New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-16
Closing prices Of active bonds dealt IN. with
net changes, follow:
STOCK MARKET OPERATIONS.

UnGs- the influence OF heavy covering OF
shorts and some investment buying stock mar
ket values opened strong at advances OF from
to IL points over the closing figures Of tho
preceding day. the gain being well maintained
throughout the FIVE hours OF business. The i'm
provement in values after Thursdays big de-
cline was not unexpected. Indeed. seasoned
market observers would have been astonished II
such movement had not taken place. as It is
practically an invariahle rule that after panic
stocks must recover at least one-half Of the de-
cline and IN quick order too. Such move
ment Of course. is based almost entirely on the
operations Of the shorts. and with fits compile
ton a further recession in quotations Is quite
likely TO set in. unless large outside demand
develops. The market was sold 10 a standstill
Thursday. and fits position was technically I'M
safe for the shorts while at the close Of busi-
ness yesterday the speculative position had been
weakened by the elimination Of the big short
interest. and as a consequence a resumption Of
operations for the decline IS not unlikely II
is believed however. that there Will be no fur
Their Generalization such as was reported Thurs
day. and it is a noteworthy fact that commits
sion houses which for many weeks have been
extremely cautious in their advlces TO custom
ers are now suggesting the purchase OF securl-
ties on all future declines and at current prices
There were no announcements Of failures yes
terday as result Of the slump in the market
OF the preceding day. and the fact that commits
sion house sheets went through the Stock Ex-
change Clearing House without trouble helped
to create more confident feeling over the fllt-
TIRE and impressed all minds with the inherent
strength Of the situation. Final prices in the
leading issues were of from . 10 1 point from
the best figures. but were at net gains Of from
points In Amalgamated to ia in Union Pa
chc.
Notwithstanding the fact that money rates are
ruling at a stiff level. stock market values are
cheap in comparison with money and the cur
rent level Of quotations on the Exchange is an
extremely attractive one for the investment Of
funds Buyers at present prices OF tho solid
securities receive a handsome return on their
purchase, even in the gilt edge issues which I'm
common with the rest of the list have suffered
enormous depreciation in the last few months
notably in the case or Delaware &. Hudson.
Great Northern preferred. Northern Pacific. Bal
timore Ohio. st. Paul. Chicago &. Northwest
ern. Pacific Coast Minneapolis. ST. Paul & sault
Ste. Marie preferred. Canadian Pacific and
United States Steel preferred. Union Pacific,
even If reduced 10 a more conservative dividend
basis. would at its present price prove a good
purchase Public confidence IN this security
however, as we'll I'm many other railroad
stocks has been weakened by the disclosures OF
The high finance" methods practised by certain
railroad managers, most impressive reflection
CT which IS presented in the unwilllngness Of the
public 70 extend active support 10 the stock
market and the disposition OF some investors TO
convert their securities into cash. The securities
OF roads which 'have been managed on honest
end conservative lines ana whose nanaoars
have rot been party 10 the 'Gigh finance"
system have been forced down TO quotations
which do not represent their intrinsic worth but
this fact ought not to inspire fear among the
owners OF these issues. while. the other hand.
II ought to result IN a steady investment DO
mand particularly as the prosperity Of thu
country as not been upset by the panicI,v CON
dition of affairs in Wall Street People with the
Wherewithal viii make mistake in buying
stocks al current figures and on any further
decline this suggestion applying, OF course TO
outright purchases
Doubtless i viii be long tirae before COM
mission houses viii 10 able 10 report The, tb.v
) are CARRYING &C borrowed money long llD4s OF