New-York tribune., 1906-06-26
.Unl.r-ed. Tx dividend.
Closing prices Of active bonds dealt in, wit
STOCK MARKET OPERATIONS.
changes, FOLLOW

Quotations for stocks opened at declines as
COMPARED with Saturdays last figures. while in
the greater part Of the day the tendency was IN
the direction of a lower level with the greatest
weakness in the last hour. when, under the in
huence Of heavy liquidation, sharp losses were
recorded throughout the list Selling pressure
which came from the professional element, was
effective N bringing out considerable stock from
commission houses sales Of the latter c-ass evi
IDENTIFY being for the account OF operators wv
for = number Of weeks have been holding tIle-I
securities in the hope of the development OF a1'
active upward movement. The bear element al
rreser7t IS well ORGANIZED and II is taking aoVah-
tace Of every opportunity 10 reduce values. yes
terday-s selling being based in part on reports
~ he formation OF q steel company 70 fight
the United States Steel Corporation and on eNl-
dence of further activity il the Washington cam
rai-n. AGAINST the railroads and other corpora
tions which are supposed TO be violating the law
The senate adopted a resolution requiring the
interstate Commerce Commission to make an in
vestjeatien of the elevator and grain buying
ana forwarding business to ascertain whether
railroads grant special privileges 10 certain cor
porations Notwithstanding easier rates for call
money and weakness in foreign exchange which
brought sterling near 70 the gold importing level
traders were not disposed 10 take these factors
into account as market influences, especial
~ as there was no indication Of support on
The part OF banking interests Interborough-
Net-opo!itan sold 70 Is. losing for the day ~.
while other prominent weak features in the
active list were TIE Copper shares, Colorado
Fuel. the Hi stocks. Reading. Union Pacific. St
Paul Brooklyn Rapid Transit and American
Smelters. While cali funds were weak. time
money was 6rnler
Notwithstanding bear activity in the current
stock market. fundamental conditions are sound
and operations for lower prices are based more
on passing unfavorable speculative influences
than On the actual condition Of the coun
t-y's trade. The element however, which is
working for lower prices is pleased 10 assert that
while there is az the moment no indication Of
change in the position Of the nations industries
factors ara gradually working toward that end.
and that IN the course Of the next year there
VIII be marked reaction in all lines of business
This idea IS based on the belief that the wave
Of prosperity has been running so long in one
direction thar II soon must change its course
and that with the approach II the Congress cleo
tiors in the autumn and the agitation over the
plarks which will make up the next national
platforms Of the two parties, including, perhaps
tariff revision. there viii be a tendency on the
part Of business men 70 restrict their operations
and disposition on the part Of buyers in al
lines 10 wait for lower prices. Quotations for
stocks. prices Of commodities and the general cost
OF living are higher than ever before in the his
tory of the country and. together with the ner-
vois tension under which the business world has
been laborng IN the last year suggests to the
bear operator adequate reason for his expectation
Of gradually. declining market for stocks and
bonds And the argument that with Stock Ex-
change values a. their present level and with the
market flled with new issues OF securities for
which underwriting syndicates have been unable
20 find purchasers there is little incentive on the
part Of the public 70 operate is also used by the
bear party as excellent cause for working for
the short account ARD, of course, the activity
OF the government IN the matter Of proceeding
against corporations which disobey the law in
duces tinaidtty on the part Of investors this
factor bringing further Joy 70 the people who see
big profits n pounding stock market values
Notwithstanding the array If bear arnr1ani-
ton, there is 20 uneasiness among interests who
ere enoeavoring 70 preserve the stability of af-
fairs IN the country, and while investors auite
naturally are unwilling 70 buy securities pend
ing the elimination of corporation abuses they
recognize the fact that the present so-cal!ed
agitation against badly managed concerns
eventually viii tend 10 increase the intrinsic
merit OF ali American investment Issues II the
crops fan II the iron and steel business goes 10
/ pieces. II railroad earnings decline and hank
! clearings fan of; IL anarchy stalks about the
! laHo and II the government goes to pieces then
investors viii have cause for alarm: bur no in
oleauons OF such developments are present In
he current situation Perhaps an adjustment
OF values IN all lines 20 lower level would be Of
I great benefit 70 all markets. and II speculators
/ OF natural events succeed in bringing about
cheaper values IL viii afford long looked for
opportunity among careful buyers 10 invest their
money proftably The foreign ma rlse,~ stiu sh,,,
signs OF disturbance a. a resri, -, ,ha ,-,.-ai