New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-09
STOCK MARKET OPERATIONS.

Stock market values declined under the in-
duence OF the operations Of a powerful bear
party in the greater part OF the day. the progress
OF the movement being checked at times by sub
stantial banking interests only TO extent that
prevented complete decentralization. Supporting
orders IN Reading after that issue had sold
points under the closing OF the preceding day
turned the entire market for brief period in
the direction OF better quotations. but the rally
was short lived, the advocates OF lower prices
gaining courage from the fact that buying repre-
sented nothing beyond the Efforts OF leading
fnanciers 10 keep the market from running into
a panic. and from the fact that long holdings
that have been weakened day by day were be-
ing HQuldated at heavy losses, In some circles.
however, Il was not thought improbable that the
success OF the bear element was approaching
stage where the aggressions would become less
effective, that detection would occur in its own
ranks. and that bull party. with the support
Of the big powers OF the Street. would be able
TO turn the tide for time at least In the direc-
ton Of higher values. Advocates OF a cheaper
level nevertheless. appear confident OF their pO-
eition, and assert that there can be no sustained
advance until the process OF liquidation has been
carried further. Big spectators are cunning"
for one another IN the current market, manipu-
lation OF the rankest kind is being practised
efforts are being made 20 brighten investors TO
sell InelF securities winch SldLO TOT great IN
trinsic value the inner circle Of high finance" is
helping along the decline and az the same time
blaming the movement to the 'public's attitude
toward the corporations" and the idea that the
country is going TO the dogs is being indus
triously preached by interests who are anxious
90 gobble other mems securities at worse than
bargain prices. People who good invest
ments should not be frightened by the circular
insanity and brainstorm now current in Wall
Street.
In the last hour OF trading declines were gem
sral throughout the list. liquidation was heavy
and losses were large. Reading on its MONDAY d-
vance touched 124. against a low price OF 116k.
closing az 120ps. net gain Of IL. while South
ern Railway. Louisville & Nashville and Arneri-
can Ice Securities also ended at net gains.
though well under their best figures but else
where in the active list net losses OF from to
4 per cent were recorded The Gould shares
were attacked, Union and Southern Pacific were
under pressure. while heavy selling IN the
United States Steel stocks were responsible for
bigger losses IN these issues than recorded In
many days Selling Of the Steel shares is not
based on the position Of the industry or on any
fear that there VIII be big falling of IN the
earnings Of the corporation In the near future.
The iron and steel business is in a sound posi-
ton, and a heslthful reduction IN the volume OF
orders VIII rot wipe out the prosperity OF the
trade. United States Steel preferred az its
present price IS exceedingly attractive an In
vestment purchase. and many people with funds
and who are not worried by the gloom that has
settled upon the Street taking the issue and
locking & up. The Southern Railway stocks
after an early decline advanced rapidly on the
announcement that there would be 10 change In
the dividend on the preferred, but declined with
the general list IN the late dealings though
closing above Thursdays anaL Last quotations
es a rule were ct the lowest OF the day. Total
operations were IN excess OF those In Thurs
days market. but under the record Of wednes-
day.
Retrenchment on the part OF the railroads IN
the matter of expenditures naturally win be re-
hected In reduced orders on the books OF the
various industrial concerns from which the
transportation companies arc buyers, but a
movement OF this sort will not mean Industrial
collapse. There has got 20 be something fntri-
sioally wrong with underlying conditions before