New-York tribune., 1907-01-29
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock mar
ket prices were bid up in few issues. and for
brief period the Street enjoyed the expectation
Of materially higher range Of quotations before
the close of business. an expectation which,
however was entirely upset after the first hour
of trading The bidding up process failed 70
attract any outside support, nor did it receive
encouragement from banking interests. and, fol-
lowing fractional advances in Union Pacific.
Amalgamated, Reading and a number OF other
securities, the entire list gave way under the
influence Of renewed pressure from the profess
sional element and forced liquidation in various
parts of the market While there specific
news bearing on the actual value OF investment
securities. traders found IN the general condition
Of public sentiment regarding the stock market
! sufficient reason for hammering prices while
they also took advantage OF the known weak
position OF a number Of speculative accounts TO
work for lower figures New low records for
the year were made by Pennsylvania, New York
Central. Reading. Union Pacific. United States
Steel, Southern Railway. Erie. Amalgamsted.
Anaconda. Atchson and some Of the less prom
inent issues. and, Notwithstanding a feeble at
tempt to rally near the close, the greater num-
ber of stocks ended near the poorest quotations
of the day. Reading. Union Pacific. INTERIOR
ough-Metropolitan. Louisville & Nashville,
Northwest United States Steel. Great Northern
Ore certificates. Norfolk & Western and Pressed
Steel Car lost from IL to 2Ia per cent. the de-
clines in these issues. well in other shares.
being accompanied by heavy forced liquidation
in the late trading. Higher rates for time money
helped the decline; also the Interstate Com
merce Commissions report on the Standard OH
Company.
The fact that corporations which are putting
out short time notes compelled 10 pay high
rates for the accommodation does not suggest
the probability OF year os easy quotations for
money despite the relatively low price for funds
now prevailing in the call department of the
market According to the opinion of the best
Informed bankers, rates soon will begin to har-
den. and it is not unlikely that over the end OF
the month a higher level will be brought about
incident to the February interest and dividend
disbursements which will amount to upward
Of S63.O0O.O00. Syndicate operations and the
emission Of short time notes by the railroads
will serve TO increase the loan accounts OF the
banks. but it is not improbable that a part, at
least, of the notes will be placed abroad as the
high rates undoubtedly will prove a strong at
traction to foreign capitalists, notwithstand-
ing the somewhat pessimistic attitude Of Europe
toward American investments at the moment.
The large gain in loans in Saturdays bank
statement may not be followed by similar ex-
pansion this week. but it is believed. however.
that there Will be a gain large enough TO Offset
any increase in cash that may come from in
terror receipts, especially a marked falling
of in the movement Of money toward this
centre is reported. The decline in rates for
funds in the local call money market, and to
some extent in the time department. since the
beginning of the year has carried quotations for
loans under the rates prevailing at interior
points, and, a consequence, there no longer
IS much incentive TO send currency to the East
in volume. though II there should be continual
ton of the healthful reaction that is noted in
commercial quarters out Of town money markets
would become less active. and idle funds would
find their way 10 New York
Reports received from quarters where the
progress of the country's business is closely
watched indicate the development of a spirit
Of caution among business men IN all depart
ments Of trade. disposition TO scale down
orders for future delivery IN most lines and un-
willingness on the part OF consumers TO pay
premiums for quick delivery. This situation is
Just the opposite OF that which prevailed a few
weeks ago. and It is being utilized by the specu-
lative element in Wall Street to bring about
lower prices for securities. In addition to the
operations OF the so-called bear party, market
values doubtless will be affected by further
quiet liquidation OF substantial accounts, and 4.
therefore appears probable that advances in
stock quotations in the near future will be con-
fined 10 rallies due to covering OF short con-
tracts Stocks being sold. however, are
finding strong owners. and it Is not unlikely that
the liquidation the exchange and the quieter
FOR an o'd fashioned rise later on IN the year
GOVERNMENT BONDS.