The daily morning journal and courier., 1907-10-10
FOREIGN EXCHANGE HIGHER

List Down to About Low Aver
 age of Year-Crop Re-
 port and Iron Output.
 Stocks kept sliding down all day. The bears had 1t all their own way and numerous stocks went to new low levels.
 The strain was most conspicuous in the group of common shares of the railroad and industrial class that either pay no dividends or else are limited to payments of or per cent per annum. These have been classed as "cheap." If so, the tendency yes terday was to make them much cheap CT, for the broke all the way from 2 to 1-2 points.
 The Dutch market seems demoral- ized due to overextenslon there is some quarters. The largest direct sales of Amsterdam specialties in years were made. This market had difficult ty in absorbing them even at the heavy concessions demanded.
 The governments monthly crop re- port was not favorable; 1t showed a larger impairment to the corn crop in September than the trade had looked for, indicated yield being 5O,o00,O0 bushels under last months estimate. As a consequence, corn and wheat both advanced aggressively.
 One other incident of the day was the iron trade output figures for Sep tember; they were in some respects surprising. Average daily iron pro duction seems to have run 200 tons above that of August and weekly ca pacity at date is enlarged by 4,000 tons. This means, of course. that trade is not slackening in this coun- try; 1t agrees with the figures pub lished regarding the German iron trade.
 Money was very tight and scarce. The large maturing mercantile loans running through this month have caused some uneasiness, and among industrials the tendency has been to advance rates and demand better col lateral. What aggravated the situation was the rise in demand sterling above 4.S6, coincident with great strength in francs and low Paris exchange on London.
 The testimony on the traction hear ing in New York was further de- pressing influence. To some the influ- encing factors which tended to depress stocks were the testimony of Anthony N. Brady and others at the local trac- tion inquiry, the Interview with Lord Rothschild making a gloomy forecast of the financial outlook, rumors of fur ther reduction in operations by cor porations, and heavy selling of Ameri- can stocks for foreign account. The uncertainty surrounding the monetary situation also caused people to hold off, and very little buying was present to absorb the offerings which came upon the market
 The Western Union annual report again showed that the per cent. divi- dend is barely earned. The decrease in surplus was $S3S, ,466. It cost the com pany nearly $3,OOO,0O0 more to conduct its business this year than it did last.
 Lowest prices for stocks as a rule, were recorded in the last hour, the closing being weak, with noteworthy liquidation in some of the active issues. Union Pacific, United States Steel, Amalgamated Copper, Rock Island and others, were pressed for sale.
 The extreme weakness of American Locomotive, American Car and Foun- dry, and other manufacturing shares, caused many Wall Street people some concern. The new low price of 58 for Locomotive common, which yields over 12 per cent. at that figure, and the g. point decline in Car and Foundry, while due in a measure to selling for Dutch account, was mainly the result of liq- uidation and short selling.
 The full report of Union Pacific to- day indicates a surplus for dividends of S32,S60, ,44S, or Is 1-2 per cent. on the common, compared with the 10 per cent. paid. This does not include $2,- 015, ,962 from the investment in Atchi- son, Baltimore and Ohio and Illinois Central, which bring the total per cent earned on the common to IT. Union was steady for while on failure oi any opposition to the regular ticket al Salt Lake, but it went off later in com mon with the rest of the market and sold to about 12S 1-2, the closing price
 The feature of the Northern Pacific report which attracted most attention was the enormous increase in the cost of conducting transportation. This amounted to S5, 100000. Comparing 19OI -O7 with 19OS-O4, it is found that this item has jumped from $l1,721,505 tc s2O,SS7, ,2SO, an increase of no less thar SS per. cent. in four years.
 The early selling of United States Steel common was thought to eman- ate from the bear party, The first sale' which put the price to 26, included B.. 900 NhaEes by firm which is generally