New-York tribune., 1907-01-19
sUnlisted. tEx dividend,
Closing prices of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.

Stock market weakness. which had been evil
dent during almost the entire session. eliminated
toward the end OF the last hour in a sharp and
sudden break. closing prices being IN nearly all
cases the lowest of the day. and many serious
net losses being registered. The opening had
been moderately strong. with a half hearted
tendency toward an advance. but the initial
gains were only fractional, and the entire list
soon began its downward course. the chief in
fuence in which was the weakness IN United
States Steel common. which was heavily sold
from the outset. Amalgamated Copper also was
pressed for sale by holders disappointed at the
failure Of the directors TO increase the divi-
dend. The money market outlook continued 20
improve, but call money rate not higher than
31k per cent and touching 2l2, an important re-
duction in time money rates TO the lowest fig
ures ruling for several months, with the asking
rates for four, five and six months down 20 So
per cent and loans made at 5h per cent for
thirty days, and an estimated gain in cash by
the banks, based the known movements Of
money for the week OF more than s14Oo0,oo0.
practically assuring substantial increase In the
surplus reserve item in to-days statement-all
these favorable Developments awaited nothing in
the way OF stemming the tide of liquidation,
which swelled by extensive selling for the
short account. Disquieting rumors were cur
fresh supplies OF funds by the issue OF stock
or notes. among the roads named being the
New York Central and the Union Pacific. and.
as the decline continued, reports OF the sort
always circulated at such times. Of somebody
in trouble" were heard.
No substantiation of any such rumor could be
had as far concerned any Stock Exchange
house, but the break in the last half hour had
every appearance Of being due Immediately to
some large operator having in the recent de-
cline come at length 20 the end Of his ability to
protect his holdings, and having been compelled
10 Iquidate them at whatever sacrifice With
which OF the two great financial groups OF the
Street this operator may have been affiliated, or
OF which he may have been follower is hard
to say for the losses We're as severe in the
stocks controlled by group as in those Of
the other, losses extending to 77s points in st.
Paul. 3Z in Union Pacific. 3B in Amalgamated
Copper, 5H in Great Northern and 61a in North
ern Pacific. All of these issues closed at the
lowest OF the day, except Union Pacific tho
closing price OF which was o small fraction
above the bottom. Reading. one OF the highly
speculative Issues. lost points the day,
and the United States Steel stocks closed only
trihe under the lowest the common losing 1%
points and the preferred Y per cent The stock
OF the $500" road. controlled by the Canadian
fdC1uCs SulleieO GAAISiiiS uSCalnS Oh points
and net loss OF 10 The total transactions
were in excess of 1550OO0 shares, much the
largest for any day in several months.
Although the market closed I'm semi-demor-
allied state with no one knowing whether or
not the liquidation had yet run so far as to
eliminate the particular factor Of weakness, It
should be borne in mind that great short in
terest exists. which is technically factor
OF strength; and with that interest continually
becoming larger and the position of the money
market day by day improving. there would seem
to be little likelihood that the decline will pro-
ceed much further.