New-York tribune., 1907-03-10
STOCK MARKET OPERATIONS.

On a large volume Of business stocks moved in
Of trading, fluctuations in prices covering a
wide range. with alternate periods OF weakness
and strength. and the general market ending
with the tendency IN the direction of higher
quotations. In many OF the active issues net
advances were reported. but the last half hour
OF strength. however. did not wipe out ali the
losses of an earlier sharp decline. in the course
OF which many new low records for the year
We're made on this movement large supporting
orders were thrown into the market and the
appearance as buyers Of houses that are known
10 operate for substantial banking interests was
an important factor in the late advance. though
much OF the Improvement was based the de-
sire OF some traders 10 cover their contracts
over Sunday. Bank statement figures contained
little encouragement for the advocates of higher
prices as there was a further falling of IN cash
and reserve holdings, the latter declining TO
S2O5l.G 10. which compares with SIS, 1863. zoo at
this time a year ago and $92TS15O in the cor
responding period IN 1905. The liquidation in
the stock market in the week was reflected in
contraction in the loan item Of more than Sl2,-
100000 and this. with loss in cash Of SO H.
COO accounted for a gain in deposits OF more
than TS.l00OOO. Loans of the associated banks
are considerably in excess o. the record at this
time last year, while cash holdings are about
the same Notwithstanding the liquidation that
has taken place In stocks since January i,
loans are nov SI7. .2S9. .4OO larger than they were
in the first week of the current year while in
the same time cash has decreased about S4I,-
O00OOO Trade activity and corporation borrowing
have more than offset the selling Of stock ac-
counts carried on borrowed money as an infiu-
ence on loans. but corporation operations in
the loan market practically have been suspend
ed. it is believed that in the near future the
banks VIII he able To bring about a material
reduction in their outstanding loans and an in
crease in their reserve above legal requirements.
Declines reached large figures in most Of the
active issues in the first hour of trading, but
there was less decentralization than noted on the
preceding day. while prices appeared to rally
easier Pressure directed against Great
Northern Union Pacific, Missouri Pacific Mis-
souri, Kansas & Texas. United States Steel
common and Sugar Refining to a greater extent
Derhaps than in other parts of the list and these
issues showed net losses at the close. as COM
pared with net gains in Reading. Amalgamated
Atchisou. American Smelling, St Paul. Penn
svIvania Southern Pacific and United States
steel preferred. The larger banking houses,
while guarded III their comments on the mar
Ect expressed opinions that savored more OF
cheerfulress than recently noted. and interests
who have not been in the market in the decline
hut who have watched the course Of trading and
the character OF operations predicted that better
results soon would develop on the bull side Of
speculation There is still a large uncovered
short interest i'm the market. One Western
nIunger connected with the sO-caled Rock ISL /
and crowd is said to be 100000 shares short. and
the fact that some OF the leading banking
houses in the Street are not admirers OF this in
dividual and the element which ne represents
nosstblv may develop some bull fireworks in the
market in the present week. Stock values do not
run in one direction all the time, ana just now
Ifg rally is due. y sustained advance is not
probab,e but bull interests by taking advantage
Of the oversoId condition of the market may be
able to cause some heavy losses in the bear
cann. The reports OF The commercial agencies
racAived Yesterday state that weakness IN the
week was confined to Wall Street. other sec
tJons Of the country recording strength in all
lines OF trade
ON the Stock Exchange last week 22{ separate
issues were dealt in. and of this number only
eight stocks showed advances. namely. Ahis
chalmers. American Ice. Bethlehem Steel pre-
ferred, Havana Electric common and preferred.
New York Chicago & St. Louis second preferred. |
Norfolk & Western preferred and Reading. |
Net losses ran from TO Il points in the active
list Total transactions in the week amounted /
+. more than 9.TOOOO0 shares. OF which Reading
supplied (haIf stOck). 2170200. Union Pacific
1.919.7O0 and United States Steel common 1.1oS-
ZOO