New-York tribune., 1907-08-07
STOCK MARKET OPERATIONS.


Until the last hour the course Of values IN
Yesterdays stock market tended toward rover
level under the influence Of active pear pIeS'''4'
and Iquidaton on a light scale for COMMISSION
house account In the final dealings the general
LIST presented p steadier tone. liquidation appar-
emily having run its course and bear uade'S
finding it profitable to cover their contracts pu'
-, closing ouotations showed a long list of net
declines with the heaviest losses in Annalga-
,,,o+o5 Connar ST Paul Delaware & Hudson.
c.raa+ Northern. Northern Pacific. Reading ana
the Hartman shares. Declining values were ac-
cor7panied by an increase in the volume Oh ouSi-
ness total dealings being larger than rec"ruSn
f., many davs while the business was he''eF u4S-
tributed than recently noted, but at the expense
or trices Union Pacific was under especlIly
heavy pressure. also Reading and the 1ilH
stocks and the weakness in these issues hdtu-
rally attracted selling in other parts OF 'he HsI
nv The floor element and was effective IN carry
ing prices in many securities TO stop loss oru'T
li,,,tts which OF course increased the volume
Of actual liquidation. Traders used the same
arguments as on the preceding day-nemely' lhe
standard oil situation and the trouble between
,h, Southern Railway and various southern
states. while in addition rumors of the serious
Illness of a prominent finanCier also were cir
,r;lated with good results for the bears. weak
ness in Delaware & Hudson was helped by re-
norris that after the close Of business certain
disclosures would be made regarding the COM
uanv but the character of these alleged dis
closures when made public stamped them AT
once as nothing more than a part CT the cam
raian which is being carried on against the
stock by certain notorious spectators VINO are
erdeavoring TO make investors sell it An
cient history was rehashed showing certain
mistakes made by the late management but II
was not thought likely intelligent owners OF
Delaware & Hudson stock would part with their
holdings because Of this transparent bear attack
rIpon the property. Delaware & Hudson is
stronger and better managed to-day than ever
before. in its history. The property is in first
class physical and financial condition, and the
stock is a pcttcr purchase now for investment
account than at any time in the past offerings
of stocks yesterday We're taken by good class
Of buyers. and the decline was not an indication
Of any weakness in the general situation. Pass
ing unfavorable factors will not have any effect
on the ultimate value Of American securities
An advance in guilders in the foreign ex-
change market equivalent to about l6J points
in sterling made possible yesterday the engage
rnent Of 100000 gold for Holland account. The
metal was taken in coin and in well Informed
quarters il said the shipment was due to
= demand from interests in the Dutch capital
who were involved in the financial troubles in
Egypt. while it also was said further engage
ments of gold this account would be made
in the course of the next few weeks. Sterling
exchange at present does not warrant the snip
of
to suppose more of the metal will be sent to
the French capital, but it is not unlikely ex-
ports viii be made to other centres, notwlth-
standing the fact that this Is not the normal
reriod of the year for an outward movement
and in sDite of firmer rates for money here
The local banks have gained their opera
tions with the Sub-TTeasury more than HloOo-
GOO in the current week and have not lost on
I the interior movement, but in a few weeks tle
,,o,,ir,- from ont Of town will increase while
v1Tg1pO
coed expendltIres, the result of which VIII be
= falling off in bank holdings ana ElSher faIe'
for loans That there will be no acute dls-
turbance in the money market Is assured by tle
attitude Of the Secretary Of the Treasury toward
II and the power vested in him TO use govern
,,,an+ funds TO relieve stringency- Even II g0lo
exnorts should be made in volume OF "hich
there is little probability. the federal vaults
would have enough available cash 10 heLP ihe
channels of trade. AS the money in the Treas
-, 60 taken out Of trade there is no good
roaeon why It should not be returned TO the
hanks for use in business circles ana the Aldrlch
,,,eas,,re rrovides for this very thing. Bankers
felieve il would be better to begin deposits o.
.o,,,s receipts at once rather than to wait
Cor time when money may jump to prohio-
tive level
,,o,,,b11, there never has been time in the
-" of wall street when there has been such
= ,,oyred absence OF commission house business
Cor publc account. The public has It's money
u Invested In the country's industries and IS
NOT selling the securities it holds but whatever
,,-aiIahIe funds il has being held In reserve
! for some possible emergency or for the purchase
of stocks and bonds at lower prices 1t Is the
oninion Of many careful observers that the ag1-
+ation against the railroads will result in cheaper
,,rices for all securities and that the movement
win be accelerated by the decision OF Judge
lands in the Standard Oil case. the theory
hsinr that investors abroad will sell American
issues and that traders who work on the bear
eide Of the market will be able to force liquida-
,io,, Of long accounts, not only among the small
snoculators but I'm circles where large burdens
arc being carried. Action of Southern states
: against the Southern Railway does not tend To
I increase confidence among investors. me
: Southern Railway has been most important