The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-10

TUESDAY. July 0.

An not infrequsntly happens In the secur-
Aty market. q time when q recession In prices
was Justified n not absolutely necessitated
b technioal conditions was ooincident to-day
with the publication Of definitely unfavorable
Jews from . speculative point Of view.
For somewhat more than two weeks prices
Of stocks have besn advanced by main
force and largely st the expense Of out
standing commitments for the decline with
little or no warrant for the movement in
the state OF intrinsic financial affairs. Had
1t not been. indeed, for the low prevailing
level OF security prices actual develop
ments regarding the prospective money
situation, not to speak Of other matters,
during this period would have been such
as TO make for q further decline in market
valuations. As it " a the thoroughly sold
out state Of the market rendered 1t rela-
lively easy for spectators to advance
prices, and In this movement they undoubt-
eddy received a certain measure Of bank
ing support for reasons that " now al
most ceased to be operative. Yesterday
there were plain sigDs that manipulation
for the rise had reached a point where
its conduct was becoming difficult. and
there is little reason to doubt that sven IL
the news to-day had been Of nc especial
Importance the decline In prices that set
in yesterday would have been continued
at an increasing rate Of progress. But in
a-nnouncements that In and Of themselves
were SUFFICIENT to bring about . selling Of
stocks. IL was made known that tho
u.I---I n-----~A-N L. A.Ak -
it's prosecutions hereafter under the Sher-
man antitrust law, proposed to ask for
the appointment Of q receiver for the COM
panies whose acts were complained Of snd
that a request Of this character would be
particularly made in the proceedings to be
brought within a day or two against the
American Tobacco Company. In a private
lawsuit In tho United States court in this
city the court held in a preliminary ruling
that the merger Of the marlborough and
Metropolitan passenger transit systems was
on the face Of things such a transaction as
brought the combination within the pur-
view Of the statute against monopolies.
Further, the newly formed Public Service
Commission ave evidence Of its activities
in the PRONUNCIATION Of a large number Of
orders to local railway corporations nj
other concerns. From the West came
stories OF pending Indictments in the Fed
eral courts Of various officials Of the Union
Pacific and Southern Pacific railway sys-
TENS. and it was also 'rumored that the re-
port Of the Interstate Railway Commission
regarding the recent investigation by the
commission OF the Hartman ines was soon
to be made public.
All this suficed to-day to bring about a
continuously weak stock market. Opening
quotations for stock were from half a point
to a point lower than the declines at which
they closed yesterday and although the
market rose on various occasions IL quickly
sold OF each time and in the last hour OF
business developed extreme weakness with
the result Of showing a fall Of from two to
i've points in many Of the active stocks
from their high prices Of yesterday morn
ing. Right at the close Of the Stock Ex-
change session prices advanced briskly
under what was obviously q taking ofprofits
by bear" operators, so that final net losses
for the day were reduced. In addition to
the budget Of adverse factors with which
the market had to contend from the
outset the happenings during the day
were not Of a helpful nature or at least
hob commonly ~ AVb1toOoH N tiaAb
fer of soOO. 900 was made through the sub
Treasury by the local banks to San Fran
CISCO and calculations showed that pay
ments Of SIS. 600. 900 would nave to be made
tomorrow by financial institutions here
about upon syndicate subscriptions and
through the return Of public money to the
Treasury. In the afternoon b long ex-
announcement was made that sev-
eral at least. Of the large copper COM
panies had reduced thep price Of electrolytio
to "a cents and Of Lake copper to
23 cents or slightly below this figure ac-
TO the grade Of copper sold. In
we'll informed quarters the only reason
whatever for holding this cut in copper
prices as an unfavorable market influence
was that the reduction was q little in excess
Of what had been commonly anticipated.
Tho substantial factor concerning the
action taken by the copper producers is.
however. that it finds the copper consuming
companies so bare Of supplies Of the neces-
sary metal that contracts for the purchase
OF copper on the basis established must
necessarily be large during the remainder
OF the year. 1t il we'll known In the trade
that the. quantity OF copper in the hands
Of the consuming companies ia almost
owing to the long abstention
the copper market which these com-
panies ave praotised; and there is no
but that the leading copper pro-
ducers could II they had desired have
held copper prices oil the old level for a
very considerable time to come. A wise
however. dictated the latter course
and at the level Of prices fixed to-day larger
profits are we'll nigh assured for the copper
concerns. taking the year as q whole.
were gathered in 1900.
New York Stock Exchange sales. June q.