New-York tribune., 1907-08-17
ENLISTED. TEX dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Stock market values were strong in the morn
ing under the influence of further covering Of
shorts and some buying by commission houses.
but in the afternoon the whole market went TO
pieces renewed selling by the professional
element, which took advantage of technical con-
ditions rather than basisg its operations out
side factors, though some traders advanced as
argument for lower prices alleged sum
mary of the speech which Secretary Taft will
deliver at Columbus next week. Persons who
thought they knew what the Secretary of War
would say declared his remarks would bring no
encouragement to Wall Street and that ne would
condemn Mr.. Hartman and the whole Wall
Street system" The advance on THURSDAY was
due IN great part 10 buying by the shortS- ana
the exhaustion of this buying power yesterday
responsible for the renewed attack upon
values, which effective in carrying prices
I! for the leading issues to points under the
early high figures, with net declines of from TO
2Ib points A few issues ended at net advances,
but as q rule they were relatively inactive
shares. Interborough- Metropolitan being the
chief exception. AIlis-C Chalmers common and
preferred unusually active at the expense
of their market value on rumors regarding the
financial position Of the property, which were
officially denied Ali sorts of reports regarding
corporations and individuals were supplied the
Street. and in some circles 1t was believed that
hack of all the smoke there was some fire and
that the troubles Of the stock market would
bring forth failures in the financial district
Many persons in Wall Street are inclined
TO take a most pessimistic view OF the current
situation i'm the financial community and though
their ideas are exaggerated there is, OF course
reason for encouragement over the constant at
tacks upon values and the generally tied up
condition Of many OF the larger interests
Low prices for securities have not attracted a
public speculative demand. though there has
been some buying for investment account. Com
mission houses advise the purchase OF STOCKS
for quick turns. and operations OF this charac-
ter will prove profitable for the experienced
trader who can follow the market every minute
but for the ordinary outsider who has MS own
business to watch this kind OF transactions
are not popular, as the quick turn generally
ends in a loss. The only active buying al the
moment comes from the speculative element
short of stocks and from strong financial inter
ests who buy whenever there are indications Oh
manic their purchases coming on the market on
every rally Factors making for sustained
advance in prices are wholly lacking. This does
not mean that conditions underlying the actual
worth of securities do not warrant better quo
tations but il does mean there IS no genuine
buving power and money available Tor the
rromotion of an upward movement The DlS
/ reonle are heavy holders of securities both old
and new for which they are anxious to ma a
market at higher prices, lnaSmuch as at current
feures their accounts show heavy losses. while
the amount of stuff they are responsible lot
in underwriting svndicates makes them money
moor And the public won't help them out Talk
of the enormous savings bank accounts COMING
into the stock market sounds well, but IL siiouu
he horne In mind that these great deposits rep
resapt millions of small accounts. placed. in
nine cases out Of ten, by persons who feel saler
with their 80 or 1 per cent interest than theE
would with their money in stocks and bonds tha'
WELD much more. The stock market proEdpIy
will have to get along without the assistance OF
savings bank depositors
According to the known movement OF money
i'm the weel, the local banks have gained in caSh
inward of s4DOp0o due in great part TO receipts
of new gold which offset excess shipments OF
currency to the interior. To-days bank state
,,art NAV show in reserve some improvement
o,ar the return of week ago, as II IS aSsuiileu
.bera has heen "A big reduction in loans, nut IL
s. NOT safe however. to count on a gam as tte
S1eeOoesp payment the Southern racine
stocl and the S12 400.oo0 payment on the Union
Pacific convertible bonds may figure 10 Il CON
sidera BILE extent in the statement Iherc mas
been nothing in the course of the money Ihsrhe'
i'm +ba last few days that has suggested a ma
,arial addition to bank resources Ithe money
Was firm Yesterday. while sterling eAcHdhse
again was strong under the influence or an
urgent inquiry for remittance against maturing
loans Loan bills We're scarce DEMAND rd'eS
rose II points and cables 80 points. the strength
in the latter rejecting the urgency or reIiittelS
IN settle obligations abroad There mas DeeI d
comnlete change in the foreign exchange market
=, Tho last two weeks and instead of the prop
,bilit, of gold imports the situation at Tie ho-
,,opt favors fsrther shipments of the metal
from here
nncpIcaN SECURITIES ABROAD