New-York tribune., 1907-09-25
STOCK MARKET OPERATIONS.

Recciyership proceedings for the New York
City Railroad We're not considered adverse stock
market factors by the rank and file of the Wall
Street community and prices for securities.
therefore, We're not affected by the announce
ment that the financially depleted corporation
had been placed in official bankruptcy by its
creditors. In the greater part Of the day quo
tations for the railroad and industrial shares
moved in the direction of higher level, the
only important weakness being recorded in the
first hour dealings, when the majority of issues
sold well under the closing of the preceding
day Amalgamated Copper, American Smelling.
Northern Pacific. Reading, Union Pacific and
the United States Steel shares furnished a good
proportion of the total transactions. which rep
resented in most part the operations of the
professional element rather than interest in the
market for the account of the so-Called public
Commission houses were not active factors and
the professional character Of the days business
reflected in the sales. which amounted to
less than $4,000 shares. Some buying was
reported in the railroad stocks the strength
of the immunity extended 10 the Chicago &
Alton in return for fits turning states evidence
against the Standard OIL Company, buyers in
certain instances operating on the theory that
various other corporations would escape prose
cution for past sins by confessng the error of
their way and praying for indulgence from the
federal authorities. In the general news of the
day there was little to excite interest on either
side Of the market. Copper trade conditions
showed no important changes though indica
tfons pointed toward the development Of an
active demand for the metal iii the near future,
while reports from steel and iron circles did
not bear out the pessinism noted in some quar-
ters regarding the future of this important
branch of the country's industries. City bonds
were frn1er.
Stock market conditions do not suggest the
development in the near future of an active bull
movement. nor do they encourage the eXpecta-
z Of mat Al quotations Stocks, a
a rule are in the hands of people who do not
care 10 sell at current figures. and these owners
of securities, while naturally anxious for higher
prices not inclined under present money
market conditions. to wage active campaign
for rising values as they believe operations Of
this character would do more harm than good
1t is conceded in all quarters that the majority
Of securities cheap at ruling quotations.
The point is made that there has been no de-
cline in intrinsic value accompanying the mar
ket's downward movement of the last six
months, except perhaps in the case of d few
issues. while it is asserted there will be gen
eral depreciation In the real worth of securities
i'm the next year, notwithstanding the possibil
ity of a trade reaction. A panic in the business
world would lessen the value of our investment
securities, but there no indications of panic
in any line of trade and therefore no reason for
uneasiness over the countrys commercial future.
Government action against corporations that do
not obey the law has not upset industrial pros
peTity and it is encouraging to record the fact
that the silly attitude of the interests opposed
TO the Washington administrations ideas on the
regulation of industrial and railway companies
has not bothered the country in general nor per
suaded the people that President Roosevct's
policies are inimical to the welfare of the finan
cial and commercial communities. Trade
ports show sound conditions in the industrial
world. apd the demand for money from business
centres is active that spectators i'm stocks
find it extremely difficult to secure accommoda-
ton Money promises to remain firm through
out the balance of the year. hut disturbance
is looked for.