New-York tribune., 1907-04-16
STOCK MARKET OPERATIONS.

Tn the early dealings the general course of
stocks was i'm the direction of lower quotations.
under the influence of pressure from the profess
sionaI element and liquidation for the account OF
interests whose accounts had been carried over
the March break, but which for good reasons
were forced on the market yesterday. This sell
ing was accompanied by various rumors affect
ing the credit Of certain Wall Street houses, but
I'm well Informed quarters little stock was taken
in such reports especially as it was known that
traders ideas on the subject based the
generally known weak position of unim
portant firm which announced it's suspension
before the noon hour. This development was
followed by a stronger tone throughout the mar
ket, shorts covering upon the appearance of
/ supporting orders in the leading active issues.
but the failure Of the upward movement to at
tract an outside demand together with the un-
willingness of the larger interests 10 WOrk for
higher prices led 10 renewed selling by the hoard
room element in the afternoon, in the course Of
which many commission house stop loss orders
were reached, with the resultant effect OF forced
liquidation IN many OF the leading issues In
the brief rally following the opening break for
eign houses became heavy sellers and the atti-
tude of the foreigners on American securities on
the London Exchange also unfavorable. par
ticularly on the Western railroad shares which
freely circulated here and abroad were true
Trustworthy information warrants the state
ment that these reports are not founded the
actual position Of the winter wheat crop. Weak
ness was pronounced in the last hour, and at the
close prices at near the lowest of the
day, with the chief declines among the active
shares in American SmelteTs. Atchison. Brooklyn
Rapid Transit, st. Paul, Erie Northern Pacific
Pennsylvania Southern Pacific and Union Pa
cific Money was easy
Bank conditions at this centre are far stronger
than they were a few weeks ago. and COM
pared with this time in preceding years the
averages are well above the normal Cash hold
ings Increased more than S7OOOOOO last week.
and the reduction IN reserve from the week be-
fore. owing to the large expansion in loans. was
not large enough TO suggest higher rates for
money in the near future. The demand for
accommodation for stock market account is not
heavy in the call loan department but many
commission houses are moderately active bor-
rOwers of time funds, their operations being
based on the theory that there will be good
speculation in securities later On in the season
and that money will be saved by securing time
commitments at current attractive figures. They
recognize the probability OF an active inquiry
for funds from corporations throughout the wear
and heavy demand from mercantile sources.
10 say nOlnlnB OF tne requirements Tor the years
harvests, and they believe that these factors at
no remote time will bring about a stronger ten
dency in the money market, though they look
for trouble in the monetary situation Ad-
ditional sums will be thrown into the market bv
the financing Of the maturing per cent bonds
of 1907, while under the terms OF the AldrIch
law the Secretary Of the Treasury will be en-
abled TO relieve the market whenever there are
signs of stringency, and a consequence senti-
ment over the future OF money ought TO be ex-
tremely confident. The extensive Increase in
loans last week due entirely to the ease
that developed in loan quotations. and It is not
unlikely that further expansion will be reported
in the current week.
In the last six days there has been a material
decline in the range Of prices for the leading
active securities. and the absence of an active
public demand. together with the efforts of GER
tain interests 10 destroy confidence in invest
ment circles the outlook for the cOuntry's
business in the next twelve months by misrepre-
sentng the character Of the policies OF the pres
ent washington administration as affecting
corporations, may serve 20 encourage a still
lower quotation level. 1t Is not probable how
ever. that there WIFI be any great amount OF i'm
Vestment liquidation as a result of the present
campaign against values. Nor is il likely that
there will be any reaction i'm business through
out TIE country warranting a resdjustment of