New-York tribune., 1907-10-10
enlisted
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

The stock market opened lower yesterday. and
on a volume of transactions nearly twice as large
as that of Tuesday continued with little inter-
ruption 10 decline during the session, final prices
being at or nearly at the poorest of the day, and
including such net losses as 31s points in Union
Pacific 33s in Missouri Kansas & Texas, 27s in
Missouri Pacific l Is in St Paul, 35s in Northern
Pacific, 21s in Great Northern. in Reading and
in Amalgamated Copper and 3& in American
Smelling and Refining common London was
once more an extensive seller in this market.
and there were also selling orders direct from
Holland of considerable amount, which led 10 a
serious decline in Missouri, Kansas q Texas.
and which, as tending to confirm the reports of
financial trouble in that country, constituted
factor of unsettlement in the local market. In
London, also, there a good deal or nqulda-
ton for Holland account.
The testimony of Anthony n. Brady concern
ing the transaction in which he returned 10 six
insiders about 100000 out OF the s965.0o0 which
had been paid him by the Metropolitan Securi-
ties Company for the Wall and Cortlandt Street
road was among the incidents to which the
weakness in the stock market can be attributed
a. il naturally tended TO shake confidence IN
suggksting the possibility of similar exemplih-
cations of the workings of high finance in the
affairs Of other corporations As to the Metro
politan system itself, the disclosure had no di-
rect effect on prices which have probably dis
counted such revelations. Interborough- Metro
politan common declined Il point and the pre-
ferred 2A points, but these losses were not out
Of proportion to the declines in the general list
That restitution can be forced of the graft Of
100000 would appear improbable. Mr.. Brady
testified that he sold the property to Mr. Whit
ney, and that several months later he received
the check from the Securities company. The
presumption is that Mr.. Whitney resold the
road to the company, of which. however, neither
he nor any of his fellow beneficiaries was a d.
rector at the time, although II need not be said
that they were highly influential in the shaping
of its policies. 1t would follow, therefore, that
technically they could not be held to account for
violation of duties as trustees for the stockhold
ers Cases are common enough in the old days
in Wall Street of directors selling directly to
their corporations properties in the unloading
of which they made great profits but the Gus
tom is nowadays deemed so dsreputable, and
dangerous as well to the fathless directors, that
il has fallen into desuetude. The laying bare
of a transaction so closely resembling the old
pirating practice is likely TO act as an effectual
deterrent for a long time to come for fnanciers
who fain would gain profit by this form Of hon
est graft"
The monthly crop report had unfavorable
effect on the stock market. while causing sharp
advances in the wheat and pits, both here
and in the West The figures Of the report in
dcated a corn crop of only 2,491 100000 bushels,
a shrinkage of about 50.000,000 as compared with
! the indication Of a month ago and Of about
435000, 900 bushels from last years harvest;
while spring wheat also fell off, although in
! relatively much less large proportion. Europe
I needs American gram TINS year, even DIT nlBn
prices; but materially lessened crops will mean
higher prices also for domestic consumers, and
will mean as well lessened tonnage for the rail-
roads.
Money continues firm, time funds being close
ly held. at rates which have shown no substan-
tial change for several days. and call money
yesterday again touched per cent, with most
Of the days business effected at 5h per cent.
! The banks this week gaining cash in their
! operations with the Sub Treasury, the net gain
: since Friday having been $469000, which com
! pares with loss in the same period last week
! OF 600. There was transferred yesterday
| through the Sub Treasury 100000 TO New Or
/ leans.
Short selling was carried on extensively, but
there was also not little liquidation by discour-
! aged holders of securities Several stocks made
new low records for the year. among them Rock
Island, Pressed Steel Car common, Missouri.
( Kansas & Texas Chesapeake & Ohio, Southern
Railway preferred, United States Steel common
and preferred. Erie first preferred. and American
3 Locomotive common. Missouri Pacific sold down
to 63A. its lowest for many years, on the re-
ported unfavorable statement of the Nebraska
railway commissioner regarding the physical
condition of the property.