New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-11
ENLISTED. Tex dividend.
Closing prices Of active bonds dealt in. with
chanCes FOLLOW:
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume movement Of values that
generally tended in the direction of lower quota
lions. Liquidation of stocks accumulated in the
last week in expectation OF better prices and
pressure from the professional element were re-
sponsible for extensive declines in the prom
inent shares. losses in Union Pacific, st. Paul.
AmaIgamated and Reading being particularly
heavy, especially that in ST. Paul which amounted
to more than five points The stocks which re-
Gently were picked out market leaders in the
so-caled Lawson bull campaign suffered moro
than other issues, owing to the weak speculative
following which had been attracted to these Sc
curities by the promise of handsome profits.
Wall Street upset the action of the
government in bringing a suit to dissolve the
American Tobacco combination. 1t uneasy
over the money market situation and nervous as
q result Of the American Japanese war talk.
Sentiment IN speculative circles also was ad-
versey affected by the government crop report,
which made poor showing compared with
last years exhibit at this time, the condition of
winter wheat indicating a harvest OF 634 900 900
bushels, or 100. 100000 bushels less than the yield
Of 1906. Spring wheat figures also were rela-
lively poor. while the same thing may be said
of corn, the percentage condition OF the latter
being placed at S0.2 against S7.5 at this time
last year. Although this report may be consd-
cred bear argument on stocks, 1T is not nearly
unfavorable as Wall Street apparently be-
lieves, and based on comparisons with maximum
the expectation Of final crop that not only will
supply the domestic demand but will furnish an
enormous amount Of grain for export. In yes
terday's decline in stocks were reflected the I'll
advised efforts Of speculative interests TO bring
about bull movement at time of scarcity in
money and uncertainty political and hnan-
cial matters.
Conditions in the local money market do not
suggest the development in the near future OF
easy rates for loans. The demand for accorI1mo-
n from
the requirements OF interests identified with
underwriting syndicates enormous and the
inquiry for gold for Paris account continues
active. These demands come at a time when
bank reserves are unusually low and when spe-
cial financial operations impose great burden
on the lending institutions. In the course OF a
few weeks the movement Of currency will turn
against this centre. owing to the demand from
the interior incident to the financing Of the har-
vests and in. view Of the shipments OF money
which must be made from New York on this
account and the other factors Just ted
the prospect for period OF low quotations for
loans is extremely unpromising. Gold to the
amount Of 81 100000 was engaged yesterday for
export TO Europe, and according to the opinion
Of the best informed international bankers fur
Their amounts of the metal will be sent abroad
before the close OF the current week Gold ex-
ports and the return TO the Treasury OF govern
ment deposits more than offset the money the
federal Treasury IS paying out bond re-
demptions and the chances therefore favor a
poor bank statement on Saturday, while they
discourage the expectations Of an advance In
values on the Stock Exchange. Efforts to gal
vanize the security market into bull affair are
not meeting with the success hoped for by the
element which has been endeavoring TO create
public interest In speculation, and its failure TO
bring about "A widespread buying movement is
due chiefly to the position Of the money market
and not as some people apparently believe to
tho plans of the Washington administration to
curb and regulate railway and Industrial cor
porations.
Wall Street pretends to be alarmed over the
present attitude OF the government in regard TO
the trusts and the filing Of bill in equity with
the United States Circuit Court for the Southern
District OF New York against the American To-
bacco Company is being used by the professional
interests on the Stock Exchange to weaken quo
tations for all securities 1t is not likely. how
ever that investors will become alarmed over
tbe manipuIation of prices or the intention OF
the government to compel corporations TO obey
the provisions of the Sherman antitrust law.
Any CORPORATION that seeks 10 eVade the law Is
not working in the best interests or It's STOCK
holders and the sooner railway ana lhoustrlai
comnanies make up their minds to conduct their
business according TO the governments IDEAS
for the regulation OF corporations the sooner
VIII public confidence in such concerns De re-
stored Before the rate bill went into erect
WI c,reat preached the doctrine OF railroad
bankruntcv but under the operation OF the new
law nothing serious has happened TO the rail-
roads: indeed, railroad men admit that condl-
,iopa brought about by the law working in
Fayor Of greater prosperity among the companies
and better relations between the carriers and the
shippers In the suit against the Tobacco Trust
the government purposes nothing that will in
lure vested rights. Holders OF the securities OF
the American Tobacco Company will continue
IN receive their interest and dividends and the
same thing applies to holders of all corporations
against which the administration intends to
proceed