New-York tribune., 1907-08-11
enlisted.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Stocks again were weak under the influence OF
heavy iiquidation of long accounts and selling
by the professional element Declines were re-
corded in all the European markets, with new
low record for British consols, the liquidation
and signs of uneasiness in financial circles
abroad being effective influences in the local
movement of values, especially in the stocks Tor
which there is an international market The
strike of the telegraph operators also hurt
prices while the weakened financial position
of a number of important Street interests con-
tributed to the days downward movement,
which in the active issues ran from Z to
points Amalgamated Copper. American Smeft-
ers ST. Paul Great Northern. New York Cen
trail, Northern Pacific, Southern Pacific. Read
ing and Union Pacific Of the active list lost
more than points net the last named security
showing a decline at the close of as, which was
] point less than the maximum loss. There was
little rallying power and the chief buying came
from the shorts. The room traders covered on
the early decline, but seeing no support IN any
part of the list they subsequently sold again
and the greater number of floor operators went
home short of the market believing there would
be a further material reduction in values in to-
morrows dealings. In view OF the wave OF
hysteria that has developed In the Street lower
prices not improbable Stocks have dechned
in many instances under the panic level of the
March market and now selling at figures
that ought 10 prove attractive TO investors. The
weakness in the Erie issues. which was pro-
nounced in the first and second preferred, was
pany would pass the dividends on the preferred
shares and issue TO holders scrip Various rumors
affecting about every company in the country
were put out in the course of the day, while
from Berlin came the report that Russia was
about TO default in interest on certain of Its
bonds In high banking circles with interna-
tionai connections this report was ridiculed-
Bank statement figures reflected the hquida-
tion in stocks I'm the week in a contraction or
loans to the extent of S1643l.4 400, and this
-Ioa locC In gh as a n
upon the reserve above legal requirements. Cash
decreased 50 313 100. but the loss in reserve was
only S2S7, $50 to S7,7G0,5J0, which compares
with SS271 525 in the same week a year ago
and So S46S00 IN the year before Bank hold
ings are too low TO encourage the expectation
OF IL development in the near future OF an
active upward movement in securities, notwith-
standing the low prices at which the greater
number of issues selling, and 1t Is not likely
any attempt viii be made in the next few
months to bring about higher quotations There
is no buying power except that which comes
from the shorts, and, OF course. operations OF
this sort will not sustain prices. The shorts
buv only TO sell again. The decline of the last
week has weakened the accounts of many in
terests and part of the liquidation yesterday
represented practically forced Gales. Stop loss
orders were caught In a number of shares. not
ably Union Pacific, Smelters and Amalgamated
Copper while the bear element mad no trouble
i'm finding weak spots and bringing stock upon
the market Union Pacifc's big decline was not
due to adverse developments affecting the prop
erty but to bear hammering and liquidation by
people who were unable to maintain their posi-
tion on the long side of the market. The STOCK
sold as low as 126A, which compares with a
| low price in the March panic OF 12Oh. Anal
| gamated Copper, an per cent stock. sold at
| 1874: Southern Pacific, per cent stock. sold
at SlA and Reading, per cent stock, ended
| the dav AFT glK The last named stock is dear
| in comparison with many other issues. Standard
Oil was weak the curb.