New-York tribune., 1905-04-30
BONDS.
STOCK MARKET OPERATIONS.

The roadjustment OF stock market values to
= lower level continued in yesterdays trading
and result Of the two hours OF liquidation
net declines averaging over per cent were re-
corded in the active issues. the heaviest losses
being suffered by AmaIgamated Copper. Amer
lean Smelling, Brooklyn Rapid Transit. Colo
rado Fuel and Iron. ST. Paul, Louisville and
Nashville. Metropolitan. New-York Central,
Reading. Southern Pacific. Tennessee Coal and
Iron, Union Pacific and United States Steel
common. Union Pacific lost rs per cent, New
York Central lost > per cent and st. Paul lost
"a per cent on q heavy volume of business that
. 2parently was made up in great part Of forced
sales by pools and individual operators, who
were unable longer 10 maintain their position on
the long side Of the market. The downward
movement vas accompanied by many reports
and rum0Ts affecting various properties, but in
most instances there was not the slightest foun-
d2t.oa or the stories. nor was there anything
IN d days news developments that warranted
K extreme pessiuism that prevailed in the
Etreet or that suggested the sale Of investment
holdings. Doubtless many spectators were
severely hurt By the sharp decline, and il is not
unlikely that number of persons will be un-
able to make for many day TO come further
ventures the bull side Of speculation. but.
despite the weakness and the injury to Wall
street traders who have been induging in
The general situation in the business and money
world that encourages The theory that the course
uf values VII! continue 20 move Tor any length
ct time In the direction Of lower quotations.
The weeks decline on the Stock Exchange
has eliminated many rash operators as factors
IN the market, while Il has served TO place
stocks IN the hands Of people who are protected
10y large financial resources and who VIII not
offer their holdings until prices are well above
No
yesterday. following the great depreciation that
took place in the two preceding days, naturally
creates The idea that many bull pools are in
serious difficulty, but 4 ought not TO frighten
The general public into the belief that the
ccarse of affairs in the Street is significant Of
any weakness IN the situation outside OF the
Stock Exchange. Every factor that has an i'm
poTteut bearing on the couatry's trade is ia
Vo.able. but a consideration Of this character
carries 10 weight in Wall Street when specu-
lative not the down side Of the market is
under way and it is therefore useless TO discuss
or point out the extremely favorable features
governing the intrinsic value of American in
Hestnent securities. The current spasm Of
liquidation already may have run its course. but
II further selling takes place il is rot likely
that conservative Wall Street men viii become
pSnicstr-cl-en. while IL is quite certain that
every share oaercd for sale wDl find a buyer
heal value IS rot being squeezed cut Of securi-
lies Bull pools that have injured legitimate
speculation are being forced 10 the wall and
The way is being paved for a healthful specula-
tion IN favor Of higher quotations. Irregularity
ana lighter dealings may be expected for time
after the current liquidation has spent its force,
hut eventually prices ought TO move to a level
as nigh, Il not higher than the best figures re-
coIcea III The recent bun campaign.
A favorable bank statement failed to stem the
ice cf liquidation. In fact, selling became more
pronounced In the last half hour than al any
lnece~lng time in the morning and at the close
lilCes as rule were near the lowest Of the day
Ine extent Of the decline may be Judged best
nom an examination Of the regular table OF
changes printed at the head Of this column Cash
LoluLnGs of the associated banks increased
nearly 100000 which. IN connection with a
decrease N loans, was responsible for q gain 81
reserve aLofe legal requirements OF over 50 ODO-
"v5 10 %lhbOo,2JO, which compares with re-
serve OF So, ,i4l,2O at this time a year ago and
@A'Ao1'e'V IN 1903. The reduction in loans was
Aatlfa4 reflection Of the liquidation on the
Stock Exchange and IL is likely that In the
slat ate!lle-lt OF the current week there will he a
4Gttr material contraction in this item There
y NoliAilS iil me money situation that accounts
lo- lne weakness IN stocks and tho fact that
li2f-Ie are no adverse factors in money or busi-
ness encourages the belief that the besr move
Ahent III securities viii not be OF long duration