New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-21
sToCK MARKET OPERATIONS.

Stock movements represented In great part
the operations of the professional element. COM
mission houses having few orders for outside ac-
count on either side Of speculation. though there
again was reported investment buying. chiefly
Of the odd lot variety Prices opened strong,
but after the first few minutes Of trading began
to recede in all parts Of the list under the inlu-
ence of pressure from the floor traders, who were
bearish owing to the absence of any important
buying power and 10 the remarks Of a pronli-
nent capitalist regarding the oveTcapitanzation
of various corporations. on this movement de-
clines were moderately heavy in a number Of
active issues. including Tennessee Coal and Iron.
which recently has been neglected, but the
weakness did not hold in the afternoon. traders
reversing their position in the last two hours.
doubtless because Of their failure to bring out
heavy liquidation As a result Of the recov-
cries final quotations showed in the majority Of
issues unimportant changes as compared with
the last figures of the preceding day. with net
gains predominating. Many of the substantial
Wall Street houses now take the view that
stocks are a safe purchase on all soft spots their
attitude being based on the opinion that liquidc-
ticn Of the kind that has made prices sell at the
current low level has been completed. but they
feel, however. that the experience Of the last
week insures a nervous and somewhat erratic
market in the Immediate future.
Sterling exchange at this centre Is at the point
which gold could be brought to this country
but there is intention apparent on the part
OF the local bankers to secure much IL any. OF
the metal in the London market at present.
Monetary conditions abroad are not so weak
that a demand from this side for gold would
cause great disturbance. but rates for funds at
Paris Berlin and London are at "A level that
reflects a strong home inquiry for accommodate
ton and a situation that would be weakened IL
the United States should call in its credits
through the medium Of a movement OF gold to
this side Of the ocean. Moreover, II gold should
come this way in large volume the Bank Of Eng
land would advance it's minimum rate of dis
count. which I'm turn would cause disturbance in
the foreign securities markets to an extent that
doubtless would find echo in our own market
something which. in view of the feverish post
tion OF affairs in Wall Street would be extremely
unwelcome. BY leaving our credit balance
abroad undisturbed at this time We Will have a
support to fall back when the normal period
comes for the shipment Of gold TO Europe, and
though with sterling quotations at their present
level there is some loss 10 the exporters Of rner-
chandise broad range view Of the situation
approves the current disposition Of our bankers
not 20 encourage shipments Of the yellow metal
20 New York. New York bankers are looking
forward to the sale OF additional railroad notes
and other securities abroad. but IL there should
be large movement Of gold TO this point from
Europe just now the foreign market undoubtedly
would be closed TO the placing OF such issues
while there might be turned to this country
enough OF the American securities now held In
Europe to cause sharp advance in sterling
rates which yesterday. were quoted at the low
est level of the year. demand falling to 4s3 to
1896 The inquiry for remittance was light.
while there was heavy pressure of bills
People who are concerned over the outlook in
this country should bear in mind that gold pro-
duction in the United States in the current wear
according 10 the estimates Of the director of the
mint viii exceed S1OOOOOOOO and that I'm addi
ton TO the supply Of money placed in circulation
from new gold there will become available a
large amount from the redemption Of the gov
eminent IS Of 1907. Liquidation that already
has taken place in securities has strengthened
the monetary situation. and It is not unlikely
that this movement will be carried furtbar
while it is quite probable that the influence OF
selling in Wall Street will extend to other lines
notably real estate. and that q moro bealtbfuI
situation viii develop in financial circles and IN
trade centres where there has been too r,uc,
business on too small a capital All things con-
'sidered. conditions IN general are far more ia
Vorabie than they were a few months ago and
The most encouraging factor about the read
'astment that is under way is that IL Is pro-
ceeding without any sign OF financial or indvs.
tria' distress. beyond that suffered by snecu-
latcTs.