New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-01
STOCK MARKET OPERATIONS.

Stock market liquidation which developed in
the closing hour Of Tuesdays trading continued
yesterday throughout the five hours OF business
and. as e consequence. prices declined in most
parts of the list the losses in many issues being
heavier than recorded on any day this year.
This was especially pronounced IN the so-called
Hill shares. Great Northern preferred suffering
a maximum decline Of over 10 points and North
ern Pacific 121z points, while the net changes
for the day showed little Improvement from the
lowest figures recorded. Selling was heavy in
all the stocks which recently have been active
bull favorites. and notwithstanding that buying
on the decline appeared to come from fairly
good sources. the market failed TO show sub
stantial rallytng power The strength in the
money market undoubtedly was responsible in
part for the days liquidation. but the Street ap-
parently believed that some untoward develop
ment was hanging over the speculative situation
although there were few traders who were will
ing 10 define their ideas on what they expected
10 happen AS 4 matter Of fact. the decline rep
resented continuation of the selling movement
which recently developed when It became known
that many Of the more important market inter
ests had disposed of their securities at the TOP
prices Of the year. While there has been no i'm
portant change in conditions governing the act
ual value Of investment securities. factors have
arisen which have worked against bull opera
tons IN stocks. and the development of these
factors has come at a time when the technical
position Of speculation has presented an excel
lent opportunity for successful bear raids on
prices. The fact that many Of the most promi-
nent speculative houses have been active sellers
in the last two days naturally infames the pub
lie imagination regarding the stock market out
look and the extreme optimism which prevailed
few weeks ago as result has been succeeded
by condition Of acute depression among com
mission house traders. especially the traders
who bought securities at the recent high prices
There has been a large depreciation in stock
market values in the last two weeks, and, while
there are many good reasons 10 believe that
prices will go lower. il is thought that a rally.
from the depression which occurred yesterday
VIII soon develop. II is quite evident that the
larger Wall Street interests are not supporting
the market and il IS known that many of the
leading bankers in the Street are not in favor
OF bull activity at this period Indeed the larger
banking houses are more bearish than they have
oeen IN many months. as far as the stock mar
ket is concerned but they are not inclined 10
ap'ach particular significance TO the liquidation
In securities as indication of a material
change in the general business situation in this
country In view Of the strength exhibited in
stocks for many months the present reactionary
tendency is not surprising. and 1t ought not 10
investment issues. IntrinsicalIy the greater
number OF stocks are worth more TODAY than
tney were six months ago. and there is no req
son 10 believe that there VIII be any change IN
CONDITIONS affecting actual values which will
warrant wholesale liquidation Of investment ac-
counts The present selling on the Stock Ex-
chahse is wholly speculative. and is the direct
result OF the bull excuses of recent months At
the close yesterday the heaviest losses were re-
corded by American Smelling AnaIga,,.,a5
copper. Anaconda, St Paul Great Northern
preferred. Illinois Central. Northern Pacific
New-York Central. Norfolk and Western
Pressed Steel Car and Tennessee Coal The ex-
IRENE weakness IN Great Northern and North
ern Pacific naturally served to help the general
decline
The heavy loss nv the local banks on their
OPERATIONS with the Sub-Treasury In the current
week u Que 10 large collections on account of
customs and internal revenue payments and
Gratis on New-YorlI banks by out OF town con
Germs In connection with their obligations TO the
government both on internal revenue and the :
Per cent redemption fund. In addition 10 the
loss which the banks have made 70 the govern
H-eht there also has been an excess Of shipments
OF currency 10 the interior over receipts in the
hTsl three days Of the present week and il there
Tore - quite probable thar tie local institutions
VIII SHOW material falling of in their cash
hoiolnss IN the weekly Clearing House state
nlen' This loss. however. may he offset. as far
as the reserve above legal requirements is con-