New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-29
STOCK MARKET OPERATIONS.

Stock market trading vas light in volume IS
compared with the recent heavy daily totals.
while fluctuations in prices as a rule were con-
fined within relatively narrow limits, with the
general tone strong. though al times there were
selling movements which prevented a sustained
upward trend. Final quotations in the greater
number of active issues showed net gains the
Improvement being due more to operations bv
the shorts than TO any inquiry from commission
houses for the public. Commission houses have
not been overburdened with speculative orders
for outsiders in the last few weeks despite the
fact that prices at a level which to many
minds suggests the probability of profit long
stock accumulated at this time and from what
may be gathered among brokers who handle the
greater part of the commission business the
prospects for a large increase in this sort or
buying at present are not especially promising.
Investors are buying and when prices are from
ten to thirty points above the current level
public Spectators doubtless viii begin 10 buy
But there are many big bears and so many
weak bulls Just that it may be a long time
before quotations will be able 10 move to a ma
terially higher range. The decision favorable
10 the Great Northern Railway in the matter
Of fits stock issue of $60O00OOO encouraged
speculative sentiment and offset in measure
the uneasiness that developed early in the day
over the Western railroad labor situation.
Stocks rallied easily from declines and the latter
were not accompanied by liquidation lower
prices when made being due entirely 10 traders
operations, which at no time were heavy. nor
did they show any of the aggressiveness that
recently marked the transactions of the bear
element. The failure Of a concern heavily in
volved in real estate had particular effect on
values. as II was thought that loans involved on
the property held by the company were amply
protected. Some people believe that this failure
is concrete evidence that the transportation
IN suburban real estate has run its course The
chief net gains in stocks were made by Anal
gamated Copper. American Smelling. Anaconda.
Northwest. Erie. Great Northern. Northern Pa
cihc. Pennsylvania. Reading and Southern Pa
cihc Call money was easy.
Although the Bank Of England made an ex-
tremely poor showing in its weekly return no
change was announced in its minimum rate OF
discount while the rate Of the Bank OF France
also remained at the level recently established.
The British institutions showing was the most
unfavorable ever reported at this period of the
year IN modern times, presenting unmistakable
evidence OF the severe strain under which il re-
Gently labored in financing a situation that had
all the elements Of acute danger Happily the
crisis passed without serious disturbance and
from now on Improvement ought to develop.
especially as the chances do not favor a large
movement u 6o4u AApia Europe Tor American
account. Our position has been so much
bettered that the necessity OF calling in our
foreign credits no longer exists, the favorable
situation having been brought about to
some extent by the liquidation that has
taken place in the stock market and by
the investment OF idle funds IN large
amounts in investment securities for the
account OF small investors but chiefly by the
deposits Of government money with depository
banks A large sum in the aggregate has been
invested in securities by small interests esti-
mates OF the total running all the way from
S25.0OO.O0O TO SJOO0O0OO and the best feature
OF this sort Of buying is the fact that stocks so
bought have been taken out OF the market
thereby reducing the supply available for specu-
iative purposes and increasing the prospects for
a gradual advance in quotations Il Is not
thought that great Improvement viii be re-
corded at the moment. while it is not improbable
that there may be further liquidation and bear
pressure. but II is contended that the foundation
Cor a bull market IS being made, ana that in the
absence OF the development OF distressing factors
affecting the intrinsic worth OF securities prices
for all issues win sell few months hence at
figures well above the current level.
Notwithstanding the retrenchment policy Of
the railroads. which when closely examined does
not approach anything more than healthful
iet-up IN new construction work, the United
States Steel Corporation. which should he the
.isrst 70 feel the adverse effects Of wholesale
cancellation and holding back OF orders tn
voived in railroad expansion, IS enjoying a