New-York tribune., 1907-05-23
STOCK MARKET OPERATIONS.

Stock market movements showed the irregu-
larity and nervousness incident to the trading
following day of serious declines but the final
tendency was In the direction of higher quota
tions. most issues showing net gains at the close
In the last hour the market appeared TO have
recovered its equilibrium after four hours Of
wide fluctuations both sides OF the account
while the character of buying was plainly bet
ter than any recorded in many days. especially
in the Hartman and Hill shares. Amalgamated
Copper, st. Paul, Atchson, United States Steel
and Baltimore & Ohio. Though the operations
in the last named stock were not heavy. they
represented trading for the account of strong
buyers. and the fact that the issue was among
the few shares that did not end at a net decline
in Tuesdays bad market created most favor
able impression 1t. There also was some
good buying in Missouri Pacific. The directors
Of the Missouri Pacific Company declared the
regular quarterly dividend OF 2h per cent yes
terday. thus putting at rest the rumors that the
rate would be reduced, and their action was
among the factors that helped the general mar
ket toward stronger prices in the late dealings.
OF course, the greater part of the days busi-
made up OF professional transac ctons
and the strength at the close represented ag
gressive buying from the shorts, but there was.
nevertheless, more outside participation in the
business than reported in many days and,
cordng to the statements made by prominent
houses, a considerable amount of stock was
cumulated by substantial interests on the
ond hour break. in the course of which prices
sold we'll under Tuesdays low points. In the
active list net gains of 1 per cent
shown by American Smelters. Brooklyn Rapid
Transit, Canadian Pacific. st. Paul. the Hill
stocks Pennsylvania, Union Pacific and United
States Steel.
With call money In abundance at pa per cent
and the banks unable to place large amounts
either on call or time there is no reason for
the uneasiness which is noted IN some circles
over the money market outlook. The banks
would welcome higher rates and the fact that
corporations which putting out short time
notes are compelled to pay a stiff quotation. for
this special accommodation does not reflect any
weakness IN the financial position. The money
market is in better condition than 1t has been
in many months, and an outward movement Of
gold would not upset affairs here. the country
could easily spare some of the precious metal
without disturbance developing in financial
quarters; but the chances do not favor exports
in volume. for the good reason that Europe is
not In urgent need of increased supplies Of
funds, while If 1t were our bankers would not
permit extensive shipments. their ability to pre-
vent such movement lying in the control
which they exercise over the money market
at this centre with the help OF natural condi-
tions. Withdrawal of government funds will be
offset by the payments on government bond re-
demption account. These payments will be
made at the end Of the fiscal year and may be
anticipated, but at present the necessity for
settlement In advance of the time prescribed
does not appear probable. The heavy liquda-
ton that has taken place in speculative accounts
on the Stock Exchange in the last few months
has strengthened the position of the money
| market and the latter is In better shape 10
handle the requirements of corporations that
need funds in connection with their physical
growth than II has been at any time In long
period, and the fact that conservative bankers
are willing to finance new note issues and new
capital obligations of our railroads emphasizes
the confidence felt in financial circles over the
future.
The great loss that has been recorded In ouo-
tations for securities the Stock Exchange
does not represent similar depreciation in ntrin-
sic values. 1t represents the results of a long
period Of transportation in the stock market
the accumulation of obligations by financiers
and spectators in excess of their financial re-
TO shoulder the burden of such excesses tho
senseess timidity of many people as a result of
false impressions regarding the scope and nature
of the reforms being carried out by President
Roosevelt, and the aggressiveness of powerful
| bear spectators against prices The factors
named have been used by the bear contingent
10 hammer prices. It's success has been so
marked that IL continues to count upon further
victories, but 1t may overreach itself and use I'D
tt. profits in getting out Of a hole of It's own