New-York tribune., 1907-08-15
sTTnlisted
STOCK MARKET OPERATIONS.

According to the Wall Street expression. .+h
broke wide open in yesterday iiiSi -;
the heaviest declines in the last houF Va -
ness when losses from the closing hsures u 1'-0
-1~aco6irg dsv ran from > TO points IN the az
tive issues In the last few minutes there Mo
a moderate rally on buying by the slioi - -
final figures were at net declines OF IIoi!l -
noin+s the heaviest sufferers being A~liias ~
mated Copper which at one time soid at "o34'
American Shelters, Brooklyn Rapid transit
Canadian Pacific, St. Paul, Delaware q f1uueJI
the Hill and Hartman stocks, the inter
MetrOpolitan issues, New YORK CehIdi' ~
sylvania, Reading and the United states Steel %
shares In many parts of the list the selling
pressure was heavier than in Monody otedh'
while there was less support than noteo on
that day when il was thought IN some quarters
the decline marked the end of the doWn"dfo
movement Opening prices were only at trac-
tional changes from Tuesdays last quotations.
but in the subsequent morning operations tie
general tendency was toward a lower ieVei
though the decline was not great, While business
was rather inactive. When II became known
that the Pope company had gone into receivers
hands general selling movement set ln' oased
on the theory that other failures would follow IN
the commercial world for the same reason that
carried the automobile concern down. namely
= lack of working capital and refusal by the
banks TO renew loans. The fact that the foolish
talk that President Roosevelt would DO some
thing to help the market was not followed by
any announcement from oyster Bay also encour-
aged activity the part of the professional ele-
ment on the short side Of the market, its opera
tions reaching stop loss orders on stocks pur-
chased Tuesday in expectation of d further rally
in prices Foreign selling and strength in the
foreign exchange market contributed TO the
weakness. advance in sterling rejecting for
eign liquidation of American securities.
Bond houses not doing enough business to
pay expenses, but they believe there will be
slackening in the country's industrial activities
in the course of the next few months and that
a large amount of money will become available
for in the bond market. Just at present
there is no indication of the development OF any
thing approaching business depression, but there
are signs in some lines of a Quieter tendency
and a disposition on the part of business men to
proceed with greater caution though in this
there is little chance of the release of any great
amount of money. Liquidation in stocks may
help the money market, but for the next few
months firm rates must be expected. notwith-
standing probable government deposits and a
supply of bankers finance bills. High rates for
money do not encourage activity on the bull side
OF the stock and bond market. but the fact that
bonds are selling at such attractive level
ought TO appeal to people who happen to have
funds available for investment. Good per
cent bonds may be obtained to yield from Az to
> per cent, while there some issues of the
second grade that return at current quotations
more than > per cent. a comparison was made
yesterday Of the prices OF twenty-five leading
bonds with the level prevailing at this time in
1905, showing that in the two-year period there
had been gradual decline or approximate tely y
per cent. and compared with this time in 1906 a
decline OF 5S1 per cent. AS the railroads OF the
United States not going into bankruptcy,
despite Mr.. Rockefeller's alleged pessimistic
predictions and the Wall Street idea of govern
rnent confiscation of corporations, there is no
safer investment in the world than the mortgage
issues Of our standard transportation companies.
Wall Street is glutted with securities for which
there is at present market. but these issues
not losing in intrinsic worth, and of
will along and rplpva
the congestion.
Conditions affecting Wall Street sentiment are
fearful the speculative mind concelves,
and outside the Street there is evidence of
uneasiness over the general situation. Even in
yestors throughout the country are not, as a
whole, alarmed at the decline in securities val
ues- There has been little investment liquida-
ton in proportion to the number Of stocks and
bonds in the hands OF the public, while there
has been moderate amount of genuine buying,
particularly for the account of people of small
means. The chief selling has been of specula-
by interests who have been compelled TO sell in
order to protect their heavy commitments and
by interests who have been forced 30 tighten
their burdens, TO say nothing of short sales by
the purely speculative element. Wall Street is
accusing the administration for its troubles 1t
is rather singular that the President gets the
blame for conditions n the Street that are sim
liar to those prevailing in all the financial capi-
tails of the world. Probably before long the
local speculative community will accuse the.
Washington administration Of being responsible
for the worldwide scarcity of money and the
ove-2roduction OF securities at home and
abroad; also for the great losses by fires and
earthquakes. all OF which are contributing
factors TO the stock market disturbances In New
York and European cities. Perhaps too the
President may be blamed for the insurance
scandals and financial juggling by many cor
porations which have caused selling Of stocks.