New-York tribune., 1907-08-01
STOCK MARKET OPERATIONS,

STOCKS We're distinctly weak in yesterdays
market under the influence of selling for both
accounts, sales being induced by the absence Of
support from the substantial interests by the
uneasiness abroad over the financial situation
II Europe and 10 a large extent by the un-
favorable impression created in the Street by
the offlcia statement that the new orders Of the
United States Steel Corporation in July showed
n falling off of from - TO 30 per cent as COM
pared with the corresponding period in the pre-
ceding year, The bear element was extremely
active and found weak spots In most parts Of
the list. particularly IN Amalgarr7ated Copper
which was influenced to some degree by uI1-
confirmed reports Of further reduction in the
price Of the metal, American Smelling ST Paul.
the Hill and Hartman shares Missouri Pacific.
Reading and United States Steel common. In
these issues the maximum losses ran from Il.
To more than points American Securities on
small dealings lost 61a. selling as low as 80
compared with high quotation for the year
of - This stock is under the low level
In the March panic. and in view of the fact
mat the Ice business is in excellent shape y
siderable surprise is expressed over the per
sfstent quiet selling of the issue. So called
crop experts reported a poorer outlook for the
harveSts, but the chances are such reports were
inspired by the speculative element that IS
working for cheaper prices on the Stock Ex-
change and higher quotations in the grain mar
kets The latter were not affected by these
rumOTs. The professional element pr0feSSei 10
he upset over the indication of the beginning
Of a general slowing down process in business
as reflected In the falling off in the orders or
the United States Steel Corporation. but IN
banking circles evidence Of coming quicter
trade was not considered adverse develop
ment- Indeed. the most conservative interests
were more pleased than otherwise this
feature Of the situation. Stocks closed at about
the lowest.
Though the offering Of finance bills in The
sterling exchange market was effective IN weak
ening rates, foreign bankers a rule did not
change their opinion regarding the probability
Of further moderate shipments Of gold to Eu-
rope. According TO cable advices, the demand
for the metal from Egypt in connection with the
financing Of the cotton crop will he heavy. and
il is estimated that I'm addition 10 the amount
Of gold already sent 10 that country. upward OF
$50 00o0N0 more will be shipped from Euro
pean points with indirect shipments from here
Egypt imports a considerable amount of gold
every year. but exports little. The Egyptian
planter will take nothing except the actual metal
for his crop, and then, rule. he boards 1t.
the amount Of boarded wealth last year being
placed by competent authorities at upward Of
100000 In addition the demand the
Continental and British capitals for gold for
Egyptian account. the requirements Of India
and Japan have 10 be met. while Russia at no
remote period may be in the market for money,
and il is therefore not surprising that the large
European banks anxious TO increase their
gold holdings and are casting enviOus eyes at
tbe large sl,nnlies in the United States. This
country produced for the fiscal year ended June
30 SOC 600 Gso and in the same time imported
from, E-urope SG3 900 600, making a total gain
from new production and from imports of S159.-
600 600 a large part Of which went into the
money supply Of the country. While exports Of
the precious metal at this time are an unfavor-
able money and stock market factor, II Is not
one TO cause uneasiness particularly as there is
every prospect Of mine results as large this
wear as last There never has been time when
net gold exports from the United States have
exceeded the production of our mines
TIE extended credit position of general bust
ness and the issuance in the last SIX months
of an enormous amount of securities are in
great mart responsible for the scarcity Of liquid
capjtal and this situation can be remedied only
bv a slowing down process in the Country's
industrial activities and a shutting down of the
stock and bond mills which have been grinding
so rnerrily but vet with such unfortunate re-
suits TO the bankers who have been compelled
to take all offerings. Speculation in wall street
has not been active Of late for public account or
Cor artua1 Street account because money has
been and still is too actively employed in other
ouarters and il is believed the securities mar
kets would be benefited by lighter volume OF
trade in business circles where there has been
too much speculation and too much stimulation
4 reimbursement in the latter similar 10 the
reimbursement that has taken pac" on me Stoon
Exchange would release funds that would f1Ed
.be,r yay into securities II has been agreed
i'm the financial community for several months
that the first indication of a healthful trade
reaction would he reflected in the volume or
orders booked by the United States Steel Cor
poration, and the falling off therefore in new
contracts in the last month is taken as pretty
safe sign of coming quieter conditions In the
industrial world.