New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-10
STOCK MARKET OPERATIONS.

Further li0uidation Of long accounts and ag-
gressive transactions on the part OF the opera
tors who are working for lower prices were re-
sponsible for sharp declines in most parts or the
list in Yesterdays stock market. Last quota
tions showed some Improvement from the low
points but presented. nevertheless. a range or
values under the final figures OF the preceding
day. and in many instances prices cheaper than
those recorded In the panicky March markets
Intense uneasiness was reported in commission
house circles over the evidence of weakness
among so-called substantial interests. and much
OF the selling was based on the unwillingness or
inability of the larger operators to support the
market at q time when good buying was espe-
cjalIv needed. Heavy selling for foreign ac-
count weakness in American securities ABROAD
a violent break in the price Of British consols
and depression the Paris Bourse were factors
that encouraged selling pressure mere ana IN
tensi6ed the bearish sentiment that was noted
in all parts of the financial community BRUSH
consols sold at the lowest price since 1919 AS
these securities are considered the premier issue
of the world their present price naturally causes
rneasiness in speculative and banking quarters,
hut the fact that the decline represents little
more than liquidation for Berlin account ought
to bring some reinsurance to the London ana
New York markets. In Amalgamated Copper.
American Smelling. Canadian Pacific, st PAU,
the Interborough-M Metropolitan securities, New
York Central and Reading final losses were more
than point. while in all the active issues
maximum declines much heavier. The
=
pressure throughout the day. and various ru-
rnors were heard regarding the property in
Guiding that the dividend on the preferred
stock woeld be passed, this report finding many
believers, owing to the poor earnings OF the
company, in comparison to its capitalization and
the need of large expenditures on the property.
| On the curb Standard Oil stock declined on
| light trading.
According to the known movement of money
| in the week the local banks have lost more than
| 100000 in cash holdings, due in great part
| to heavy shipments of currency TO the interior
| Though the crops will be late this year, owing
to the bad weather in the early part of the sea-
son. the interior movement of money for crop
! purposes has begun at about the usual time,
| and though the harvests will be smaller this
| year than in the last two years the shipment
| of funds to the West is larger in volume than
! recorded In recent past seasons. In addition to
| the demands incident to the gathering and mar
! keting of the harvests there is an inquiry from
| merchants in all parts of the country and in
| terror banks are calling New York for funds
J at a time when reserves at this centre are I'M
usually low. In tO-day's bank statement the
weeks heavy liquidation in securities may be re-
nected in a big reduction in loans. and in that
event the loss in cash may be offset to extent
| large enough to prevent a material reduction
! in the reserve above legal requirements, but the
condition of the money market, nevertheless,
does not indicate a favorable Clearing House re-
4 turn. Money rates have been growing stronger
! throughout the week, especially time commit
ments, and the prospects favor high quotations
| in the rest Of the year, assuming there is no
! material setback in the countrys general bust
| ness II there is a slump in trade large
| amount of money viii be released. and ii will
find its way to Wall Street. but from current
indications in the business world there is no
| chance of ANYTHING more than d healthful reac-
/ ton in our industries. Trade reports received
| Yesterday by the commercial agencies showed
sound conditions throughout the land but a
| tendency on the part Of mercantile interests to
! proceed with greater caution The copper mar
1 ket is somewhat demOraliZed as a result of the
| deadlock between the producers and the con-
slImers but this is not a sign of trouble in the
general business world
| COMPARED with crop conditions at this time
| a year ago and month ago the situation In the
/ agricultural community is not favorable, though
| there is no TO suppose there will be a
scarcity of grain large enough to cause trouble
! among the farmers. The latter will have less
| grain to sell, but that which they have will
| command good prices. The governments
/ monthly estimate of crop conditions shows
| drop in corn of more than two points against
| six points from this time year ago. Spring
wheat in percentages presents big decline from
| the July figures. while oats also make q rela-
| lively poor showing The governments figures
| do not tend to increase confidence among the
operators who anxious to bring about higher
prices for securities. August Rs rule has been
a bull month on the Stock Exchange but the
| chances of any extended upward movement In
/ the current month are extremely poor, If not
altogether impossible Stocks cheap, how
1 ever, and ought to be purchased by people who
have enough money to buy them outright