New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-14
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes. follow:

On a heavy volume of business that went
above the two million share mark nearly
equalling the record for the year established
week ago, stock market values sought lower
level the decline being severe in ali the active
issues, with net losses running from to II
points in the leading securities. The market
was in a condition of Generalization in the
greater part of the FIVE hours of business. and
the fact that no support was extended by the
big banking houses left Wall Street sentiment
extremely bearish. while predictions were freely
made that the downward movement would he
resumed in to-day's operations. Bear pressure
was effective in bringing out large amount Of
stock accumulated on the decline last week;
also accounts which had been in the market for
long time, but which had been so weakened in
recent sumps that holders either were unable
or unwilling to strengthen them with additional
margins. Operators for the decline were helped
in their campaign by an advance in money
rates, which was accompanied by heavy calling
of loans. by weakness in the London and Con-
tinental markets and by a crop of rumors which
included reports that certain loans and foreign
banking houses were in trouble Doubtless
some houses have been damaged by the decline
but the chief injury has been sustained by pools
and individuals who have been long of stocks
and short Of money. The general public has not
suffered, though in yesterdays market the Wall
Street brainstorm attacked some timid investors.
who sacrificed their holdings on the theory that
cash at this time is better to hold than stock
certificates.
The decline in stocks naturally has created
feeling of uneasiness that may carry prices TO a
still lower level, and professional Wall Street
traders are taking advantage Of current senti-
ment 10 hammer securities while they en-
ploying all the arts known to their trade to
their possessions on the market regardless of the
conditions which govern the actual value Of
stocks and bonds The Hill shares were under
great pressure; also Union Pacific but through
out the list declines practically We're brought
about by the same sort Of selling. In Great
Northern the net loss 1Oh. in Reading 1O7s
in Northern Pacific 10 and in Union Pacific ia
Missouri Pacific. among the active shares, made
relatively good showing; also United States
Steel preferred. After the morning decline
there was short lived rally that carried prices
up from / to points. but selling was resumed
with renewed vigor in the last hour and final
quotations We're at the lowest of the
day. Call money advanced TO II per cent, while
time funds also were frmer. and the fact that
the banks were compelled TO call many loans
incident 10 preparations for meeting the Stand
ard Oil dividend of Sl5.0OOO0O the Pennsyl-
vania note issue payment Of 12.O00lO00 and the
Northwestern payment of $25.OO9OO0 was re-
sponsible for a large amount of selling of spec
ulative accounts that had been carried on bor-
rowed money. Foreign houses sold $4,000
shares in the local market. and on the London
Exchange our securities were weak. There was
heavy selling in London for Paris account and
further unsettlement was reported the Ber-
lin Bourse.
Money market conditions promise TO assume
a more important part in the course of Wall
Street business, and the fact that bank reserves
are low at a time when the demand from the
interior shows signs of activity suggests the i'm
probability of efforts by the leading financial
interests 10 bring about big bull movement in
securities A further hardening Of loan rates
is practically assured. but there indica-
tons Of the development IN the near future.
in fact at any time this year. Of monetary sit
uation which will spell disaster. Indeed. gener-
al conditions affecting the money market are
strong despite the reduced reserves Of the city
banks. and even quick glance at the various
factors which carry control of the market ought
10 reassure the most pessmstic observer OF af-
fairs in the financial world. The improbab ilty
Of disturbance is based on the strong position
this market occupies in international exchange,
on the relief that may be extended through the
provisions Of the recently enacted Aldrich meas