New-York tribune., 1908-07-25
FINANCIAL AFFAIRS
STOCK VALUES DOWN.
Realizing and Bear Pressure Hurt
Prices Banks Gain Money.

stock market the natural result OF the ac
tive expansion in values the preceding days
of the week 1t did not represent according to
the best informed market interests, the culmina-
ton of the bull movement, and to people who
are accustomed to follow market operations
nothing could be found IN the character Of trad
ing that suggested the development of ag
gressive campaign for lower prices Prices de-
clined because many operators We're anxious to
convert paper profits into cash, this selling af-
fording opening for pressure from the trading
element. which eeffctive in bringing about
maximum losses of from l to 8 points Stocks
sold taken by people whose financial re-
sources extensive. The best houses in the
Street were active buyers on the decline for the
account of interests that had been waiting to get
into the market on just such movement the
chief selling coming from the room traders and
commission house customers, the latter being
satisfied to take their profits rather than wait
for possibly larger gains. And then there also
We're many commission house customers who
were compelled to sell the decline because
they could not respond to calls for additional
margins
Wall Street always must have something be-
sides technical market reasons for price move
ments, and so il ascribes yesterdays weakness
TO the decision of President Roosevelt to direct
the Attorney General to move for retrial of
the Standard Oil suit. II the market advances
to- day traders doubtless will find an excuse for
the rise in the statement made by Judge Gross
cup late yesterday, to the effect that all the gov
ernment do is TO apply to the United States
Supreme Court for permission to reopen the case
under writ of certiorari, and that the
chances fifty TO one against the granting of
the application. Many weak accounts were
shaken out in the dealings. especially in the
Hartman shares, United States Steel st. Paul.
Pennsylvania, Rock Island preferred, Pennsyl
vania and Consolidated Gas-issues in which
traders with small margins have been operating
on the idea that the upward course Of values
would run on without interruption. The copper
Rrro lnf-,
on the encouraging news from copper trade cir
cles. Foreign houses were active sellers in the
local market, and the sales of American securi
ties in the London market before the opening of
the New York Exchange naturally helped along
the declining tendency that was apparent at our
opening Money rates in the time department
were frner as result of the increasing de-
mand for accommodation from mercantile
sources.
According to the known movement of money,
the bank statement to-day viii show further
material increase in cash holdings and gain in
reserve above legal requirements, unless there
has been q large expansion in loans. The banks
sent a considerable amount Of money to the
interior. including about $1,O00,OO0 TO Canada,
while their receipts lighter than In q num-
Der of weeks; but the gain on Sub-Treasury
operations large and supplied the chief
source of the increase In the cash account in the
preliminary statement of the weeks course of
money The governments income from customs
has declined materially IN the current month,
compared with the same time last year while
expenditures have been heavy, and as a result
of the lighter receipts and large payments
deficit of more than S200000O0 Is reported for
the first three weeks of July. The amount Of
money recently paid to the government by de-
pository banks in this city under the call of the
Secretary of the Treasury already has been re-
turned to the banks in the shape Of excess gov
ernment payments, and il is not improbable Mr..
Cortelyou soon will be compelled TO withdraw
additional sums of federal funds from national
banks, that well afford to meet a drain Of
this character. The banks have enough money
on hand for all the necessities OF trade and spec
ulation; they have enough money to finance
harvest requirements. and If they need further
sums they can issue emergency currency This
country no longer is in debt to Europe having
settled its balance in favor of foreign capitals
through shipments Of gold. Foreign exchange
is tending in favor of New York, and Europe
soon will be in debt TO through its imports OF
foodsfuffs and cotton from here and in all
probability New York will be in a position to
draw gold from Europe in the autumn on trade
account.