New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-09
STOCK MARKET OPERATIONS.

otock market dealings were made up in great
part OF the transactions OF the professional ele-
nent' commission houses having few orders for
the public on either side OF the account Prices
after exhibiting hesitapcy at the opening de-
clned in the remainder of the day under the in
huence of realizing sales and pressure from the
room clement the latter operating for lower
quotations on the theory that In addition to
technical reasons the absence of outsiders and
the unfavorable position OF the money market
warranted decline. Irrespective of the bull
points put forth by those anxious TO bring
about higher level of values In the last
fortnight the stock market has enjoyed marked
Improvement, but the interests that are
endeavoring to make Union Pacific convertible
bonds attractive by pushing the price of the
stock up have received no announcement from
the public, and at it's present quotation Union
Pacific stock falls far short of the conversion
price The decline yesterday may have marked
the elimination Of the upward movement or il
merely may have represented a pause in the
bull campaign. but it is. certain that the
ease with wpich prices yielded and the unwil-
lingness Of commission house clients to bid for
stocks on concessions brought a sorry disap-
pontment to. those who working over
time in their efforts to dispose of their under
writing commitments at attractive prices St.
Paul and Amalgamated Copper. which the
Lawson specialties, were the only issues among
the active shares to show resistance to the
ton. and were among the few stocks of the gem
eral list that closed at net gains In Atchison,
Great Northern. New York Central. Pennsyl-
vana, Reading, Southern Pacific. Union Pacific
and United States Steel net losses ran from q 10
more than point. The Hartman shares were
under especial pressure. and the idea that the
bond Offering. far subscriptions from
present stockholders are concerned. would be
failure naturally served to attract bear attention
to the security. Foreign houses were sellers,
their operations being based money market
conditions at this centre. Trading narrow.
and at the close exceedingly dull, while senti-
ment was far from bullish over the Immediate
course of values.
In spite Of firm rates for money at this centre
gold to the amount Of 100000 was engaged
yesterday for export TO the French capital,
while according to foreign bankers. further
amounts Of the metal would be taken in the
course Of the week Evidently the demand
abroad for gold has not been satisfied. The
Bank Of France is accommodating big gold sur
plus ut the expense of the United States but
fortunately this country is not in a weak fnan-
ciaI position and send the metal TO Europe
without the operation being accompanied by
serious disturbance in the financial markets,
provided speculation on the Stock Exchange
does not run riot There is large amount OF
money in the country but the sum available for
speculative purposes is small. owing 10 the
fact that business activity throughout the
land is keeping funds actively employed In
commercial enterprises; also that substantial
supplies Of the circulating medium are TIED up IN
transactions connected with the vast output or
nev securities in the last six months In sat
urday's Clearing House statement the reserve
Of the associated banks was figured out by the
average system at a level only slightly above
the limit allowed by law, and while 1t Is prob
able the actual position OF the banks was bet
fer than shown by the statement conservative
financial interests did not consider II strong
enough to warrant extensive commitments on
tho long side OF stock market speculation
Nevertheless, vigorous efforts are being made to
drive the public into the market II the pupllc
decides to use its idle cash. assuming 1t has any,
In sneculation il will be confronted with the
nrosnect of stringent rates for loans, "h1ch as
,,eual will operate against the preservation Oh
margins. - :,
Mr. IAwson's ideas on the general SITUATION
ara well worth the attention Of investors Sc
curities are still at an attractive lever as IN
yestment purchases and the market ought 10
aYreal TO people who can afford to buy outright
as the course Of money In the next Few
rnonths will not affect their accounts. but buy
ing stocks on borrowed money may not turn out
so proftably. Opinion in the Street is consid-
erably divided over the probable results OF the
Lawson campaign for higher prices 1t is also
divided over the chances of important success
NV the interests behind Union Pacific in trying
10 make q market for the new Union Pacihc
convertible bonds, particularly as the STOCK
shows in its market movement a total lack or
public support. Stock markets can be lacked
up by the force of manipulation, but such move.
ments generally end In disaster