New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-23
BONDS,
STOCK MARKET OPERATIONS.

Following an early advance that carried quota
rious for the greater number Of securities point
or more above Saturdays last figures STOCK
market values declined in the afternoon dealings
under pressure from the professional element
and selling for the account Of commission house
interests whose margins had become impaired
through the weakness in the movement Of values
last week. While there were no news develop
4nents affecting the actual worth Of investment
issues holders Of securities on margin appeared
m Ia extremely nervous and the presence in the
market Of a number Of stop loss orders naturally
added to the uneasiness that appeared 10 be so
general in speculative circles. Nevertheless, the
liquidation did not represent sales for the ac-
count of important investment interests. Inere
was nothing in the situation governing the busl-
ness Of the country that warranted disturbance
In Wall street. but the fact that powerful specu-
lattve interests were active on the bear SIDE OF
the market frightened number of commission
traders into liquidation, Vile 1t encouraged the
board room element to hammer prices In all
directions. The Boston prophet announced
that e crash was due. and some people followed
his advice and sold their securities. The So
called system bought stocks on the decline, ana
as q consequence Of the days operations first
class shares passed into the hands of people
who were willing TO accumulate good American
investment issues at the attractive prices made
In the course Of the bear attack on values
London active buyer in the local mar
ket, but upon the completion of the foreign pur-
chases the tendency turned in the direction Of
lower quotations. especially in the case Of the
leading active issues as, for instance, American
Smelling. St Paul, Reading, Union Pacific.
United States Steel preferred Aulalganated
Copper. American Locomotive, Colorado Fuel.
Tennessee Coal, Pennsylvania and Northern Pa
cifc in which declines from the early high
prices ran from 1 TO ) per cent While the more
important interests made no attempt to support
the market they were quiet buyers throughout
the list, the heavy offerings of Amalgamated
Copper, Union Pacific. United States Steel pre-
ferred and other well known shares being taken
by interests whose bank accounts are so large
that their brokers never consider the question
OF additional margins. In the greater number
OF issues the afternoons decline carried prices
TO figures near the lowest OF the year. Union
Pacific touching 10, Amalgamated Copper "a
St Paul 16Sss. United States Steel preferred
907s. Colorado Fuel and Iron IS. Pennsylvania
1e11a and Reading S67s. The selling movement
was accompanied by well founded reports Of
trouble in trust company, but the Importance
attached to the reported embarrassment of the
institution was not justified by its position as a
factor in the financial community Closing
prices were well above the lowest Of the dav.
owing TO a rally that developed in the last half
hour, when securities were taken by an excellent
class Of buyers. There were no inDortar+
changes in the money ana sterling markets. The
development Of aggressive bull speculation IN
the cereal markets did not help Stock Exchange
values.
There is nothing in the general situation af
fecting the industrial activities Of the nation
that indicates important change In the c,,r
rent prosperous condition Of the countrys bust
ness There Is nothing in the money market
ulat warrants the prediction that disturbance
VIII develop at this centre, and there is nothing
n the speculative position of the stock market
that indorses the views Of certain Operators
who are working for lower prices regarding the
future Of securities prices. People who have
spent many years in Wall Street are NOT AT all
upset oy the declining tendency that is now
ui1oer way They are well Informed regarding
the actual value Of American investment sacrr,-
ties, and they are pinning their fa,rb - 49,
'he'Ty that the progress Of the United States
VIII be on lines that win add ereat tntri,s,o
merit 10 the railroad and industrial stocks and
Dohos OF American corporations. The necessi-
ties OF speculation require liquidation on thu
u many operators in a market such as
&c street Is now witnessing, but it should be
DorAe III mind that sales Of stocks for this ac-
SouHI are taken by strong financial interests
ana mat speculative declines on The Stool, -,
change are always followed by reco,,erta~ -.
IN proportion TO the losses made in the dow
"aro movement 1t may be week and # NAV
be several months before the bull side oP 49,,
market develops activity, bat any one who INV.
stocks az the current level and boId. -
eventually viii find profit in the transactior,
me current decline represents IN part the lioui-
datlon Of an overloaded account held bv bte
speculative plungers, and the elimination ~
these holdings ought TO prove Of great beneot
10 the market