New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-05
STOCK MARKET OPERATIONS.

Stock market values were weak IN the greater
mart 81 the day under the influence of liquidation
and traders pressure, though the latter was
less OF an influence in the decline than actual
selling Of long accounts which practically We're
forced on the market. The Hill issues, the Har-
riTnan shares the Gould stocks and the local
traction securities We're heavily sold throughout
the five hours Of business. while in all parts Of
the list sales were large enough 10 bring about
material depreciation in prices compared
with the closing figures Saturday. the majority
OF shares touching new low records for the year,
and in many instances the decline carried values
under the lowest quotations of 1905. The ex-
IRENE weakness in Great Northern and Northern
Pacific eEerted an adverse effect on the entire
list. Selling in this group WAS accompanied by
the report that the Hartman interests We're
active sellers, that new stock market had
begun between the Hill and Hartman people
and that many holders Of both the Hill and
Hartman issues had been compelled through the
constantly dropping tendency of the quotations
FOR Great Northern. Northern Pacific. Union Pa
cihc and Southern Pacific 10 sacrifice a large
part Of their accounts in other issues in order
10 protect their lines of the stocks just named
There was no support Of importance in any.part
Of the market. the chief buying coming from
the shorts. who took advantage Of the decline
20 realize profits. Buying OF this sort does not
rs 1t reduces the short account and paves the
way for further aggressive attacks by the bear
element The Could stocks exhibited no re-
siiency at any time. Reading showed a little
resistance 10 the downward movement. and for
q brief period was fairly strong. though closing
az a net loss Of / q per cent: St. Paul sold on
easily, the copper shares were well taken, and
the local traction issues apparently went a-beg-
ging
There was heavy selling pressure in INTERIOR
ough-NetrOpolitan stocks from the beginning Of
the market until the close the common making
a new low record at % and the preferred at 619s,
with net losses Of 3&s and SO respectively. Dis
appointing earnings a. reported by the company
the expectation that Albany viii make the trac-
u0n roads toe the mark in the matter OF paying
the franchise taxes, and the knowledge that a po-
litical pool with big debit balance had not yet
parted with its holdings OF Interborough- Metro
politan and Brooklyn Rapid Transit, furnished
adequate arguments for the professional attack
on all traction shares. And yet the decline
IN marlborough Metropolitan common did not
carry the stock to an attractive buying price.
IN the neighborhood of 8, so bear traders say,
this issue viii be a good purchase; but just at
present the bears are particularly pessimistic
and II may not be wise to follow their ideas or
predictions though in we'll informed Wall Street
quarters II IS thought that prices will go lower
beIore there can be a sustained advance. Many
people were compelled to sell stocks for the
good reason that they did not have the means
longer 70 carry them. A few months ago these
holders were called substantial interests. The
rich men rather than the general public were
hurt by Yesterdays decline: indeed, in the de-
cline Of the last few weeks the public. broadly
speaking. was not injured long time ago a
rich mans panic was predicted. and while there
has been no panic, there has been slow de-
cline which has weakened many financial inter
ssts and at the same time this movement has
enriched many spectators who have been con-
sistent bears The adjournment OF Congress
brought no peace 10 Wall Street. as what may
happen al the White House or what the Inter-
state Commerce Commission may do In the near
future were discussed 10 an extent which over
Swallowed the important fact that number OF
months must pass before new. legislation affect-
ing corporations can be enacted. The idea that
strong interests were getting out of stocks in
fear OF future adverse developments helped the
General decline and the absence or support IRON
tho prominent banking houses encouraged COM
mission house selling. Banking interests now
ever bought stocks On the recession 10 a certain
extent but they ala nothing 20 check the weak
ness Total dealings amounted 20 more than
100000 shares the second heaviest day mis-
year. Car money advanced 20 per cent.
Conditions IN the money market at the nhoi'lsH'
CO not suggest the Development IN the near A"
-ie q easy rates for loans, but there Is, nov
ever. nothing in the situation that caiis Tor
sllek action BY the Secretary Of the Treasury