New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-20
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.

In the forenoon dealings I'm yesterdays stock
market prices suffered a further violent decline
in many Of the active issues, while in all parts
OF the list heaviness was reported as a result OF
liquidation and professional pressure. The
weakness was accompanied by reports that sew
eral Wall Street houses were in trouble. and the
fact that large amount of liquidation
corded in issues in which certain firms have
been active on the long side for the last year
naturally aggravated the feeling of uncertainty
and fear that developed in commission house
circles wheT prices began 70 drop at rate that
showed declines Of IA in Union Pacific. 53s in
Reading IA in Amalgamated. , in 81. Paul,
Gls in Great Northern. and 80 in American
Smelling IN we'll informed Wall Street quar-
tiers it was known that one prominent house was
in a position bordering collapse, but il also
was known that steps had been taken to relieve
its necessities and when this action became a
matter Of common knowledge quotations began
to rally under the influence of covering opera
tons the result Of which was reflected in the
extinction of a considerable part Of the decline
before the close Of business. In some shares
complete recovery was made, with small frac-
tional net gains. but in the great number Of
securities final prices showed losses as com
pared with the last figures Of the preceding day.
Severe losses were suffered by many Wall Street
houses and individuals IS a consequence Of last
weeks panic. many houses were compelled 10
carry accounts over the break. and substantial
assistance practically was forced from the great
banking interests Of the Street AS a conse-
quence Of this support there was a sensational
recovery in values. affording the opportunity
for. the liquidation of some accounts which were
carried over the slump and further sales Of this
sort this week. together with bear pressure
have brought about big declines from Saturdays
high level and weakened the position Of many
operators who had expected the rally at the
close Of last week to run materially further
Some houses may yet be compelled 10 go TO the
wall, and while such a development would he
extremely unfortunate for the parties concerned
it would not decrease the intrinsic value of Sc
curities. and it ought not 10 be followed by the
sale Of investment holdings
Commission houses report fair demand from
investors for securities. hut no activity the
part Of the public as far as purchases on mar
gin are concerned. Much of the investment
buying is in odd lots in such stocks as St. Paul.
Chicago & Northwestern. Amalgamated Copper.
American Sugar Refining American Tobacco
preferred. Baltimore & Ohio. Manhattan Ele-
waited New York Central. North American.
Norfolk & Western. Pennsylvania. Southern Pa
Cihc, General Electric and United States Steel
preferred, the last named issue being especially
popular. doubtless owing 10 the splendid show
ing made by the Steel Corporation in its last
annual report and TO the belief that the pre-
ferred dividends will be earned in the poorest
years in the iron and steel business This COM
pany has increased its earning power tremen-
dously in the last few years. and the increase
I'm its production since the first year it was or
ganized is equivalent To something in the neigh
borhood Of 10 per cent on the common stock.
The average investor recognizes the fact that
quotations for sound investment issues are at an
unusually attractive level and that buyers have
the opportunity for the first time in long
period 10 secure valuable stocks at prices which
net a return much larger than can be secured in
normal markets. while they believe that condi-
tons in the country insure the permanency of
conservative dividends. Even assuming that
tie country's industries in the next two years
should be readjusted 10 a quieter basis, with
falling of in gross and net earnings by railroad
ard Industrial companies there would be no
good reason against the placing of investment
funds in securities at current prices
Stocks have fallen from % to 10 points from
The high level Of 1906. and in some cases more
as for instance Chicago & Northwestern, Great
Northern aud Northern Pacific If the market
gees lower. as it may. owing 20 conditions that
have no bearing uroa the situation outside Of
Wal Street investors who own good securities
should not be frightened into parting with their