New-York tribune., 1906-04-29
ENLISTED.
Closing prices OF active bonds dealt in, with
STOCK MARKET OPERATIONS.

New low records for the year were made IN
the greater number OF securities IN yesterday
dealings Liquidation of speculative accounts
-os eq,a,,, IN evidence while further selling by
genuine holders was reported especially In the
case Of high grade issues, such as Great North-
ern New York Central, Union Pacific and
Northern Pacific. Evidence Of liquidation py
interests who are identified with San FRANCISCO
,,os rp.s.rteo in the two hours OF trading, while
increased sales by people whose margins hau
beoome exhausted also were noted In the
initial operations moderate support was ofrered'
br1t the pressure Of sales soon was effective in
hrealine prices throughout the list, and though
+berA were small rallies at times owing to COW
ernp of short contracts, the final range Of quo
ta+ions was we'll under the last figures or the
preceding day. Bank statement figures did not
help the market for the good reason that the
exhibits showed a large decrease IN reserve
above legal requirements and an unexpected
large expansion in loans The majority OF Wall
Street traders believed that in view OF the heavy
liquidation In stocks in the week there would be
a proportionate contraction in loans and the
fact that there was not decrease in this item
doubtless due 10 the large borrowing in the
time department OF the money market, both for
Wall Street account and for the necessities OF
mercantile concerns, insurance companies and
cisco disaster. There was a large reduction in
loans in the week which represented speculative
operations the Stock Exchange, but this
movement was offset by the demands of other
borrowers who were compelled TO apply for
commodation owing TO the extraordinary exigen-
cies of the current situation.
In the last half hour liquidation continued ac-
tive in volume, and while there was a feeble
rally before the close there was no evidence of
support from prominent interests, the chief buy
ing being for the account of the short element.
Total sales in the two hours of trading amounted
10 over 100000 shares, which compares with
total operations in the five hours of business in
Fridays market OF more than 100000. From
this enormous total for a short session the ex-
tent of the liquidation may be realized. especi-
ally as the big operations We're accompanied by
declines running from l to per cent. The
heaviest losses were in the Copper shares, Amer
ican Smelling, Great Northern preferred North
ern Pacific, Reading and Union Pacific among
the active securities. In many instances sales
We're due entirely to the inability OF holders to
provide additional margins. In addition to the
Frisco influence, the market also affected
by the refusal Of the coal operators TO accept the
latest proposition of the miners
Commission houses as a rule have been calling
on all customers for additional margins, and
fortunately in the greater number of cases re-
sponses have been satisfactory. though the
severe decline in fridays market has weakened
many large accounts TO extent which has
made hurried liquidation necessary. In some
circles it is thought that prices are scraping on
bottom, while in other quarters it is believed
that the decline has not vet it's course, and
that eventually quotations will move TO a much
lower level. II is contended that the price of
stocks and the price of money are out OF align
ment, and that "A readjustment must be made
either by fall in stocks or a decline in loan
quotations. Prospects for easier money, espe-
cially time rates. are not particularly prornis-
ing but II should not for moment be assumed
that present money market conditions and the
disturbance that has taken place on the Stock
Exchange reflect an unsound banking situation