New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-21
BONDS.
STOCK MARKET OPERATIONS.


In the absence of important support from sub
stantial market interests prices in yesterdays
stock trading declined under the influence Of bear
pressure, pool selling and forced liquidation for
the account of operators whose bargins were re-
duced by each successive attack from the ad-
vocates of lower quotations. Many of the lead
ing bull traders We're inclined to leave the mar
ket for the time to its own devices, and as there
were various factors in the situation that APP
pealed to the bear element as sufficient reason
for selling movement, little difficulty was ex-
perienced in bringing about cheaper level of
values. although on the decline there was good
buying by people who are backed by large
financial means while in we'll Informed specu-
lative and investment quarters there was no
disposition to believe that the market would
not soon resume its upward swing Lower prices
in the London market indications of some UNI
easiness abroad over the reported breach OF
the neutrality laws by France in permitting the
Russian Baltic squadron to remain at Kam-
ranh Bay, French Indo-China, a four cent break
in wheat, the possibility of the development OF
unfavorable features over the three day holiday
and the signing of the Stock Transfer Tax bill
by the Governor were factors that tended to
encourage bear activity, while possibly there
may have been little selling the latest utter
anoe by the Boston operator who predicted that
"a panic is coming" 1t is not likely, however,
that any Of the factors named induced genuine
holders OF securities to part with their posses
sIons, especially the talk from Boston.
OF course there was a large amount of pool
selling throughout the day, particularly in the
Copper shares and the issues of various other
Industrial companies that recently have been
active as for instance. American Locomotive
and American Smelling. Knowing of the exist
IL -,
which some Of the strongest interests in the
Street have been operating. traders favoring
decline used every effort to compel liquidation,
and it is only necessary to refer to the table Of
changes in quotations to realize how successful
bear operators were. In view of the great adj
vance that has taken place in the last few
months the decline that recorded in Tues
days and yesterdays market should not cause
surprise or uneasiness among people who are in
terested in American securities and American
industrial prosperity, while ii ought not to en-
courage bear operators to make extensive COM
mitrnents on the short side in the expectation
that the market is about TO suffer a long period
of declining values Naturally the sharp break
in the leading active issues caused heavy losses
in commission house circles and created the i'm
preston among the hangers on in various large
brokerage offices that the bottom was about to
lation Of 1905 had run it's course; but the best
Judges were not inclined to worry over the out
look for prices any more than they were early
in December 1904, when speculative conditions
were effective IN carving quotations from 10 To
10 points under the high figures of the fall.
Many stocks have been sold by weak holders to
strong buyers and while there may be
further drop next Monday. careful observers
look for a good sized rally before the middle of
the week, barring, of course adverse develop
mants
Declines Of from to points were common
among the active shares. with the heaviest
losses at the close in Amalgamated Copper,
American Locomotive. American Smelling.
Atchson, Atlantic Coast Line. Chesapeake and
Ohio. St Paul, Colorado Fuel. Erie. Illionis Cen
trail Missouri Pacific New-York Central Read
ing Southern Pacific, Tennessee Coal, Union
Pacific and the United States Steel shares.
St Paul lost 53s, New-York Central lost
4% Union Pacific lost Az Amalgamated
Copper lost AS and on the curb Northern Sc
curities lost ~ these declines being the largest
recorded. In the early afternoon prices rallied
from l to 2 per cent but I'm the last half hour
broke again under the influence of heavy sell
ing. an advance in call money rates to per
cent, the highest figure since the first week in
1904 helping the decline AT the close quota
tions we're not far from the poorest OF the day.
while speculative sentiment much confused
It was thought that there had been considerable
liouidation among certain interests that for
MANY months have been carrying heavy loads
Of stocks, and it ntimated that certain
other speculative interests took advantage of
their knowledge concerning these holdings to
compeI the throwing of these issues on the mar
kat Wall Street men have such pleasant way
of treating one another!
There appeared TO be no special reason for
tba advance in money rates, and the fact
that tbs. bidding up done after the days
loan requirements in great part had been salts
fed suggested manipulation Ior STOCK market
aeract According to the known movement Of
money i'm the week ended yesterday the local
banI.s have gained "A small amount In cash hold
tnge and If there has been material reduc-
tiCr i'm loans owing TO stock market liquidation,
there ought to he moderate increase in the
surplus above legal requirements in tO-days
bank statement