New-York tribune., 1907-05-26
STOCK MARKET OPERATIONS.


Trading in yesterdays stock market was light
in volume on a movement of values that gener-
ally tended in the direction of lower prices The
element that includes certain interests whose
operations a par with the methods en-
ployed by hold-up men are training their bat
teries of false rumors and INSTRUMENTATION
upon the entire list and it believes that it will
be able to scare investors out Of stocks and thus
bring about materially lower range of quota
tons Investors who sell at the current level
ought 10 offer themselves as candidates for the
mad house There is nothing the matter with
intrinsic values and the fact that small investors
ere buying odd share lots and are locking their
purchases in strong boxes reflects that though
the public is not an active factor in speculation
1t is quietly buying for investment account An
enormous amount of stock has been taken out
Of the market in this way IN the last two months
and the locking UP of these securities will be an
important factor later on when conditions be-
come more favorable for an upward movement
The greater number OF securities c. csed heavy
despite the publication of a good bank state
ment, the chief losses being reported in Amalga-
mated Copper, American Smelters St. Paul
Consolidated Cas- Erie Great Northern, North
ern Pacific. Reading. Union Pacific and United
States Steel. In these issues the loss generally
ran more than point.
Weekly bank statement changes showed an in
crease in cash Of S5.S51, 100 and a gain in the
reserve above legal requirements OF 81 261, 200,
that item now standing at S15,6SS,S75, COM
pared with S6,694. $50 at this time a year ago
and S11. .465,S 800 in 1905 Bank reserves are at a
point that encourages the expectation that un-
less the Secretary Of the Treasury withdraws
some Of the government money in depostary
banks there will be moderate shipments of gold
from New York to Paris. Gold exports under
present conditions will not be a bear argument
on stocks. though the bear element doubtless
will parade the movement good reason for
the sale Of securities. The very fact that the
United States is IN a position to send gold
abroad and by doing so can relieve any tension
that may exist at the French capital IS a strong
bull argument on financial conditions here We
have the gold and we can afford TO send some OF
it abroad. and If there should be exports no one
ought to become excited. 1t is not likely that
Paris will want more than 50 100000 or perhaps
S1OO0OOOO. and if that centre actually needs
the metal shipments from here, by helping the
Paris situation, will indirectly help the fnan-
cial situation all over the world. Any disturb
ance in money at Paris or London would have
an adverse effect on other markets, and hence
anything that may do to prevent disturb
ance in Europe will have a favorable influence
on the markets in general. The Secretary of the
Treasury has the at his command to
prevent stringency at this centre. and that he
VIII exercise his power in the event OF a scarcity
of funds doubts. But the chances do not
favor any stringency at present Money doubt
less Will rule at relatively easy level through
out the summer
Trade conditions as reported by the CONNER
cial agencies present nothing upon which may
be based a pessmtstic view of the future
There has been check TO certain lines owing
to the unfavorable weather conditions and a
tendency in other lines 10 go slowly. but in the
Industrial field IN general there still remain all
the halmarks OF prosperity. Railroad earnings
continue heavy, returns for the third week in
May now coming to hand making excellent
with the time a year ago.
when traffic receipts were breaking all preced-
ing records. Missouri Pacific makes of the
best showfngs for the third week. increasing in
gross $SSO00 which brings the gain from the
first Of the fiscal year to S3S29 454 In view OF
all the mournful stories that recently have been
heard about Missouri Pacific this showing is
especially gratifying. Delaware & Hudson
which party Of bear spectators are endeavor-
ing TO injure in the eyes Of investors for specu-
lative reasons showed an increase in net earn
ings In the month Of April of about SSOOOO
following a gain In the preceding month of
100000, the gain outside OF the coal business
being in the neighborhood OF II per cent. Della
ware & Hudson is a good stock to hold and if
manipulators succeed in carrying 1t lower
holders need not assume that there is anything
the matter with the property. AS a matter of
fact. the Delaware & Hudson company is in a
stronger position to-day than ever before in its
history. and under the new regime the chances
are earnings will increase and expansion will
take place along conservative yet up-.o-dats
lines.