New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-28
STOCK MARKET OPERATIONS.

Stocks declined in yesterdays market because
OF professional pressure, pool liquidation and
selling by individuals whose margins had be-
come depleted. Losses. which in the active list
ran from l to 4 per cent. followed slight i'm
provement in the early dealings. when there was
some indication of support from the prominent
interests but the extent OF this support was
not great enough TO encourage operations on
the part of the room element sfor higher quota
tions or to change the general character of
sentiment, which bearish, If not more so,
than at any time in recent weeks. Spectators
who thought that the market was entitled 70
an advance the result Of the passage in the
Senate of the Aldrich currency measure real
tied soon after the opening that the upward
movement that developed in Tuesdays market
was merely technical incident of overex-
tended bear account rather than the beginning
Of a sustained bull speculation, and this view Of
the situation served to increase the selling in
the afternoon, in consequence Of which many
low record prices for the year We're re-
corded Reading the Gould shares. Rock Isl
and, Amalgamated Copper Louisville &, Nash
vile, the Hill issues and the Hartman stocks
We're sold heavily by traders, while the decline
forced large amount OF stock on the market
particularly in the case Of Reading, which suf-
fered a maximum loss OF points to 1121l. this
1914 At the latter figure Reading sold at a
grossly inflated level. At its low price yesterday
the stock was not at all cheap for a i per cent
issue. There was specific news bearing upon
the actual value Of securities: that is news war
ranting sales by investors, but the Street was
filed with rumors. of which affected Mis-
souri, Pacific. a , per cent stock that sold at rs
If the dividend on this issue is to be maintained
at the current rate its market price IS extreme
~ cheap. 1t cannot be said, however, that the
stock market position Of the security is encour-
aging for the holders. The nasty smell left by
Tuesdays Interstate Commerce Commission in
vestigation of the Hartman properties was still
in evidence yesterday, and, if anything In
creased by the days developments at the hear
ing. And it factor in strengthening bear
sentiment.
While at the moment money conditions appar-
emily are not bothering the speculative element
in Wall Street the position of the market is dis
tinctIy unfavorable for the fotation of new Sc
curities issues, and it is exercising an adverse
influence on the bond market, in which business
is practically at a staudstil. In addition to
money considerations other factors that recently
have become food for serious thought among
investors, as for instance, disclosures relating
to the ways and means adopted by high financial
interests to acquire control Of propertles-these
WAYS and means involving stock watering oper-
ations with large profits to the insders-have
served to lessen confidence the part Of the
r,ublic in the securities of our railroad corpora
lions If the public cannot trust the manage
lnent of railroad or Industrial company it
tainly will not place its funds in the securities
of these companies, while it will be Influenced
TO include all stocks and bonds in the same class
until its memory of past happenings grows dim.
Wall Street and the public in general in time
will forget the factors which have been respon-
sble for the liquidation in stocks, for the heavy
declines in values and for the refusal by the
public TO buy stocks and bonds in volume at
ruling prices, but for the present there appears
TO be little chance of any enthusiasm over the
market as far as operating for higher quotations
is concerned. Stock market values in the greater
number of cases at level which IN ordi-
nary times would appeal to public buyers, and
doubtless many people who have idle funds on
their hands and who do not believe that the
corporations Of this country are going to pieces
are taking advantage Of current quotations to
buy first class securities. but the general public
upon which Wall Street depends for bull mar
ket, evidently prefers cash TO stocks
Liquidation that is taking place in the stock
market serves TO keep money rates at a rela-
lively easy level. but the indications are that
with the approach OF spring higher quotations
will be recorded. There is every reason to pre-
dict active demand for money from the in
terror incident to the spring trade. There is no
sign of weakness in the conditions underlying
the country's industries and no foundation FOR
the argument that is heard in some quarters
that the declines in stock market values fore
shadow unfavorable developments in the world
Of business. Healthful reaction is reported in
Aorne unss but reaction 10 not depression