New-York tribune., 1907-06-27
"Unlisted
Closing prices of active bonds dealt In with
STOCK MARKET OPERATIONS.

Trading in securities was moderately active
throughout the five hours Of business on move
ment OF values that generally tended in the
direction of higher quotations. More activity
noted the part of commission houses
and substantial operators again supported the
general list the buying by the latter being an
effective factor in inducing covering by the
shorts, especially in Union Pacific and Reading
Encouraging reports from trustworthy sources
regarding the progress of the crops. favorable
railroad earnings. including an excellent show
ing by the Atchison for the month of May, and
indications that the foreign demand for gold
had been satisfied served to create a more cheer
ful feeling in speculative circles, while the be-
lief that the responsible Wall Street interests
were working to bring about higher range Of
values caused nervousness in quarters where
large commitments on the short side Of the mar
ket are still outstanding The Wall Street tenn
perature is rising with the weather. The depres-
sion that existed a few weeks ago has disap-
peared, and while no one looks for a great bull
movement at present the prevailing impression
is that market conditions the mend and
that barring an adverse change in the position
Of the crops prices will slowly improve. Tho
men who are vitality concerned in the country's
industrial progress are expressing themselves
as most optimistic regarding business con-
O4lIOIS III the OnlteQ states, and the
poets for another twelve months Of expanding
trade. At the close the general market showed
recessions from the best prices Of the day. owing
TO realizing sales and irmer rates for money
while IN the last hour tho volume Of business
was made up in great part OF the operations OF
the professional element Though there were
more net gains than losses in the general list the
leading active issues presented small net losses
The ideas OF Mr.. Yoakum. Of the Rock Island,
on the policy Of government regulation OF the
flF~Oasl
dispellng the unnecessary uneasiness in Wall
Street circles over the plans of the administra-
ton TO bring about cooperation between the
people and the transportation companies. Rail
road regulation and railroad reform are in
dorsed by the progressive men Of the country
and 1t is absurd for any one to believe that the
workings OF the Hepburn act and further Iegis-
lation that Will give the government more COM
plete regulation OF the railroads will upset tho
intrinsic value Of investment holdings. Stock
Exchange values have been hurt through the
false conceptions entertained by Wall Street of
the meaning and future results Of President
Roosevelts plans TO bring the capitalization of
the railroads under federal law and his efforts
TO institute other reforms in the interest Of the
people and the companies, and the sooner the
financial community and railroad men take the
position outlined by MIR. Yoakum the sooner will
confidence be restored and securities values
the exchange return TO a normal level. Some
people have had the idea that government regu-
AdLlOH - 6QuINdIeLI 10 COlllScdIlOn, ana IN INe
last six months spectators who favor the bear
side Of the market have been working this
theory overtime with much profit to themselves,
but with results that have seriously interfered
with the market for railroad securities Tho
President in his Indianapolis speech smashed
the argument that socalistic tendencies were
underneath the administrations intentions af-
fecting the railroads And now one of the lead
ing railroad men of the country indorses all the
President has said and points out the way for
rights will be conserved and the country IN gen.
eral be protected against the evils that
bound to develop when there is no government
supervision Of corporations
On their operations with the Sub-Treasury the
local banks have lost so far in the current week
$S.000O0O, while yesterday they suffered loss
Of S5OO,oO0 through a transfer Of that amount
TO San Francisco. Last weeks bank statement
did not reflect the loss on gold exports, but it
is likely this weeks exhibit not only will show
that loss, but also large part of the gold ship
ments Of the last few days which will result
in substantial decline in the reserve above
legal requirements unless the banks able to
contract to material extent their loans This
however is not an alarming outlook. The
banks have large resources, their deposits are
well protected and decline in the reserve be-
low the 20 per cent limit will not cause financial
disturbance. Higher rates for loans doubtless
will rule for brief period. but At is not thought
likely the demand for accommodation will be so
urgent as to advance quotations to an exorbitant
level Sterling exchange rates showed little
change yesterday and unless there should be a
recovery from the decline recorded Tuesday fur
ther engagements of gold for export will not be
likely this week. and far as London is con-
cerned there is chance at all of additional
shipments. as the Bank of England has with
drawn the special facilities which IL recentIv
offered in order to attract the metal As re-
suit Of the heavy loss IN bank holdings through
gold exports money rates were flrmer vester-
day. cali funds advancing to per cent