New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-19
'Inlis,ed
Closing prices of active bonds dealt in. with
al changes. folloW:
STOCK MARKET OPERATIONS.

Stocks declined IN yesterdays trading because
there was no buying power. The reaction from
the sharp advance following last Thursdays
slump was in line with the precedents estab-
lished for post panic markets. and the Street
therefore was not surprised by the downward
movement. which ran from 10 6 points in the
active list. Large amounts Of stocks taken in
last weeks decline already have been sold at
handsome profits. and any further improve
ment renewed selling of this sort will be report
ed, while in addition there will be liquidation
of accounts which for various reasons were car
ried over Thursdays break in values. Commits
sion houses hung up with stocks re-
suit Of the recent melting process in prices. and
now that the short interest has been reduced.
while there is public appetite for securities
for speculative account. the chances Of selling
these stocks just at materially higher quo
tations are not promising. Accounts of this
character gradually will he liquidated. and while
this movement is under way professional trad
ers will be found the hear side OF the mar
ket. Operations based on current speculative
conditions may carry prices to the low level
reached last week. but such a readjustment will
be succeeded. no doubt. by more heaIthful
market-a market in which the outsider will be-
come an active factor and the manipulation OF
high finance something akin 10 a minus guam
tity.
London prices for American securities were
lower. and foreign houses were active sellers in
the local market. and. Of course. these two fac
tors among the reasons that encouraged
hear pressure throughout the list In Reading,
United States Steel and Union Pacific dealings
were in excess Of 10000 shares while total
operations ran beyond 100000 shares. a rela-
lively small day, i'm view OF the enormous trad
Ing recorded in the active markets last week
OpeOfnD urlOf ions
ures were at or near the lowest OF the day with
the heaviest losses in Amalgamated Copper,
American Smelling. Anaconda, Baltimore &
Ohio, st. Paul Consolidated Gas Northern Pa
ciflc, Reading, Southern Pacific and Union Pa
cific. Banking houses reported some invest
ment buying on the decline, but attempt was
made to support values and no indication that
capital would become active on the long side of
speculation. In the bond department business
was larger than on this day last week or on tie
same day year ago, and bond houses appeared
to be more cheerful over the prospects for ira-
provement in railway mortgage issues. In the
last few days there has been an active move
ment in the Delaware & Hudson debenture con-
vertible IS. total sales last week amounting I'm
par value 10 more than 81 100000, while yestar-
day sales were in fair volume, at a price rang
Ing from 99% 20 1896, compared with high
quotation last week of 101 and a low point OF
81. While the purchase Of these issues at cur
rent prices may represent a speculative opera
ton there is some for the belief that peo-
pie who are anxious to increase their interest in
the property are buying the bonds for the pur-
pose OF converting them into stock which may
be done June - Of the current year Last
year the company authorized a 100000 IN
crease in its capital stock TO provide for the ex-
change OF the sl4.O00.OoO debentures at the rats
or $500 stock per 81 600 bond
Local banking interests made no effort ia Sc
cure any OF the gold that was offered in the
open London market yesterday. the bulk Of It
going TO the Bank OF England Fearing an
American demand the price Of bar gold was
advanced at the British capital. ana the fact
that London showed so much uneasiness over
the possibility OF inquiry for the metal from
this side OF the ocean was one OF the influences
that helped 20 bring about lower prices Tor
American securities the London Exchange
though large part of the selling represented
orders from New York. The unwillingness NJ
New York bankers 20 encourage gold innorts
AT THIS time notwithstanding our favorable posi-
tion IN the international exchange market ought
10 strengthen confidence In the situation az
this centre, for IL reflects better conditions here
and shows that despite the unsettIenent ~
last week in the stock market we are abIa N
finance our needs without calling in our foreign
credits. The local banks since Friday have