New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-26
STOCK MARKET OPERATIONS.

Many new low records for the year were made
IN yesterdays stock market on a volume Of
business that amounted to large totals in all the
active issues. The low points recorded in the
panic Of March Il we're reached and passed
by a number Of stocks. which declined under
the influence Of heaxy liquidation and agrees
sive pressure by the professional element (which
has been consistently bcarjsh for many weeks
and which at the cose of business Yesterday
showed no Indication Of changing its position.
despite the fact that prices are at an sttrac-
tive buying level The buying power that has
developed in the market in the last two weeks
has been feeble. The chief support has come
from the covering-uf shorts. which has caused
temporary improvement only 10 he followed
by renewed weakness on the appearance OF
operations for the decline Every hear attack
brings prices a level that compels liquidation
Operators who bought the rally that fol-
lowed the stump of the panic day, believing at
that time stocks about to enjoy a sus-
tanned upward movement, are parting with
their accounts al loss, and professional trad
ers are exercising all their ingenuity 10 Brighten
innocent investors into the belief that stock
certificates are not worth the paper upon which
they are printed No doubt some investors
have become uneasy over the course Of affairs
in Wall Street They may fear that the weak
ness I'm securities will extend 70 other lines
ton in general business and fear Of this sort.
which is being encouraged by gamblers mad
dened with success on the bear side Of specu-
lation is capable of creating a feeling among
some people that this time cash is far better
to hold than stocks or bonds
1t may he well 10 record the fact that every
share OF stock that is coming upon the market
finds buyer. Somebody has confidence in the
situation and is willing to purchase securities
this character is not heavy enough to offset the
effect upon values Of the manipulation to which
the market is subjected. Foreign markets were
in better shape than recorded at the close of
last week, and the expected big declines in
American securities i'm London did not develop.
on the other hand there an active buying
movement abroad, and before the opening Of the
local market American shares in London were
from l to > points above Saturdays final
figures. Absence Of disturbance 10 Europe.
however. without effect on local quotations;
neither did the announcement that New York
had engaged more than 81. 100000 gold IN Lon
don have any influence on the course OF trading.
Declines ran from = to Is points in the active
list, the latter loss being sustained by Ameri-
Smelling. which was "gUnned for ac-
count of the supposedly large pool holdings in
the issue The heaviest selling developed in
the afternoon, when the recent panic prices for
many shares went by the board and while there
were slight rallies covering operations in the
last half-hour. net changes as a rule showed
big net losses. Canadian Pacific was an excep-
ton ending the day at a net gain. On the de-
cline this issue received good support and raj
lied easily American Smelling lost net 81:
/ Amalgamated. ga Baltimore & Ohio 4; St.
/ Paul. .; Great Northern. Ga New York Cen
/ trail 3h Northern Pacific. 32l: Reading, Sc;
/ Union Pacific. So, and Steel preferred. Az The
copper shares We're helped in their downward
course by manipulated decline I'm the price OF
! the metal in the London market. Interests iden-
/ titled with the copper trade are extremely
cheerful the position of and outlook for
the copper industry
Gold secured in the open market yesterday az
London reflects the fact that this country can
get the metal abroad il IT needs It. and it is
significant that the engag ement was made in the
face 81 an advance in the British price Of bar
gold In addition To tho favoraol influence
upon sentiment which the strong position " the
foreign exchanges ought 10 ERECT the action of
the Secretary Of the Treasury in agreeing to ac-
cept substitution of bonds approved as saw
ings hank investments Of the states Of New