New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-21
STOCK MARKET OPERATIONS

There appeared to be plenty of stock offering
In yesterdays market. and this. together with
aggressive operations on the part OF the pro-
fessional element, brought about sharp declines
throughout the list of active securities, the SELL
Ing continuing without important interruption
until the close. Last prices while somewhat
above the lowest Of the day, showed substantial
losses in all the leading issues with the heaviest
declines in the Hill and Hartman shares, Read
ing, American Shelters and Amalgamated Cop
per. About the only important feature of
strength was supplied by Consolidated Gas.
which was bid up on the apparent advance in
formation regarding the nature of the referees
decision In the so cent gas case which was in
FAVOR or the company, announced after the
close or the exchange. Liquidation in securities
was practlcaily forced in many instances by
personal rather than general conditions and IN
aouilion' the market was compelled to meet
acliVe seinhs pressure based on the estimated
low yield Of winter wheat by a prominent an
thoritv and on the extensive report by federal
ofhcers regarding the life and progress of the
standard OIL monopoly. The Standard OIL Com
pahy is remarkable institution, and It has
been and is a most important factor in the buei
ness or this country. and in view Of its financial
strength and its ability drive most of tts COM
petitors out of its way, Wall Street cons,ders
with something akin to disnoav tba ..,o.., =
the President Of the United Sta+as {, ,oa.,e-.
ting It, 1t will be found in the end ne;,er.ho,,
that the Presidents attitude toward cornoro,,
VIII "orK Tor the best interests of security, bols
CTS IN the last hour of trading the annourca-
-iioii' came that the Interborough- Metropoliten
Dp"iiy Hao decided to issue $4,000 600 sbor.
term notes. and as the market Is nrat+,, nj, -
eested already with new notes and cor,.oI 80,
'i@uers naturally placed the Interborouot,. -
po'eu financing on the list of troubles that 90
4ahAns Tor lower prices on the Stock Evcbooo
ooiu export talk also was used as bear areu-
iheht' and as result of all the bear vvorl 90 ~
oay ana the liquidation for other in+aros+ -,
e"iialeu lost "a, American Smelling 6n Rrool
iyn Rapid Transit On Great Nor4bsr,, o ,rt
erh Pacific 3, Reading 80 and Irnio, 1oo,a. 80
Elsewhere final losses in the ACTIVE "a. ~
from l TO points.
Local banks transferred throupb +b c.,
treasury on Saturday $4,000 to San Francisco
ana yesterday sent a similar amount. but with
oter interior cities Of Importance the movements
VI Nu'i ehcy Is now In favor OF this centre and
''' ~ commune SO for number Of weeks
" ~ 'i0neS rates are not dear in New York
ana unless there should be largo outward
movement Of gold. of which there appears 70 ba
no hkeLhood' quotations for loans are not ex
pecleo 10 advance materially until the end of
$4,000 "4A'AA PiePaIaeioliS Will nave to be made
Tor the financing Of the enormous July Interest
and dividend disbursements. Even this onera
lion VIII hardly cause any disturbance IN the
market, and according to the opinion or tha
pest posted fnanciers in the Street efforts OF
pear traders In stocks to create a money scare
VIII not be successful, especially as a largo
amount OF money will be thrown into the mar
ket at the end of the fiscal year on account Of
government pond redemption. The idea that the
! Secretary OF the Treasury will withdraw q largo
amount OF funds from depositary banks in the
near future receives little encouragement in Of
/ ficial circles. The government has enouob
money on hand to pay the maturing government
| rs without calling its deposits in natiora,
/ banks, and II the Secretary decides 10 Withdraw,
| some OF these funds his action merely win re
| Meet strength in bank conditions throughout +ba
country, and the desire the part of the hapko
10 return Iederai money to the government
vaults fortunately. the government and Tho
banking interests of the country are WORKING q,
harmony and as consequence there is no raa
son Tor the slightest uneasiness over the r,,t,,r
| OF the money market. despite the fact that IN
the course of the next few months large nav
ments on new capital issues will have to be met
Speculative Wall Street is unreasonablv hear
Ism on general conditions. and 1t is bearish on
stocks because of the absence of public activitv
in securities and because OF the crippled condi-
| ton of many interests who were severely in
| tured in the March panic. There is no buvin1
power in the market beyond that furnished nv
! the short interest, and a consequence the pro-
fessional element believes ali the money is to be-