New-York tribune., 1908-08-12
FINANCIAL AFFAIRS
STOCK VALUES DOWN.
HeaUy Realizing Checks Bull Mar
ket-Money Rates Easy.

An active realizing movement IN yesterday .
stock market was responsible for maximum de-
c1tnes in the leading issues of from to points,
and while the support good at the low
levels and a ralying tendency at times deVel-
oped, last quotations were at or near the poorest
of the entire session, final weakness being due
to aggressive attacks by prominent room trad
ers who evidently based their operations on the
failure of values to respond TO concerted efforts
to bring about substantial advances after the
wave of profit taking had run its course Stocks
came out in large share lots from all the lead
ing houses especially the firms that operate for
the so-called uptown element. but even with
this selling and the offering down of quotations
by some of the best known professional oper-
ators in the Street, the ordinary trader did not
put out large short commitments, doubtless
fearing to take a pronounced stand on the hear
side owing to the probability of further man1p-
ulation for higher prices by the interests VINO
for so many weeks have been identified with
the long side of speculation 1t requires nerve
to operate against the people who are popularly
called the owners of Wall Street The majority
of traders on the floor of the Stock Exchange
believe that the Standard Oil and allied inter
ests are not yet ready for a big Decline and
a consequence dips on the short side of the
market are for quick turns only. The chief
sellers in the day We're the uptown cliQues and
large individual operators in this and other cities
who had big paper profits and the sense to con-
vert them into cash There also were sales by
the small commission traders who bought in
Mondays boom ana 0ld not nave tne courage or
the margins to maintain position on the long
side Of speculation The stocks that recently
have been conspicuous by reason of their sharp
advances were the chief sufferers in the decline.
Amalgamated Copper, American Smelling, Ma
tionaI Lead. Reading. Union Pacific and United
STATES Steel showing the heaviest losses. Among
the few strong features were Colorado Fuel and
Iron Northern Pacific and Ontario e Western.
the last named selling up at one time more than
1 point.
For
money from the West and South for currency
in connection with the financing of the harvests.
but bankers look for the development Of an out
ward movement of funds in the near future,
particularly to the South and Southwest Ex-
change houses report that spot bills against ex-
ports of cotton viii be in the local market In
the course Of the next two weeks, and as
consequence New Orleans soon will draw on
New York through the medium Of Sub Treasury
transfers, while it is likely the financing of the
Texas crop will be reflected in a demand for
money at this centre from St Louis. So far
the only important shipments of money from
here have been to Canada where large wheat
harvest is being gathered, and it is probable. as
Indicated IN the quotation for New York eX-
change at Montreal, that further heavy ship
ments will be made for Canadian account The
movement of our crops will not be attended
with any disturbance in the money market
less speculation In securities is allowed to run
riot, as supplies Of money in the banks are
increase IN the last twelve months in specie
holdings of s125 100000, and in the banks of
Europe increase of $175,0OO,00O and appar-
emily this gain in the money holdings of the
world are being made the basis for a huge
speculation in stocks, the possibilities of which
may not appeal to conservative men who are
interested in building up legitimate business
rather than concerned with the course of Sc
curities values Stock prices have advanced to
q level that has, of course. encouraged greater
confidence in the belief that our industries are
TO return to a normal basis. The movement in
stocks was started on the theory that the time
had come to discount a business revival but
according to the views OF many men the appre-
citation that already has taken place adequately
measures Improvement so far recorded and that
which may develop in the next few months
Notwithstanding the views of conservative
men regarding the present stock market there
IS no indication that the powers behind the
specuIatfon ara through with their campaign
The big men are ready to let the little fellows
have all the stock they want at current prices
hut this doubtless is merely feature of their
oneratfons for higher quotations They are
anxious to create a large public following. shak-
ing out the small accounts every now and then,
buying from the public on the decline and
catching a new set of buyers on further al
vance The bull machinery is in good working
order and with the Standard Oil and allied In
terests behind the speculation there is no rea-
son to suppose that values viii not work to
better level before the inevitable smash occurs
In the mean time there are many stocks worth
buying for cash based eut1reiy on them diYz~