New-York tribune., 1907-07-30
STOCK MARKET OPERATIONS.


Immediately after the opening yesterday. prices
receding sharply under the exertiou OF heavy
selling pressure originating both here and in
London There were rallies subsequently, but
these were of short duration, and with few un-
important exceptions the list became more and
more reactionary as the trading progressed. The
tone was thus uncertain or weak throughout
the day. In the late trading selling was par
tcularly aggressive and confident. traders
gaining assurance from seeming lack of sup
port, and the customary rally covering by
professional shorts lacking at the close.
Canadian Pacific Colorado & Southern, Chesa-
peake & Ohio and Missouri, Kansas & Texas
alone of the speculative railroad stocks offered
sturdy resistance. The close showed the others
at or near the low price Of the day, with the
heaviest losses in those which have been most
prominent in recent market movements.
The money markets at home and abroad and
International money movements were princi-
pally productive of the bearsh sentiment on
which the selling was based. In the early part
of the day developments which traders con-
strued unfavorable came out cumulatively.
There was decline In British Consols TO new
low record since 1913; bar gold advanced in
London in resistance to Paris bidding for the
metal; the Paris check London declined,
and the Bank Of France let it be known that
its offer to deposit gold against engagements in
this city remained open. In logical sequence to
these foreign developments the foreign
change market opened strong here, with de-
mand sterling 10 points up at rate cOnsid-
cred by many bankers permitting the out
flow of gold one engagement of 100000 for
Paris account was made without materially af-
fectng the foreign exchange market Opinions
differed to the extent Of the outflow on this
resumption OF the gold export movement, II,
indeed. yesterdays engagement is to be fol-
lowed by others. but there was concurrence
IN the belief that the situation made exports
in considerable amounts within the possibilities.
Call money rates hardened very little a
suit Of the engagement, but firmer tone was
noted in the longer time money maturiteS. a
bearsh deduction from the money situation
was also heard In the argument that gold ex-
ports were the more unpleasant at this time on
account of the moderately low reserve relative
10 that in corresponding weeks OF preceding
years, reported last Saturday by the Clearing
House banks.
Very little attention was paid to the decision
of Justice Mccall in the Consolidated Gas case,
that stock even selling off 21s points. on the
other hand, the selling movement was undOubt
edly accelerated TO some extent by the outcome
Of the Haywood trial and the compromise in
North Carolina between the state and federal
authorities. Other factors Of reactionary infu-
ence were a recurrence Of reports regarding II.
H. Rogers's health, unfavorabe private crop re-
ports from the Northwest and an interview in
which a representative Of one Of the leading
copper producing companies declared that the
copper metal market was dull with but very lit
tie demand. The crop reports were apparently
reflected to some extent in the declines OF pa
points in each OF the Hill stocks. Reports of
Mr.. Rogers's condition Influenced some selling
of St Paul Amalgamated and Anaconda, and
the two latter naturally depressed by the
reported duness Of the copper trade In the
latter connection a revision Of copper prices at
the Metal Exchange to new low figures for the
year also attracted some attention.
With particular news adversely affecting
Union Pacific that stock scored the heaviest
loss Of all the active speculative shares. Par
ticularly was 1t weak in the late trading, the
last sale being the low sale Of the day and
making net loss Of points. The closing price.
143lb It was recalled. below the price at
which 1t sold when ten days ago publication Of
Union Pacific and Southern Pacific earnings
gave the initial impetus TO the speculation OF
the intervening period. It's pronounced weak
ness yesterday and seeming lack Of inside sup
port prompted the interesting question as to
whether not the support manifestly rendered
many times last week, had now been with
drawn. Southern Pacific in n brief rally, sold
at one time up to 919s, new high record for
the year. At the close, however, it also was
weak the last sale showing a net loss of Ia
points The trading was largely professional
and the volume, less than 100000 shares much
smaller than many days last week