New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-12
DEPRESSION IN STOCKS.
SILLY Talk ABOUT WAR.
RumOrs Of Business Troubles Help
to Keep Prices Dozen.

Tneasiness over the outcome Of the friction
with Japan and the attempt in some circles to
create a japanese war scare helped 10 lower
prices in the stock market yesterday. Dis
patches from London that there had been con
siderable selling IN the late dealings Of japanese
bonds because Of the fears there that the trouble
between the two countries might lead TO war
caused further break in the market, and
prices declined from 20 81 points in some Of
TIE leading stocks. Elaborate comparisons Of
the navies Of the two countries and Washington
sdvices TO the local stock market telling Of the
alleged chartering Of q large number Of British
steamships for the purpose of Fastening coal
Shipments 20 the Pacific Coast all tended TO
accentuate the uneasy feeling.
Some Of the old established foreign banking
houses, however. took little stock in the war
rUnors, which they were inclined to attribute
mainly TO reports IN some of the sensational
newspapers. Members Of the firm Of Kuhn
Loeb & Co. The banking house that placed mill
ions Of japanese bonds with investors in this
country at the time Of the Russo-Japanese war,
rdicued the idea OF any serious trouble be-
tween the two countries and pointed To the
price Of japanese bonds as proof that real
trouble was brewing. Frank A. VANDERBILT
president of the National City Bank. which was
associated with Kuhn, Loeb & Co in the hota-
ton Of japanese securities, said regarding the
war rlInoTS: Il can't believe II. because war
takes money. The japanese are in no position
10 finance with the United States"
Marshall Spader & Co made the following
Statement 1t has at last become necessary to
admit the japanese question into the influences
gcTerning the stock market for the time being
For some days past the news from Japan has
been u 4 discOncerting character, but with the
agitation Of the question in France, and to-
DAY IN London, the discussion can no longer be
avoided. and 8, is just well to give it its full
weight ana value. 1t does not appear that more
can ccrae Of it than very ordinary diplomatic
adjustment and it is only the new Importance
Japan has taken IN the family Of nations which
could make the affair more than casual
japanese bonds declined fractionalIy in the
4oca! inaihct yesterday. The AZ per cents. first
Series. went 70 913s, against 92k on the pre-
cecing day: ana the " per cents second series
touched 81, against 9l4s the day before. The g
Per cents. which are to be redeemed September
1o we're unchanged, at 9S;s.
The rufnOrs were not the only source Of
tae markets weakness yesterday. The failure
OF hiilken Brothers anc rumors Of other i'm
bending troubles in the mercantile district aided
n the movement and outweighed the good effect
caused by Governor tiughes's veto Of the two
ent fare blu and by the better crop reports Tie
Ieclnlng movement progressed until the last
Hour, when the lowest figures Of the day were
recorded Union Pacific lost 81 points. Reading
traction 3. Great Northern preferred ~
And Northern Pacific. United States Steel COM
mon, st. Paul. Amalgamated Copper. Smelling
and Brooklyn Rapid Transit from ! to per
senL The market closed sluggish at virtually
ne lo7ycet prices Of the daS.
Tie n-Gri.et almost entirely in the hands
u professional dealers and they utilized every
ming that could be construed unfaYoraby to
sepreSs prices.