New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-13
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Irregularty in The movement Of values. with
The final tendency in the direction OF higher
quotations, light dealings for the account OF
commission houses and a concentration Of spec
ulative interest on Reading and Union Pacific
shares the chief fea lures in yesterdays
stock market. In the early operations reports
that a large uptown drygoods house was in
financial difficulties served to bring out some
bear pressure in various parts Of the list, but the
selling was not accompanied by the appearance
Of long stock. nor was there any indication of
forced liquidation, trading as a rule represent
ing nothing more than the swapping transac-
tions of the room element The failure of stock
to come out on declines encouraged covering in
the afternoon. in the course OF which prices
showed moderate degree Of strength, the chief
Improvement being recorded by Canadian Pa
ci1c. Atchison, 81. Paul. Southern Pacific and
Union Pacific Canadian Pacific's advance Of
more than two points represented a movement
against the shorts, and it said in we'll in
formed quarters that the short interest in the
stock amounted 10 upward OF 10000 shares.
while the market practically bare Of the
issue \ few weeks ago Canadian Pacific
Jumped thirty points I'm a few days result
of the extended short interest IN the stock al
that time, and there IS now such known scar
city Of the security for speculative purposes
that repetition Of such movement would not
be unnatural Though there public In
terest in the general market A more cheerful
sentiment was noted In banking houses, and
some Of the most important interests in tie
Street openly announced themselves as bullish.
A decline In wheat better reports from the
crop section Of the country was among the
couraging features Of the day. Call money was
a trife flrmer
,-cto ~
bill and President Roosevelt's reassurlng speech
at indianapolis on Memorial Day ought 10 serve
70 restore confidence in circles where it has been
believed that corporations were to be put out Of
business by federal and state administrations
Both President Roosevelt and Governor Hughes
believe there should be regulation of corpora
tions in the interest Of the people. but they also
believe the corporations should be dealt with
fairly and be allowed TO perform their functions
at reasonable profits. There is nothing con-
fscatory III the policy of the President OF the
United States IN that of the Governor OF the
Empire State, and the attitude OF the two rpen
may soon become an important influence in
curbing senseless legislation in various states
against the railroads and industrial companies.
Government action against the hard coal roads
| is based on the charge that monopoly exists,
and possible proceedings against the Hartman
roads viii be based on the charge that the law
has been broken, but such action ought not
be bear argument securities. If the law
has been broken punishment Of the guilty will
not upset investment conditions I'm this country.
and government proceedings against corpora
lions that violate the law should not be taken as
a political move to secure the support Of the
public in future elections. When one makes a
careful study Of the ideas of the federal gov
eminent regarding corporations and their regu-
lation by law under existing laws and new laws
that doubtless will be made at the next session
OF Congress one is unable to find anything that
will depreciate real values; indeed, these laws
Will be found 10 strengthen the position of in
vestors.
So far in the current week the local banks
have lost more than 100000 on their opera
tions with the Sub-Treasury. and unless there
he big gain from other sources Satur-
days bank statement doubtless will make a
! poor showing though loans may decrease to an
extent that will Offset in measure the fall
| ing off in cash. Domestic exchange on New
York is not in position to permit interior
! cities TO draw from send much currency to
! amounts Of money VIII move to the East, and it
/ is likely good part OF the Alaska gold will find
| its way to this point. The first Of the years
| shipments OF the metal from Alaska have
reached the Pacific Coast, and according TO ad-
! vices from Nome the total TO be sent will
| amount to large figures. Gold exports from
New York could be made at the current rate of
| exchange. and unless sterling declines before
| tomorrow. further shipments of the metal may
be undertaken by Saturdays steamers