Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-07-11
F|NANCE,COMMERCE
AND STOCKS

New York. July l0.-DhC rapid de-
cline in prices of stock today was quite
generally accepted as a rcadjustmcnt
from IN artificial level established by
The mantpulattvc tactics. Ncrious oc-
frurrcncea were cited as weakening IN
nucnces ON the market. but the con
ViCtion remained that these We're inn
polling Causo toward N abandon
s.spt Of q futile campaign for a rise
rather Than amy dccp-seated incentive
to liquidation ia the ordinary sense.
Banker and even stock eommis-
sion houses are numerous which nave
deprecated the uutimclincss of Ia re-
cent operations to advance prices ana
go attract a ralblic Interest in stocks
but the persistence and the strength
of the operations carried a certain
amount of conviction with them. h
campaign was carried up to the very
threshold of today's severe money re-
uuircmonts with apparent @unconcefu
and heedlcssnoss of the warnings
which nave been common in the Wall
street district ever since the adNcy-
ti7cmeuts designed to further the PROF.
Jcct began 60 appear. n whole pro-
icct seemed 90 be abruptly abandoned
today and half To- tWo-thirds of the
gains which have been more than
two weeks iu establishing were sur
rendered In a. few hours. Paul,
which was reserved 10y The speculative
lcadorship-for their last resource. after
being forced up Ia the face of yes
tcrday's selling pressure, naturally was
the most acute sufferer today. Union
Pacific Reading, Amalgamated Cop
per and the Hin stocks came next i'm
The order In which they have figured
Ina tho operations of the manipulatOrs
of the market. Some special weaknc a.
iu Union Pacific was attributed to
tho poor subscriptions reported to tho
new convertible hond issues. A con.
verse statement of the case was also
heard. that the subscription period for
the bonds having expired. the sup
port of Union Pacific for t-heHpurpoSc
of adding TO tho attractivcucss of the
un was mo- longer maintained.
Subscription warrants for ST Paul new
stock also fen back iu proportion to
the fam in the stock itself. The
squeeze In The money market, came as
was expected, and was, indeed, inev-
liable with the withdrawal today of
government deposits from the national
banks.
Tho small number of subscriptions
Co the new bond issug naturally eascd
tho demands for money. hut the rec
turn or deposits in 10 the suh-treasurN
depleted supplies To- SUCH an extent as
Go ruu the money rate up Go $ per
cent quite early I'm the day. The Ming
oi ihe governments suit against the
American Tobacco company and the
stated purpose of the New York pub
Tie utilities commission 60 probe tho
local traction merger served TO keep.
alive The sentiment OF apprehension
over government activities against
corporations. The reduction iu the
price of copper also was an unsettling
influence and another decline in
prices at the New York metal eN-
thHul. kept alive uu~caSincSs over the.
stability of the market. The govern.
mrnt crop report offered mo- help to|
stocks The first report ON the years
crop was uf e poor showing the
Improvement Doe condition of winter.
wheat WAS less than was hoped for.
and ihe falling off in condition of
spring wheat was unfavoruble. Clos.
lue stocks :