New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-22
enlisted.
Closing prices Of active bonds dealt in with
net changes. follow:
STOCK MARKET OPERATIONS.
changes. follow:

Further weakness developed in the market for
stocks, and in the course of the day many of the
active issues sold near and in some cases under,
the low points made in the March panic maxi
mum losses running from > TO 9 points, with net
declines nearly heavy. The movement was
accompanied by greater activity than recently
recorded, dealings including selling of accounts
representing stocks that We're carried over the
bad days in the March break in values, liquida-
ton of accounts accumulated since then In the
expectation of higher prices and sales stop loss
orders by traders of limited resources. The bear
element took advantage Of the forced liquidation
to hammer prices in all parts OF the list and
as consequence of its operations, many hold
ers We're through weakened margins compelled
to throw their possessions at figures that
ought TO have appealed to investors That there
was some investment buying was evidenced from
the character of business OF the larger commits
sion houses and that there liquidation by
interests who supposedly had been in a strong
position also reflected in the operations OF
the larger firms.
New buying was not sufficiently aggressive to
bring about much OF a rally before the close
and outside of the Investment purchases the
chief buying power came from the shorts who
In many instances covered their bear accounts
al handsome profits. Additional adverse
ports from the crop section Of the country the
Interborough- metropolitan note issue further
reports that the United States Steel Corpora
ton would come into the market for money and
various other rumors generally based on mag
ination, and poor Imagination at that contrib
uted to the general weakness. American Smelt-
ers the chief weak feature among the active
stocks, selling being accompanied by the re-
port from well informed quarters that the diyf-
dend would not be raised and that the manage
ment of the property never had any intention
of advancing the rate. Amalgamated Copper
naturally went down with the rest OF the active
list. but on the decline it was picked up by
prominent interests. and some buyers who re-
Gently held Smelters bought Copper believing II
the better stock of the two. particularly as an
investment proposition at present prices Brook
lyn Rapid Transit, the Hill and Hartman
shares, Reading and United States Steel were
especial objects of bear attack their net losses
running from . to points Baltimore & Ohio
Atchison, Canadian Pacific and Erie first pre-
ferred were firm features while Tennessee Coal
and Iron, on small dealings lost s points Total
dealings were 1,353,5S0 shares, while in bonds
the total par value of transactions was 81 COB
ONO Outside of Consolidated Gas issues there
were no declines of Importance in the bond mar
ket, which remained about as lfeess as at suy
time In recent weeks. The market for mortgage
securities appears to be dead, and It is under
| s1ouu 'he Union racine convertible bond sVndi-
cate already realizes that it has mighty hard
proposition on its hands The market IS con-
| sested with new and old issues
Cold exports in volume are not considered
probable, but small amount of the metal NAV
| go abroad If rates for exchange at this centre
ana money conditions al home and abroad re-
mann IN their present position for any length of
time Call money is cheaper in this country
than in Europe but the difference 10 not CO
| great as 10 encourage the expectation of b,,
| shipments of the yellow metal from this no.t
| particularly as there is no urgent demand In
| Europe for gold from the United States and
nothing In the situation at foreign financial
| points that suggests the DEVELOPMENT in tho ,ear
| future OF factors calling for an extended move
ment of the metal from this side of the ocean
Even II such conditions should arise ii Is NOT
likely that Europe would be able to secure large
sums OF gold here, active demand wo,ld
serve 10 advance rates for money 10 level that
would check the shipments The Secretary of
| the Treasury will he in this city to-day 10 con-
fer with local bankers regarding the monetarv
| outlook and the advisability OF withdrawing gov
| the payments on government bond REDEMPTION
| account, and he may find sentiment I'm favor of
such Withdrawals on the theory that the opera-
! ton will he little more than a bookkeeping
! transaction, and that by not paying the bonds
| from cash in the federal vaults the Treasury
will be in stronger position 10 assist the money
| market in the crop moving period when the