New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-24
STOCK MARKET OPERATIONS.

Something approaching a wild tumult was re-
ported in the American department 81 the Lon
don Stock Exchange before the opening Of the
market at this centre. while general weakness
prevailed in all the European financial quar-
tiers The disturbance al Berlin being in the nat
ure of a panic In Wow Of this situation abroad
il was not surprising that stock prices on our
exchange opened at declines, which in some in
stances ran from ? 10 points under Fridays
closing he movement being accompanied by
selling for foreign account as well for local
interests. There was genuine liquidation and
active pressure from the professional element
though AZ bottom figures the latter gave some
support in covering its contracts. the result Of
which was reflected in improvement in the hnal
quotations as compared with the low level ~
the day, but with closing changes al substantial
declines in the greater number Of issues. Lon
don and Berlin. the cable reported were fright
ened over the position Of affairs here while
local interests were scared on account of the
ureasiness abroad. and Notwithstanding the fact
that there were no news developments in the
markets Of the world affecting adversely the in
trinsic value Of securities. there was feeling
Of general apprehension over the immediate fut-
ure The argument was made that the con-
tinued weakness in the markets Of the United
States and Europe must result In catastrophes
in the various financial centres that would react
Upon the business world. that the retrenchment
policy Of the railroads would be followed by
severe drop in the earnings Of the iron and steel
industry, that dividends would be placed in
jeopardy and that a general condition of fam
inc was about 10 develop.
If the collapse in the stock markets in New
York. London and Berlin were based on factors
other than those which are really responsible
for the current unsettlement in Stock Exchange
far
easiness over the outlook. The speculative mar
kets are going through a period Of readjust-
ment that may run to an unreasonable extreme.
as such movements generally do and II is not
unlikely that there will he a healthful readjust-
ment in other lines in which the pace has been
too fast in the last year. There is, however, no
indication in the actual position of affairs in
This country in Europe that period of bust
ness distress is upon Opinions Of business
men throughout the country are at present a
far better guide to the probable course of trade
in the next twelve months than are the move
rlents Of values on the stock exchanges, and in
vestors who may feel disturbed over the liquida-
ton and weakness IN securities would better
forget for the time at least what stocks are do
ing AMI watch the progress Of industrial affairs.
Retrenchment 10y the railroads and other cor
porations ana retrenchment by individuals will
serve to strengthen the underlying conditions In
the business world. Liquidation of speculative
accounts in stocks will serve to help the money
market which already shows considerable i'm
provement as a direct result Of the selling Of Sc
curities carried on borrowed money. The process
Of eliminating weak spots is not a pleasant one.
but II does no general harm. while it is capable
OF effecting much good. The foreign markets
apparently are in fear of gold movement TO
this side of the ocean. but there is no DISPOSE
ton on the part Of local bankers call in their
European credits at the expense of a weak
ened financial position abroad.
Bank statement figures for the week were
somewhat disappointing, owing TO the expecta-
ton that the large estimated gain in cash
would be reflected in full in the Clearing House
figures and that the loan account would show
large reduction. Cash increased S1,21S.9O0
saginst Fridays estimate of more than S6.OO0,
900. while loans declined only So 5S7 900. the re-
sui; Of the two changes being a moderate le
1 crease in deposits which in turn was responsible
/ for decrease in the cash required against de-
posits of S457.45O, which, added to the cash
item. gave an increase in the reserve above
4 legal requirements Of 81 67635O This item now
+ in the same week a year ago and S6479325 in
1905. Following the publication Of the bank
return further selling pressure was reported in
all parts Of The stock list. but in the last few
minutes a slightly better tone developed with
advances in some stocks Of as much as one point
from the low point OF the day. The Erie shares
were again active features though the selling
vas not so urgent as reported in Fridays mar
ket while Canadian Pacific was hammered
throughout the short session. with a resultant