
II soon ought TO be reflected in a higher range
Of prices Stocks have passed from weak to
strong hands, and If there should be further
iiurries on the down side OF speculation the
ry,C,r ulPr vii 10 bpl he