The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-18

SATURDAY.. Aug. II

~ SATURDAY. Aug. II.
UpIto the time Of the publication Of the
bank statement thSre was Btaeto distinSulsh
tp-day's stock market from that OF other
recent days, but toward the end a sub
s~tantIal Improvement set In which In the
case'of many active issues not only wiped
out early losses but left closing quotations
above last nights ina prices. In every
case the last quotations were practically
the highest of the day. and covering Of shorts
seemed to be actively in progress when the
session ended. The markets abroad were
generally weak. American stocks being
quoted almost without exception at declines
in the London market, and in greater degree
many of the issues like Rio Tinto and De
Beers. favored by Paris. we're depressed on
account Of Continental selling. TIL weak
ness in London was reflected here at the
opening in a generally lower level Of
quotations, declines in many active issues
like.Smelters. Atchison, Canadian Pacifioe
~Isrookiyn Rapid Transit and Southern Pa
Cihc extending to a point or more. and
willis a slight rally Immediately followed this
was short lived and gave place to a sharp
decline at the end Of the first hour. more
the result of renewed operations for the
fall than Of a further outbreaks OF liquidation.
selling OF the latter class being as a matter
Of fact notably absent all through the ses-
sion. On the appearance of the bank state
ment, which was better than expected.
showing an increase In the surplus reserve
through the reduction of loans and deposits
on account OF the liquidation in the stock
Aafket. the shorts became eager buyers
of stocks. more nervousness being shown
.o.~-x rrh,t xot0ht he BALLAD .sha wal in
formed bears than among the small pro-
fessional operators. who. usually even up
their trades. over the week end. Discussion
regarding the character Of the speeches 70
BE delivered by the President and Secretary
Taft in the coming week were sufficiently
varied 10 suit all tastes, hut il is doubtful
If it exerted much influence or the trading.
Thu most notable event Of the week from
a financial standpoint was the increase in
the Bank Of Englaadp .disSount rate indi-
eating unsatisfa Glory money conditions
abroad. while next In Importance was She
failure Of the POPE Manufacturing Company
on account Of its inability TO borrow money,
at a time when it was doing an enormous
and highly profitable business. The i'm
portance of the la tier occurrence was
greatly eSh ggeratea IN the Street and gave
rise to many disturbing rumors regarding
other conqegns, while as a mattsr OF fact.
the failure had hardly any more s~ieniEeanee
than the aepointnsent; of receivers a few
weeks ago for the Millikcn Bros. steel
concern as a'Iesult OFFS conditions in the
money market fRat should be thoroughly
understood by TINS zine. The sale Of New
York city 4 Ter cent. bonds o the curb
at a discount Of 3 Per cent. was not relished
by dealers ip investment securities. and
the decline in the prices of the stocks Of
some of the underlying companies of the
ACKNOWLEDGEMENTS company. as
well as in the bonds and stock of this COM
pany itself. induced a recurrence of the
stories of an alleged intention to bring about
a resdjustment Of relations between the
local traction lines. Fears are entertained
that the Public Sc rvice Commission will
force the companie s to make Improvements
which will not bring in additional revenue
to compensate for the OUTLAWS. -