New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-28
STOCK MARKET OPERATIONS.

Opening prices in yesterdays stock market
were at advances Of from 10 3 points above the
closing Of the preceding day. while throughout
the first two hours of trading the movement OF
values in most parts OF the list in the direc-
ton of higher quotations. The early Improvement
was offset to a great extent in the afternoon
dealings by an aggressive attack upon the Erie
issues by some good selling in Pennsylvania
by bear pressure in the leading active issues and
profit taking operations by traders who had
made favorable turns on the long side Of specu-
lation. The declines that developed a result
OF these transactions amounted in many cases
TO much the forenoon gains. and as a
consequence final quotations generally showed
unnportant changes as compared with the last
figures I'm Tuesdays market. The death of a
prominent capitalist who heavily interested
IN St. Paul in part responsible for the SELL
ing in that issue, but the general OF prices
after the mornings advance was due to the
factors already noted and the absence of any
important buying power the initial gains being
due entirely TO covering operations and a COM
mission house demand that soon became ex-
hausted a few people not oyerwise and of
limited means bought securities on the rapid
advance Tuesday, expecting the immediate de-
velopment Of a sustained upward movement, and
sold yesterday afternoon when the market be-
q
make a bun market neither will there develop
big bull market based on a short interest alone.
Efforts to induce public following in the stock
market by the silly talk OF bankers protec-
tive pool and by the absurd suggestion that
Mr.. Morgan is eXertng pressure by way OF the
cable on the President TO help the stock market
viii not be followed by wild scramble to buy
securities. Stocks in most cases are worth
more than they bring current prices, and
investors need only to follow facts I'm making
purchases.
Traders report that stock comes out freely on
all advances. and for this reason they believe
that there are yet holdings that are under order
10 be liquidated al favorable opportunities
1t is evident. however. that there is nc longer
hanging over the market an extended weak bull
account. while it is quite certain that the bear
clement has lost much of its aggressive charac-
ter that recently marked the operations for tho
oecline Moreover It does not require any deep
reasoning to figure out an Improvement in tech
meal conditions and in the position of the money
market that is making for higher prices. though
the advance doubtless viii not de.relop into
! sustained huh movement at once. especially as
the so-called public is not likely 10 make ex-
tensive ventures until it feels assured that peace
and harmony prevail in Wall street circles. that
! the assistance rendered by the Secretary of the
3 Treasury TO the money market VIII De permanent
I'm its results and that there will be no reaction
IN the country's business Of proportions large
enough to reduce the actual worth Of American
investment securities business conditions at
present are unusually sound. and according 70
! the testimony OF the most competent observers
in the Industrial and financial world there win
be no setback in trade beyond healthful slow
! ing down from the feversh activity that has
i been 30 prominent in all Industrial quarters of
the United States in tho last twelve months. 1t
Is an interesting fact thar the assurance regard
ing the sound position OF trade in the country
as received from many Wall street interests 50
being circulated with rapid fire quickness. max
/ ing noteworthy comparison with the doleful
tone Of the views which were put forth when
prices of stocks were al higher level.
Bank deposits viii be materially increased
through the placing OF Sl5OOO0OO of customs
receipts with the Clearing House institutions,
while the credit facilities Of the money lenders
will be extended 10 four times the amount OF
the deposits. Larger offerings of government
short term four per cent bonds are being made
to the Treasury Department and It is believed
that the entire amount. S25.O00O00. which the
Secretary agreed to redeem win he surrendered
in the course Of a few weeks This government
assistance viii have an important bearing upon
the foreign situation. inasmuch as il will remove
st- ~ecessity OF shipments Of gold from Eprops