New-York tribune., 1906-04-28
Unlisted. TEX rights.
Closing prices of active bonds dealt in, with
net changes, follow:
STOCK MARKET OPERATIONS.

on heavy volume of business market values
moved toward lower level in the greater part
Of the day. accompanied by heavy liquidation
in the high grade investment issues. especially
in the case OF the so-called Hill stocks. in which
losses were extremely severe. Forced selling
was apparent in all parts of the list. represent
ing sales for the account of actual investors and
liquidation Of speculative accounts in which
margins had become depleted and in which
there was no response from holders for addi-
tional funds. The character of selling also sug-
gested liquidation by insurance companies Of
high grade issues and sales by interests iden-
tilted with San Francisco such operations, Of
course. being due entirely 10 the urgent neces-
sty Of raising ready cash in connection with
the requirements which have developed as a re-
suit OF the enormous losses in the stricken city
Sales of gilt edged securities naturally encour-
aged great activity on the part of the bear ele-
ment, and at times the extent of the downward
movement brought about acute decentralization
with trading resembling in many particulars the
dealings in the confused market of May 9, 1901
commonly known the day of the Northern
Pacific panic. Naturally the great selling press
ure was followed by reports that large institu-
tions and individuals We're in trouble but up to
the close of business there We're no develop
ments which warranted the expectation of seri-
Gus disturbance in financial and insurance
circles.
In Northern Pacific there was maximum
loss of 1872; in Great Northern preferred, 25;
in Federal Mining and Smelling. ); in Colorado
Fuel, rs tr Anaconda 9; in Northwest S. in
Reading, IA. and in New York Central AZ
While these losses We're among the heaviest re-
corded, the entire list showed substantial de-
probation as compared with the final values of
the preceding day last quotations being from
] 3 Tba in he
greater number Of issues. On the decline the
chief buying came from the shorts. but their
operations were not sufficiently heavy make
an important impression on values Apparently
the larger interests were not active buyers at
any time, while II evident that a number
OF speculative pools which recently were con-
sidered financially strong had been weakened to
an extent which compelled them 10 throw their
holdings the market. Western houses were
heavy sellers and this encouraged the theory
that many OF the pools were in distress, mas
much as the Western element had been inn
portant factor on the long side Of speculation
for many months While Great Northern.
Northern Pacific and a few other issues in which
extreme losses were heavy rallied 10 a small
extent before the close, the majority Of securi-
ties in their hnaI prices showered little improve
ment from the low figures of the day. Total
operations amounted TO 1853. .s29 shares. COM
pared with 2.0O4 1913 shares reported January 30,
which the high record Of the current year
Cross currents in the movement OF money in
the present week make il extremely difficult To
figure the probable loss which the banks have
sustained IN their cash holdings since last Fri
day II is quite evident. however. that on the
actual known movement of money there has
been reduction Of over S6,O00.O0O. while scme
estimates make the loss as much as S11 ,G0OO90
but even accepting 100000 or S1l ,000CO0
decline II is impossible 10 predict with any ac-
curaey the changes in to-day's bank statement.
owing TO the heavy liquidation. doubtless in
NoiVing reduction in loans, which has been
Ger way on the Stock Exchange and to the
method employed in compiling bank statements
oy the Clearing House. The movement OF money
market rates in the week has not foreshadowed
such bank statement was presented two
weeks ago. when the reserve above legal re-
quirements was wiped out while on the other
hand the course OF the loan market has not war
ranted the expectation OF an immediate return
or easy quotations for money. especially in the
time department OF the market
The reduction I'm the price Of bar gold abroad
the easier discounts in the foreign financial cen
tres and The advance in exchange in Paris. all