New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-19
BONDS.
STOCK MARKET OPERATIONS.

In the absence Of an active commission house
demand for securities professional traders e1-
perieSsced little difficulty IN forcing values to
lower level, although they failed TO bring about
important liquidation Weakness was not &C
co1npanIed by news developments Of an adverse
character, but room traders endeaYored 10
twist ths result of the Northern Pacific meet
ing into a bear factor on stocks. assuming Tor
the sake OF argument that the withdrawal OF
the Harriuan-Rocke interests from the d.
rectorate Of the company would be followed py
disturbance IN the Northwestern railroad situa-
tim 7. should be borne in mind that the cleo
ton Of new directors TO tho Northern Paclhc
board IN place Of 4Ir. Hartman and others was
unanimous the Hartman proxies being cast
for the ticket Of the Morgan-Hil people, and
that there was not the slightest indication Of
friction among the various interests in the prop
ertv. While the general list Of stocks was weak
there was good buying on the decline but no
efforts were made 10 support the market, the
larger speculative elements which recently were
identified with the bull side apparently prefer
ring TO leave the market to its own devices The
failure OF the leading operators to work Tor
. better prices was not considered significant OF
any change IN sentiment regarding the future
OF values; indeed it was thought that the big
men were quite willing 10 see lower quotations
for the purpose OF 5cCOI4LlSS a. A-lO4
attractive figures.
Selling OF the steel shares naturally created
some uneasiness among small traders. who be-
Heved that the pressure in these stocks indi-
Gated unfavorabIe developments in the iron and
steel trade but the decline failed to attract at
tentfOn ia circles where information is based
on the actual position of the industry. There
has been slight falling off IN demand in GER
tain lines in the steel business, but. according
10 the reports that are received by people who
are identified with the trade, there is indica-
ton OF a material setback in the inquiry for
consumption for home and foreign account. IN
the early dealings Union Pacific sold down over
TWO points; also AnaaIgamated Copper, St. Paul,
American Locomotive Illinois Central. Northern
Pacific, Southern Pacific and the United States
Steel shares. The chief weakness was reported
IN the afternoon. when maximum declines Of
from 1 to 4 per cent We're recorded on an ex-
panding volume Of business, especially in the
so-CalIed merger shares where selling pressure
Came from both sides Of the market, resulting
IN a drop IN Union Pacific TO 1885, against a
high price Of 12314, decline Of points in
Northern Pacific and . points in Great Northern
preferred At the same time st. Paul declined
20 1735s, compared with a high level az 1I91s
United States Steel preferred 10 951s against 81
at the opening, and the common TO 27% from
Z9B The general list closed at substantial
losses from the final figures of the preceding
day, and as a consequence sentiment was bear
Ssh in many circles, although among the best
informed people IN the Street there was no IN
dication OF uneaslness. 1t may be just as well
20 mention the fact that stocks offered for sale
were taken by strong interests.
An advance Of cents n the price of wheat on
less favorable crop reports was Z contributing
factor to the weakness in securities, while
strength IN the sterling exchange market also
encouraged operations fo- lower quotations.
Money rates remained at q 212 per cent level
for call loans. and there were no indications in
the money market Of a material change in
quotations IN the near future. According TO the
views expressed after the close OF business by
some Of the best market judges IN Wall Street,
stocks ere approaching a level that viii at
tract an active investment demand well as
an active speculative demand from people who
always buy at cheap prices. The Intrinsic value
Of securities has not been lessened by the de-
clining tendency that has been so marked in
the last few weeks, and the fact that specu-
laoVe, rather than investment, selling has been
In progress ought to convince all timid holders
OF American stocks and bonds that the situa-
ton governing the real worth OF securities is
thoroughly sound.