New-York tribune., 1907-08-06
stack MARKET OPERATIONS,

ih"uS' - c,a rnor the Standard on
(~or,ranv for breaking provisions 0! lIe e.. M
~ 1,-ae not liked in Wall Street 'lefe =,
teax-v general decline in values on lile -
r-,,o1anpe and little evidence OF genuine H4N
Ito, commission houses had some seHihs :"
ders from out -of-toU-n customers ana 'l.V -
+io,7 Of these. together with aita.h9 80
,1.,,,as brought about losses Of L point anu
,,,o-o y, tho early dealings. while in the supSe
ouent operations price movements "t!e .-
= f-oc+ional variations except IN a Ie" lSSi'7
in which known weak long accounts eNs s'eu'
for instance. American SmeItlhe- flef'"iiie -,
Union Pacific. These stocks We're i'1' . o,.,,-
aoor traders and at the close they were az ao'".
a., In. ,,oin+s of the dav with n net loss Oh
moro than 3 r,er cent in Union Paclnc anu A'iio'
lean Smelling and 27s in Reading steer Co'itI t
was under considerable pressure thr"usilou' -
day and lost Ia Total dealings were hgh'' AM
-, :. 80 cold a+ the close the market was
4,,11 ~ c+ocl.s there was no indication OF a as
position on the part of holders 70 part WIN Iil'"
possessions owned outright and no sign "l .IP
heavy long accounts in commission houses IN
latter are carving light amount or STOCK on
margin If they We're not, bear traders WIN IIe
Standard oil fine as club would be ah'
10 cause heavy selling. The London market was
closed yesterday and foreign houses We're h''
factors on the local exchange. nut IioH' 'hN
+one Of the dispatches received by New YORK
Io,,sar from, their foreign correspondents. il was
manifest that foreign financial circles were uil-
easy over the situation here in regard 70 ule
STANDARD oil affair and the trouhie OF III
Southern Railway with the state or Alabama
and other Southern commcnwealthS. On ule
curb Standard oil stock was scarcely ahec'ei
by the cornpany's fine losing about point
In the financial community il is not believed
the fine imposed upon the Standard on com
panv will he upheld by a higher court ana II =
cnntended that even in the event Of an lndorse-
mont Of JIdge Iandis's verdict the big oil COM
panv would not suffer to any ma terial extern
as il would take il out on the consumer
Taking II out the consumer might help 'he
COMPANY for a time but such action surely
would react upon the concern in most harm
fu1 manner Il is not likely the Standard OIL
Company Will put M the price of oil II II Is
compelled pay its fine. for the good reason u
already is in popular disfaVor and is run by men
who have enough sense not To encourage further
public enmity corporations. The surplus
earnings of the Standard Oil Company have
been running a the rate Of about S2TtoFo
4 year in the last three years, but, Of course
the company proba bly, has used large proper
ton of this amount in the extension of its bust
ness in new construction and for other purposes
incident, 10 the growth Of such a big concern.
and if the fine is paid it doubtless will he placed
To dividend account. The phase of the situa-
tion that bothcrs some persons, Is the pos
sibiIity Of a chain Of suits assuming the de-
cision Of the Circuit Court Is upheld, that would
result in the imposing of fines that would drive
the company out of business. The chances are,
however. the Standard oil Company will con-
tinue TO do business and pay dividends through
out the present generation and generations to
come, but probably with more regard for the
laws Of the land. And the same thing may be
said of the railroads for which bankruptcy IS
predicted by certain fearful souls owing to fed
eral and state policies Of regulating railroad
companies I'm accordance with public needs. If
the Standard Oil fine is Unjust and approaches
confscatiOn it will be found by the higher
court and until that tribunal passes upol the
question it may be well to eliminate the subject
as a stock market factor.
Sterling exchange weak yesterday md
further engagements of gold for export ap-
peared improba BILE. Time money firm and
bankers reported Il fair demand but little in
quiry for call funds, inactivity in the latter de-
partment of the market rejecting the absence
of a speculative demand for securities. ANY
large demand for stocks for marginal account
would be followed by a hardening in call money
rates. bank reserves low and probably
will decline still further I'm the course of the
next few weeks. The shipment of money from
New York the interior for crop movement
purposes has not yet begun, but preparat ions
soon Will be made for this operation, and bank
holdings then will decline TO point that viii
require deposits of government funds with the
! banks.