New-York tribune., 1907-06-04
Enlisted. tEx dividend.
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes, follow:

Further LIQUIDATION and aggressive pressure
from the professional element were responsible
for declines throughout the list, maximum losses
running from to per cent in the active shares
with net changes somewhat smaller Weakness
IN the London and Paris markets, the urgent
demand for gold at the French capital which was
reflected in additional Withdrawals from tho
London and local market, and rumors affecting
various corporations were in great part respon-
sbe for the attitude Of the trading element.
while bad weather and report of government
action against the soft coal roads under the
Sherman antitrust law also factors that
helped to encourage bear demonstrations
against values. There was a total lack of buy
ing power far the public concerned,
and no indication OF support by the substantial
financial interests. Commission houses were in
active, their chief business being on the selling
side, such operations representing exhausted
margins and unwingness on the part Of
toners to supply further sums and in some
cases inability Of the customers to raise more
money. Liquidation reported in all the
high grade issues a good part of the movement
rejecting operations by people who We're COM
PEELED to find cash and selling by timid invest
ors who have been frightened by the constant
tain interests to create panic in the hope Of
yincing the country at large that the policies Of
the administration upsetting vested rights.
1t is quite obvious that some people who are op-
posed to federal regulation Of corporations and
who DO nol care to have their evil doings made
public would rejoice in a panic if they thought
such a development would bring to an end the
activity against the corporations that do not
obey the law.
Currency movements last week between New
York and the interior We're in favor of the first
named point, and the position Of exchange at
out Of town cities suggests a gain by the New
York banks from this source for several weeks
to come. Large shipments last week offset the
gold exports, and continued receipts Of money
from the interior will serve TO invite further en-
gagements Of the metal but this fact will not
upset the financial situation at this centre,
while II Will serve TO strengthen conditions
abroad, which in turn will help maintain sound
conditions in all financial markets The active
movement Of money toward New York from the
interior apparently reflects quieter volume Of
business in some trade circles and the unfavor-
able weather which has interfered with the
wholesale and retail trades. Climatic conditions
are causing good deal OF uneasiness in Wall
Street. 1t is thought the crops In general will
fall far short of home and foreign requirements,
and that the effect Of a crop shortage will be
reflected in railroad earnings but the fact is
lost sight Of that the farmers have on hand
large supplies from last years record breaking
harvests. Moreover, consideration is given
to the general financial strength Of the country
at large and the sound condition Of affairs in
all lines Of trade, which place individuals and
corporations in a position to go through period
of poor crops and falling earnings without bank
ruptcy. Stocks are becoming rfdiculously cheap.
has hon, AZ
crop year and business reaction. particularly as
there are no signs that business reaction will be
carried to point that will cause heavy losses
in the various lines OF industry
Gold exports have been effective in strength
enlng time money, but they have had no influ-
ence upon call rates. the latter practically beine
nominal, owing TO the absence Of demand for
speculative purposes 1t is-not likely that there
will be material change in call money at nras
ent' but the chances favor frmer quotations for
time funds, owing in great part to the needs or
corporations now doing new financing An
enormous amount of money practically has been
promised the railroads by bankers. and the ab-
scnce of a public demand for the new securities
that are being created is tying up the funds of
bankers and compelling them to sell securities
! In the open market in order TO raise money 70
protect their participation in underwritings end
commitments which have been materially west,
ened by the great decline that has taken rIaco
in values on the Stock Exchange. The Harri-
man shares Consolidated Gas. Chicago North
western. Amalgamated Copper and the Inter
borough Metropolitan were objects Of especial
bear pressure yesterday. the last named issues
losing 3A for the common and Az for the prA-
ferred In the last hour prices in most parts
Of the list recovered part of the early decline.
owing to covering of shorts. rather than TO any
concerted support