New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-21
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

President Roosevelt's Provincetown address.
in which, while reaffirming his determination TO
pursue Iawbreakers. he declared his purpose 10
undertake no action of a vindctive sort ana none
which should infiict unmeritcd suffering upon IN
nocent shareholders and upon the pubic. was
taken by Wall street yesterday as SO reasSurlhs
an indication that the stock market, after carry
weakness and a period of hesitation imiledl-
ately following the publication OF the speech
rallied sharply the last two hours OF business
closing at about the highest of the day. win
net gains much exceeding in number net losses.
The address of Secretary Taft at Columbus WAS
about what the Street had been looking for, as
only faint expectations had been entertained
that he would declare himself as TaVorlnG any
deviation from the policy which the acmlhiSId-
ton has been pursuing in relation TO coIp"i"-
lions alleged to be transgressors against the law
That address had of course, been pubilShed De
fore the opening Of the market. but caused no
general weakness initial prices being at lrreg-
MAR changes from Monday Liquidation soon
set in. however and under the lead OF the trac-
lions the market declined two or three points in
the first hour. nervousness developing as to what
might he said by the President in his address
about TO be pronounced at the Provncetown
celebration.
At the low level there came lul in the trad
ing. and even after the publication Of a forecast
NJ the address, which was speedily followed py
tho issuing Of the text as delivered, the price
tendency was without direction for a half hour
or SO Then the shorts. finding that liquidation
was not resumed and lnferrlng from tl'tI ia''
that the Interpretation generally placed upon
the address was not Of pessimistic sort. began
a covering movement the continuance of which
during the rest of the session was the principal
factor in the afternoon rise The Presidents
recommendations were not different from those
which he has made in previous speeches. and
his earnestly asserted desire not to work injury
TO the innocent in his moves against the offend
ing cannot be presumed to be the expression Oh
a new attitude taken by him, but, as aIready
said the Street argued from the simple fact
that he referred TO his having received so many
raouests for a reassuring utterance that lac was
inclined TO lend ear to the counSelS OF business
interests and the Street took heart accordingly
The London market for American securities
o,,aned weak on Secretary Tafts speech, but
later Improved Exchange on London advanced
hotb in paris and Berlin. the likelihood OF
@,,rthar advance Tomorrow in the Bank Of Eng
lands discount rate being thus diminished; ANA
.tat Fa1ter prospect vas one Of the contributing
causes of the afternoons Improvement IN the
1ocal market Another 100000 gold was on
c,a,ed Tor shipnent to Germany; but TINS en-
,..yo,,en+ was probably also in the nature OF a
e,,eciaI transaction, sterling rates declined
instead Of continuing their advance OF the iaS'
fe,v DAYS and the export movement, II II sh'ilI
no continued is believed likely to be or only
moderate proportions. Rates for time money
continued very firm. and a shipment of $foooo
currency TO the interior was announced
Jnterborough- Metropolitan common touched D.
navy low record, and Brooklyn Rapid transit
declined TO 37A, its lowest figure since the ran
oT 1909 The feature of the curb market was d
dron in American Tobacco common 10 zol' liie
lowest price at which it has ever sold