New-York tribune., 1907-04-14
enlisted.
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.


discovery" that the winter wheat crop is in a
serious way, and as a consequence operators In
stocks who favor the bear side of speculation
are exercising their activities lines that are
calculated 10 make a few people believe that
something actually is the matter with conditions
underlying the intrinsic value OF securities. In
yesterdays dealings no difficulty was expert
enceG in bringing about a materially lower
range of quotations, prices falling from l to
points in the leading active issues the weak
ness being most pronounced in the copper
shares American Smelling. St. Paul, Great
Northern, Erie first preferred, Northern Pacific,
Reading Southern Pacific and Union Pacific.
In addition TO crop scare reports from the West
traders were aided in their campaign by an
unfavorable bank statement, which showed
record breaking expansion in loans and sub
stautial decrease in the reserve above legal re-
quirements, the latter item declining $35Ss,300
TO s15.s52,925, which compares with s4,772,5OO
at this time a year ago and S9.S524oO in 1905
a gain in cash of more than s7.6OOOOO Off
set as an influence on reserve by gain in de-
posits Of s44.s4SsO brought about by an in
crease in loans of $50 300. the latter being
due TO Great Northern new stock financing. the
transfer Of loans from out of town banks and
trust companies 10 Clearing House institutions.
a result OF the ease in loan quotations and
large time loans made by Wall Street houses
In expectation Of a higher price for money in
the late summer and the fall many commission
firms have taken advantage of the decline in
time loans 10 secure enough accommodation TO
carry them over period when quotations ord-
narily are high. The reports from the winter
wheat belt come by the way OF Chicago. the
home Of the rumor factory, and they should not
be accepted without Endorsement from more
trustworthy sources. The governments report
showing conditions OF April l. better
than the average of recent years while special
dispatches TO The Tribune Of a more recent date
showed that there had been no deterioration
Money market conditions do not suggest the
development in the near future Of a period Of
stringency, general business conditions do not
indicate an unfavorable change in the position
of industrial affairs IN the country, and Iegisla-
ton already enacted affecting corporations and
legislation proposed do not warrant the assump-
tion that is held by a few people that vested
rights will be injured. Much talk about the
destruction Of real values and the disturbing of
confidence as result Of state and federal poll
cles is heard in circles where such policies
would wipe out private graft and efforts are
being made by certain interests 10 create the
impression in the minds of the public that the
hauohs industries are about to go TO pot: that
all great enterprises are TO be stopped. and that
long, lean period in all lines Of business is
about TO settle upon all parts Of the country.
Ialk OF this character ought TO receive as much
consideration as "dementia Americana" receives
from intelligent, lawabiding people and it ought
clearly to be borne in mind that the peopIe who
are talking in this fashion are interested per
sonally in opposing legislation that seeks a more
perfect regulation of corporations and as a con-
sequence are desirOus OF developing in the bust
ness world the opinion that the carrying out of
the policies Of the present federal administration
VIII be grave menace to the stability Of Ameri
can Industrial prosperity. This element arores
that If confidence throughout the country can
be shaken, owing to the fear that current fen
dencies at Washington will become destructive
OF factors in our commercial life. enough votes
VIII be secured at the next Presidential election
TO bring 20 an end the Roosevelt power which so
many corporation sinners fear
IL is encouraging to note the fact that tb;,
campaign is falling nat. as an influence On the
sentiment OF the great army OF business men
and investors in the United States. There has
/ been no loss Of confidence except in the methods
OF certain interests against whom Washington
discipline has been directed and there IS No
indication that the prosperity of the country IS
IN danger OF collapse or that a time is annroacb.
| ing when the earning power of our railroads
ana ouher corporations will be impaired beyond
that incident TO normal reaction from season
OF feVerlsh activity. The president OF the ST
Paui Road intimates that the company may be
compelled to give Up its extension plans by
which the road viii get a Pacific Coast outlet
because OF so-called restrictive legislation. ST
Faul already has expended large amount OF
money on this extension, and doubtless If in.
penos 10 quit. with the new line ending amid
the stony heights OF the Rocky Mountains Tha,
would be a picturesque point for the Messenger.
10 take 10 mountain wagons and prairie schoon.
ers IN order 70 continue their Journey to the
coast out a rather impracticable place to dunn
out overland freight. Monetary consideration.
may compel the St. Paul con,nan,, =. -,