New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-08
STOCK MARKET OPERATIONS.

Declining values on the Stock Exchange
fleet Wall Street ideas certain unfaVorable
factors In the general situation which have no
characteristic of pernanency. Selling IN great
mart represents the operations of the profess
sional traders, whose sales nevertheless are
based on theories regarding conditions which for
the moment are making for lower quotations
throughout the list of active and inactive is
sues In the midday dealings yesterday prices
were denoralized under the influence of genuine
liquidation and aggressive attacks by the bear
element, and though there was partial recov-
cry before the close, due TO covering by the
shorts, the majority Of stocks showed heavy
declines as compared with the final figures Of
the preceding day. the losses being particularly
large IN Arnalgamated Copper, American Srnelt-
ing, Great Northern, marlborough Metropolitan
preferred, Northern Pacific. Reading, Southern
Pacific and Union Pacific. The last named issue
was extremely weak. at time selling points
under the final figure in Tuesdays market and
closing at a net loss Of - and at a level about
10 points above the low record made in the panic
Of March IA. Union Pacific interests did not
appear to be worried over the course OF the
stock, but In speculative circles it was thought
the position Of the Union Pacific insiders had
been materially weakened. particularly the peo-
pie who are carrying the Union Pacific convert
ible bonds which be exchanged for stock in
the COS, more than 90 points above the cur
rent quotation for the latter. Amagamated
Copper hammered on the strength Of loVer
prices for the metal in the local and foreign
markets and on the practically demoralized con-
dition Of the trade which has arisen through the
deadlock between producers and consumers, but
on the decline both in Amalgamated and Ana
conda there appeared 20 be good buying orders,
though no attempt made TO support their
prices.
Commission houses reported liquidation for
the account Of interests that were able to
vfve the March declines; also selling by people
who frightened by the trouble between
the corporations and federal and state govern
ments. This selling naturally induced agrees
sive efforts by the professional traders TO push
prices down far possible, and the opera
lions Of the latter were materially helped by
the complete lack of active support from the
so-called substantial interests. TIE big men
of the Street are so heavily inv sed in under
writings that they have money TO use in
speculation, and bank reserves so low that
little assistance can be looked for from the
monetary institutions, except at high rates for
accommodation. Both time and call money
were higher yesterday, call funds advancing to
6 per cent. while every indication in the money
market suggested further advance in rates in
the near future, notwithstanding stock market
liquidation. A few houses reported investment
buying on the decline. but such operations were
small in comparison with the purely speculative
transactions and as a rule were for the account
Of small investors The mere fact however,
that people with moderate means were willing
70 buy good securities ought to restore conf
dence. Apparently the big men are more
r-,gbtened than the ten and twenty share lot
b1,yers but this is not unnatural, In view of the
tremendous obligations for which the first
named are responsible Total transactions IN
stocks Yesterday were in excess OF 100000
shares the heaviest dealings since May -,
Union Pacific Reading. Amalgamated copper
and United States Steel common supplying the
larger part. United States Steel showed great
resistance to the selling pressure and closed at
| q not loss of only q. Missouri, Kansas & Texas
Was the only active stock that ended at net
gain
| Wall Street is not panicstricken over the
action of Southern states against the railroads
an the South nor does It intend to go out Of
| business because of the Standard on fine. but
I'm high banking circles uneasiness has developed
as a result of the extravagant agitation against
cornorations by politicians who probably believe
their methods of attack VIII strengthen their
nosition with the public. Wall Street believes
| Tho ideas of President Roosevelt are in the In
terest of corporate reform, and the men VINO
at enc time were opposed to his policies now
Endorse his views regarding the federal regula-
ton of transportation companies and industrial
concerns but they are alarmed over the attitude
IF olitcians In certain states who, they believe,
actually are working against the best interests
of the people. One of the most prominent bank
ers I'm the Street holds that the present agita
tion by states against corporations VIII have a
serious effect upon business conditions In this
country, and ne maintains there soon will be n
plethora Of money in this city owing to possible
trade reaction as a result of the camgaign
against CORPORATIONS. His ideas doubtless
based on the purely Wall Street point of view,
hut they are worth considering nevertheless, as
they contain suggestions that ought to appeal
TO every business in the country. Notwith-
standing Wall Streets uneasness over the fut-
ure there IS nothing in the trade situation at
present that warrants the prediction of disturb
sv,y Of he VI mt