New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-06
Closing prices of active bonds dealt in, with
ret changes. follow:
STOCK MARKET OPERATIONS.

Stock market movements yesterday reflected
further forced liquidation and aggressive press
ure from the professional elements. efforts by
the room traders 70 weaken accounts which had
been materially damaged in Mondays opera
tons and the Throwing ovsf ~ commission
houses of stocks upon which margins had be-
come exhausted. These movements became
pronounced in the afternoon. when the entire
market practically went to pieces. with new low
records for the year in the greater number of
issues, and in some cases prices that approached
the low figures Of 1903 and 1904 The decline
was not accompanied by adverse news develop
ments. selling being due to the same considera-
tons that have been responsible for the down
ward course of values in the last few weeks.
The chief buying came from the shorts. but
there was. nevertheless quiet accumulation OF
good securities by operators who recognized the
fact that quotations had reached a level which
made investment purchases attractive. In the
early dealings the tendency toward lower
level, but before the noon hour prices began 10
rally under the lead of the Hill shares and
Reading. the improvement. however. in the gen
eral list holding for only a brief period. Read
ing. Great Northern and Northern Pacific man
aged TO close at net gains. while elsewhere in
the active list substantial net declines were
corded, prices being unable to Withstand the
veritable deluge of selling orders which came on
the market in the last hour and which were
responsible for a loss Of 612 in Atchison, the
same in Brooklyn Rapid Transit 35s in Bal
timore & Ohio, in Louisville & Nashville 49s
in Southern Pacific and 21s in Union Pacific.
The decline in Atchison gave rise TO the report
that the Union Pacific was selling its holdings
Of that property. and the Street again was
flooded with rumors that the Union Pacific had
parted with its Great Northern and Northern
Pacific shares in order 10 raise money to pay
for its Baltimore & Ohio purchase, traders who
accepted such rumors forgetting that the whole
history of the Union Pacific under the Hartman
management presents reason for believing
that the company would sell stocks in a panicky
market. And the silly statement again was
heard that the Hartman interests were selling
Great Northern and Northern Pacific for re-
venge-that is, they were taking losses them
selves in the hope Of hurting Mr. Hill and his
associates At times Wall Street theories are
about as reasonable as those that worry the
brains of the inmates of the madhouse. Specu-
lators who bulled the stock market months ago
when conditions We're unfavorable for such
movement are now parting with securities which
they were unable to sell to the public at higher
prices. Big men have been carrying heavy
loads for a long time in the hope that their
burden would be taken over by the public at
SIM NuDLdliolAS, puL III tney nave been dis
appointed and are selling at sacrifice.
some Of their stocks being taken by the poor
public. which, for once in its life. has had the
sense to buy cheap with the expectation OF SELL
ing dear. Total operations in Yesterdays mar
ket were the heaviest for any day this year
amounting to more than 17OOOOO shares.
Pennsylvania's splendid showing for the last
year as exhibited in its annual report printed
yesterday. the increased earning power of the
company, as the result Of the large expenditures
on the property in recent years and the added
earning power that will result from improve
ments now under way may not be reflected in
the price Of the Pennsylvania securities at pres
ent. but they are factors that have increased the
intrinsic worth OF these issues and at some
future time they Will be shown in a much higher
price for the company's stocks and bonds There
is no reason for uneasiness on the part of Penn
sylvania stockholders over the future value OF
their investments. and the same thing may be
said Of the so-called Hill stocks namely, Great
Northern and Northern Pacific Mr. HUI is au-
thority for the statement that the man who buys
Great Northern and Northern Pacific at current