New-York tribune., 1907-08-16

Stock market values made further losses IN
the first few minutes Of business declines run
ming from 70 points. but at the low ieNeIS
support appeared in all parts of the list followed
by active covering operations which gradually
carried prices above the closing figures Of the
preceding dav In the afternoon the tendency
continued upward and at the end OF the uaE
there was a long list of net gains with the chie'
Improvement in the Hartman shares. the nm
issues New York Central. United States Steel,
Reading American Sugar Refining. Atchlson'
ST Paul, Canadian Pacific. Interborough-M Metro
politan preferred and Pennsylvania. An1aiSa-
mated Copper sold low % and closed AT
6gEs American Smelters on the early break
touched 90 and ended at GAS, Union PacIhc
broke to 1o0Is and recovered TO 126l2, Great
Northern declined TO ia and rose 70 11S24. and
Steel preferred 70 911s aud then up to 81 These
movements were among the more important IN
the days market and reflect the general course
of prices. which continued strong TO the close
last quotations being az near the best wall
Street heard that the Presidents forthcoming
speech at Provincetown would carry words of
reinsurance TO the financial community regard
ing the governments attitude toward the
corporations. alleged extracts from the docu-
ment being posted in various commission
houses. and naturally spectators short OF
the market made haste To cover while there
was 4 fair amount OF buying for the long ac
count by commission house customers in the
leading active issues. The fact that all sheets
went through the Clearing House was another
influence that encouraged buying by the pro-
fessioral element. while the unexpected decision
OF Mr. Morgan to sail for home also served 10
create a more cheerful sentiment, as il was be-
lieved his return meant support from Morgan
interests The volume OF business approached
100000 shares. and only a trifie lighter
than the preceding day
In advancing lis rate of discount the Bank OF
England serves notice on other financial centres
that London does not intend TO lose any Of its
gold without making an active effort to keep H.
the marking up of the quotation being especially
significant. it comes at a time when our ster-
ling exchange shows signs of growing strength
In Yesterdays market the price of sterling adj
vanced - points. The Bank Of England made
a good showing in its weekly return. its percent
age of reserve liability rising to $3.50, COM
pared with .J007 at this time a year ago, when
il may be recalled. the discount rate was 3l2
Der cent against the current rate Of Al. per
cent The British bank IS strengthening its
position and taking a precautionary measure IN
placing its minimum rate higher level. In
the local market time money Is high, but call
funds are relatively cheap, owing TO the lquida-
ton that is taking place i'll the stock market,
and the chances favor low quotations IN TINS
department CT the market until the active de-
mand from the interior develops, unless there
should be an immediate outbreak of bull specu-
,ation of which there appears to be no possl-
bjlity The break in stock values mas bfoughI
some money TO this centre for investment puf-
noses but the volume or buying on tnlS dCcouhI
has not been heavy, outsiders have their
funds we'll employed in the channels OF trade
and show no disposition to withdraw them ior
stock market purposes, despite the ATTRACTIVE
prices at which the greater number OF securities
arc selling narticularIy such issues as st. Paul,
Manhattan Elevated United States Steel pre-
ferred Amalgamated Copper, American Sugar
Refining Northwest Great Northern and Union
Pacific United States Steel preferred Is selllhs
N a level that returns more than Z per cent
md n is recommended by careful ankers as a
solid investment purchase. American sugar he
6niny also is well thought of, owing To tle
splendid record made by the company IN the
past az a dividend Garner
IT is possible to throw investors into a panic
by suggesting that the industries of the country
win 60 to pieces because of efforts to reform the
corrorat tions and to bring them under govern
,o,t regulation in the interests both of the pro-
ducers and the consumers, Of the carriers ana
the SINNERS 1t would be a good thing there
fare for all concerned IL current wild talk that
/ 10 hoard in Wall Street could be senced. There
is no intent on the part of the administration 10
do aDyrbira that will upset confidence in busi-
ness circles and the current condition Of our IN
/ dusfries reflects no uneasiness the part of
! merchants and manufacturers. Laws already
pa ssed affecting corporations have brought good
results Laws that will be made at the next
session of Congress will not drive the corpora
| tious out of business. Investigations that have
been made. by the Interstate Commerce Com
| mission and prosecutions that have been con-
Quoted under the Elkins law have not injured
tho country's commercial or financial life. nor
/ will such movements come damage underly-
ing conditions Hasty words by Attorney Gen.
eral Bonaparte viii not carry our business