Evening star., 1907-08-06
Market Conditions Continued
Unsettled Today.
LIQUIDATION is INCREASING
Some Commission Houses Becoming
Seriously Worried.
COVERT CAMPAIGN OF SHORTS
Sterling Exchange Was Decidedly
Firm, and There Were Some Gold
Shipments.
LIQUIDATION is INCREASING
COVERT CAMPAIGN OF SHORTS
Ane, ~ Disnntch 70 The Star.

tpe' -ti l'lEIHVCn 10 Iut N'dE'
NEW YORK. August 6.-Today's stock
market continued In a very unsettled con-
dition and because of the same influences
which dominated yesterdays dealings.
There was a very large increase In the vol
ume of business and much actual liGuida-
ton by commission houses, which would
apparently go to show that investors are
finally becoming genuinely alarmed at the
concrete evidences of the policies so long
advocated by the federal administration.
II would be both interesting and impor-
tant to be able to ascertain to what extent
operations for the short account contrib
uted to the days declines IN prices as COM
pared with the pressure of genuine liquda-
ton. but such estimates must, OF course,
be more less haphazard. There were
many strong indications that aggressive op-
erations for the short account were con-
Quoted in many cases. but, on the other
hand. 1t equally plain that such sup
port as the market enjoyed from time 10
time was due almost entirely to the retire
ment of previously made short contracts.
Business was resumed upon the London
Stock Exchange today, ana a generally
steady tone prevailed. there. American
stocks were quoted for the most part we'll
above parity with New York s final prices
of yesterday. and the operations here for
foreign account showed ON ia ance small
excess of purchases.
The unexpected strength of American
stocks In the London market doubtlesS had
some weight in the Initial transactions IN
the local market. when small and irregular
price conditions were shown. There took
place subsequently,, however, general de-
cline. in which nearly ali of the active Is
sues broke from to points with sun
greater losses showing in other securities
Local Traction.
AS was the case yesterday, interest and
discussion We're almost wholly engrossed
with the tremendous fines levied uron the
Standard Oil Company and with the pro-
ceedings against railway corporations In
various directions. and notably in the
southern states Southern Railway pre-
ferred scored an abrupt decline of 3 points
although the common stock was compare
lively steady.
All of the so-called Hill securities were
under particular pressure. although no spe-
cial news or gossip attended the dealings
In those issues, and equally extensive losses
were scored in a number of the other lead
Ing railway stocks. including ST Paul
Union and Southern Pacific and Reading
The local traction shares We're weak also,
with new low records established for the
Interborough- Metropolitan shares. The de-
clines in the industrial and miscellaneous
issues measured up closely with those re-
corded in the railway list
The copper stocks We're exceptionally
weak in the London market on the con
tinued decline IN the price of the metal, but
II was doubtful whether the local course of
AmalRamated Copper was otherwisa than
In sympathy with that of the market-at-
large.
Sterling exchange was decidedly firm, and
gold shipment of 100000 did not add
anything to the cheerfulness of the days
Wall street situation. Money market con
d!t.ons showed little alteration. and the
banks Increased Their favorable balance in
their operations with the subtreasury to
s123S. .O|0.
The commodity markets were generally.
reactionary despite the rather unfavorable
weekly government weather report. 1t was
announced that the government crop report
for August would be published on Friday
of this week.