New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-02
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made up in great part of the operations Of the
professional element, and though the total bust
ness ran above 100000 shares. activity was
confined 10 a few Of the leading issues. notably
Amagamated Copper American Smelling Ana
conda, 81. Paul. Missouri. Kansas Il Texas
Reading Union Pacific and United States Steel.
In these stocks, as well elsewhere in the list.
the movement Of values showed great irregu-
larity throughou. the day, with final quo
tations at unimportant changes as compared
with the closing figures in Thursdays market,
Notwithstanding the fact that in the five hours
of trading prices moved over a wide range. with
big declines in the morning and recoveries near
IN as large in the afternoon The early selling
was helped by the announcement Of note issues
by the Louisville & Nashville and the Atlantic
Coast Line, but the movement exhausted itself
before the noon hour with the result of gradual
Improvement practically until the close. Read
ing again was under pressure. suffering maxi
mum loss of than three points and a net
loss of fve-eighths. while throughout the active
list declines averaged more than l per cent.
with net losses within the fractional limit. On
the decline buying came chiefly from the shorts.
though it was reported that some of the larger
interests were accommodating various issues to
hold for quick profits. Money rates in the call
department of the market were strong, loans be
ing made high as per cent, and the known
movement of money in the week indicated loss
in cash held by the banks Of S4,0o0.O00. large
part Of which represented shipments Of cur
rency to the interior.
Sentiment among the room traders on the
Stock Exchange is bearish. These operators
are taking advantage Of every opportunity to
depress prices III order TO make successful their
ventures on the short side of the market, and
they are not opposed by substantial outside
speculative interests they experience little diff
Guilty in shaping the course Of values in the di-
rection Of a lower level At the present time
there is no organized bull party. and advances
that take place following sharp breaks. as in
stanced in Thursdays dealings and yesterday,
merely are the result OF covering or profit TAX
ing by the bear element II is conceivable.
however, that at no remote period quotations
will rise TO extent that will wipe out the
accounts of operators who now believe that the
short side is filled with fortunes and that the
downward movement viii continue indefinitely.
irrespective Of conditions governing the actual
worth Of securities. The short side will become
too popular. just as the long side was several
months ago. and then seasoned operators Will
quietly change their position. leaving the weak
hngs 10 handle situation for which they have
neither the ability the money. The fact
that the public is not specializing on the long
side OF the market does not eliminate the posi-
bility Of days Of advancing values, but It does,
however. make improbable an advance covering
a Tong period of time. Quick and extensive re-
actions in favor of higher prices must be looked
for in view of the constant extension of the
short account and for this reason the market
possesses elements of danger for the small trad
ers who encouraged by successive declines
10 establish themselves on the popular side of
speculation in the expectation Of an unlnter-
rupted sagging movement
II is n dangerous market for inexperienced
spectators. but there are many good reasons
for the purchase OF stocks by investors. The
market has had many hard raps. and in The
last six months public confidence repeatedly has
porations. but underlying conditions have re-
manned strong. business throughout the country
has prospered. and the intrinsic worth of Amer
lean investments has not been injured By stock
market liquidation. Evils in corporation man
agement are being exposed and corrected. and
closer government supervision of our railroad
ard industrial companies is being practised IN
the interest OF the holders OF securities. So
called government attacks on corporations no
doubt have encouraged bear activity in the
stock market. but the administrations attitude
toward corporations will tend ia create greater
stability IN corporate affairs and serve to safe
guard the rights " producers and consumers, OF
common carriers and shippers Wall Street
ought to welcome honest Efforts TO wipe our
the weak and rotten spots that may be known
TO exist in transportation and industrial COM
ranies.