New-York tribune., 1909-06-22
FINANCIAL AFFAIRS
STOCK VALUES DOWN.
Losses of 2 to 3 1-R Points an -Act'0e
Issues-Erchdnge at Gold
SHINING Point.

Further sales Of stocks bought al recent IlSil
prices were reported in yesterday mar
GENERATORS who accumulated securities at the top
quotations Of the year on the theory that 'heS
--o,1d he able 10 unload at handsome profits are
parting with their holdings at losses. move
ment wholly in line with the expectations anu
predictions of conservative observers OF specu-
lative transactions In yesterdays dealings values
showed little change until the afternoon "ieh
sharp declines were recorded throughout the
active list the selling being accompanied by an
increased volume of business, including the
liquidation Of many accounts that had heen held
in last weeks slump in the hope that this week
market would be attended by gradually rising
level Of prices As Wall Street wanted a reason
for the Iosses-which ran from 2 to points
other than that supplied by technical conditions
II mt forth as an argument for lower values the
reported serious condition of Mr. Harrinans
health the report that the NEUTRALITY-SUSPICIOUS.
deal was of. though It had never been announced
that such a deal was on. and rumor that the
Hartman Morgan interests again were engaged
in a battle for supremacy in the railroad ana
financial world. = number of stocks. like wa
bash preferred Analgamated Copper, Erie ana
American Sugar Refining. went below the low
figures reached in last weeks market, while
Union Pacific Reading. United States Steel and
Southern Pacific sold at Fridays poorest quota
tions Sentimental fright over the probable
criminal prosecution of the American Sugar Re
fning Company helped the decline in that stock,
but elsewhere in the list there was nothing in
conditions affecting actual values that war
ranted uneasiness on the part Of real holders OF
securities. The American Sugar Rehning COM
pany has no intention Of retiring from business
but il may be punished for its past tansGreS-
sions The canning season Is approaching, ana
as the fruit crop promises to be large the de-
mand for sugar ought 10 be unusually heavy IN
the course of the next few months. Some hold
ers Of Sugar stock apparently fear that the gov
ernment will find legal way to dissolve the
so-calIed Sugar Trust In that event the stock
holders would have enormous surplus 20 di-
vide among themselves. On the decline yester-
day the best kind Of buying was reported in
Sugar Refining shares
An encouraging feature of the money market
is the tendency to reduce loans that represent
speculative commitments in the stock market,
and if the movement is carried further conser-
vative circles will be well pleased, while the gen
eraI health of the Wall Street situation will be
materially improved Current bank reserves.
though not heavy, are large enough for legltt-
mate requirements, but II is not unlikely that at
the end of the month loan quotations will move
to a firrner level as a consequence of the de
nand that will be made upon the market in con-
nection with the financing of the extensive July
interest and dividend disbursements. while
toward the latter part of the following month
further strength doubtless will develop from the
beginning Of the preparations for the handling
of the crops which from all present indications
will require the withdrawal OF substantial sums
of money from this centre by interior inStltU-
tions For many weeks currency has been NOV
ing TO New York for in the speculative and
investment markets. and when the time comes
for crop financing interior balances will be called
upon to an extent that Will compel the lfquida-
ton of loans the effect of which may be
hected in loan quotations high enough to attract
gold from Europe, as at that period exchange
doubtless will decline under the influence of
active offerings of bills against grain exports.
London dispatches indicate a growing DISPOSE
tion on the part Of British capitalists to invest
their funds in foreign securities, and the
local bond market affords many excellent oppor-
tunities for the safe placement of investment
capital it is not unlikely that in the Of the
next year large amount OF English money
VIII come TO this country. and will go to swell
the already heavy interest account that the
United States is compelled to pay Abroad
factor of some Importance in the foreign
change market.
"The London Statist" estimates that Great
Britain has s12000,0O0.OOO invested abroad with
about one-fourth of that amount in American
securities, including s6O,000,000 estimated to
have been placed here since July. 1903, while a
cable dispatch yesterday 10 The Wall Street
Journal" said that the British public was eagerly
swapping at attractive foreign securities owing
10 the large supplies of money seeking invest
which has been noticeable ever since the present
British government came into power The
growing burdens land the attacks on brew
cries and other forms of investment, the close
| supervision of the railroads, the power of the
Labor party to obstruct legislation and 10 bring
about restrictive legislation. high death duties