New-York tribune., 1906-06-30
STOCK MARKET OPERATIONS.

tcCrA tAeANS
days stock market. with resultant sharp de-
clines which in many instances amounted to
more than . per cent. High grade issues as
rule suffered more than the cheap stocks, nota-
bly, in the case of the Hill shares, St Paul,
Reading Pennsylvania. United States Steel pre-
ferred and the Copper issues. Selling in these
securities represented in great part operations
of interests who We're compelled to convert their
holdings INTO cash, including fire insurance COM
panes which paying off loans contracted at
the time of the San Francisco fire The decline
OF United States Steel preferred TO below par
and the heavy selling pressure in the common
stock, which reached low level for the
year. were factors in attracting activity on the
part Of the bear element throughout the list.
while inducing the throwing over of securities
by people who for a long time had maintained a
firm hold Of their possessions in the hope of an
upward movement in quotations. The decline
has run to an extent that has weakened many
recently strong accounts, compelling what prac-
tcally amounts 10 forced liquidation. Follow
ing the announcement that 100000 gold has
been engaged for import. there was brief rally
in stocks, due to covering of shorts. but re-
newed pressure again developed while in the
last half hour Of business greater activity was
reported on the selling side than at any time in
the Gay, with the result that last quotations in
weakness
the foreign markets was something of a factor
on the local exchange. encouraging the nresent
"eA organized bear party 10 prosecute with
greater Vlgor its campaign against values while
an ADVANCE IN call money 10 6 per cent which
was que entirely 10 preparations incident to the
July disbursements and the call by the Secre-
t2ry OF the Treasury for SlOGO0OO0 govern
ineht deposits also served to accelerate the SELL
ing movement.
<10eo-ulLg 10 the known movement OF money in
'he week the local banks have gained a triae
over s-'ooVD in their cash holdings. the in
crease being due to receipts oe new gold cur
'ehcy from San Francisco and a general move
Inent OF funds 10 this centre from the interior
On their operations with the Sub-Treasurv the
c4earlng House institutions suffered a loss In
clcatlons point 10 a large government excess OF
receipts over expenditures for the fiscal wear
eHoIIg Today but in July federal treasury dis
"U'Se4Lehts VIII as usual be larger than re-
0e-pls' which will benefit to some extent the
money market though there will be an offset to
lAlS ny the withdrawal of S1ODDOOOO govern
thent money from depository banks The course
OF the money market in the next few weeks will
be watched with extreme interest in Wall Street
ana IN the event of a period OF easy rates there
INDY oe much stronger market for securities
particularly as prices for the greater number o4
06DreCl3tiOn
recent weeks. bringing quotations in MANY
shares 20 a level which has attracted consider
able accumulation by substantial financial in
terests Wall Street will breathe more freely
after the adjournment of Congress- but specu-
lators should not deceive themselves with the
icea that the dissolution of our lawnakirg body
means cessation of efforts on the part Of the
administration TO compel corporal tons to obey
the law Apparently it is a difficult matter for
Wall Street 10 recognize the fact that good will
come from the Roosevelt campaign against COM
panies which observe no laws save those of their
own creation but eventually it will be found that
the credit and good standing of American in
Vestment securities have been strengthened by
the factors which spectators are now using as
arguments for lower prices
Unfortunately. Wall Street has many hazy
IDEAS regarding the character scope and mean
ing of current attempts TO root out evil from
corporations the belief even prevailing in some
quarters that American Industrial prosperity is
being attacked. this being based perhaps on the
absence of public demand for securities Natu-
rally. investors are somewhat timid about buy
| ing stocks and bonds under present conditions
but when the corporate housecIeaning has been
completed, when all graft has been eliminated
from our railroad and industrial concerns and
"hen there is no longer any indication of weak
| spots In the management of American corpora
uohs there will be widespread demand for
securities not only from the United States. IT
| from foreign investors as we'll rhts house
oieaning is proceeding rapidly. Things are being
put IN order and confidence will soon return.
wan street says that there VIII be a tremen-
oous railing OFF in our exports Of provisions as
result OF the scandal in Packingtown Doubtless
'he shipments Of general provisions ia the cur
rent month nave declined while July results also
may be bad but this VIII be far better than the
. continuance OF conditions which eventna,,Y,
would damage our great meat industry to an ex-