New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-11
STOCK MARKET OPERATIONS.

Opening quotations in yesterdays stock mar
ket as a rule we're above the closing figures Of
the preceding day. the Advance being helped by
the strength of American securities on the Lon
don Exchange while throughout the forenoon
the general tendency was in the direction Of a
higher level. The operations. however. did not
represent active public demand In great
part transactions were for the account Of the
board room element and for commission houses
that handle more speculative accounts than in
vestment orders. the dealings Of the latter evil
IDENTIFY having in view the development Of an
active outside following which. nevertheless,
failed 20 materialize. The condition OF winter
wheat as reported by the government, showing
a percentage OF 500 on April l. compared with
S91 al the same time a year ago. was not an
important influence in the market but II was
added 10 the list Of favorable factors which
show that the general position OF affairs I'm the
country Is sound and promising of increased in
trinsic value in American investment securities
The Tribunes reports printed on Tuesday show
ing conditions in the winter wheat belt indicate
that there has been deterioration since the
period covered by the government figures. A
selling movement in the afternoon carried quo
tations well under the best figures OF the dav
and IN the majority OF active issues last prices
were at net losses. though the declines were
confined TO fractions, except in Canadian Pa
cifc and Erie first preferred. which lost more
than ] point. Delaware & Hudson was I'D on the
announcement OF the election OF Mr. IIoree presi-
dent Of the company. While selling in the after
noon was chiefly for short account. some long
stock came the market.
Purchases for investment account in the cur
ran efo e.,
last few days there has been a material reduc-
ton in this class OF buying. as compared with
the movement reported IN the two weeks fol-
lowing the low prices OF March. In that time an
enormous amount Of money was sent To- wall
Street from all parts Of the country by investors
who We're anxious TO take advantage OF the
cheap prices prevailing. and az a consequence a
large amount OF stock was taken out OF the
market and locked up in strong boxes where #
VIII remain until something develops suggest
ing liquidation of high class stocks and bonds
The outlook in the industrial and financial world
does not encourage the expectation or a period
IN the near future Of investment selling, and
even If there should be an important setback in
trade II IS not likely that holders OF American
stocks Will throw their possessions upon the
market unless losses in general business opera
lions make The conversion of securities into
cash imperative. The American business man
has made large profits in the last three years
HIS financial position is stronger than at any
preceding time in the history OF the country
and his business could be adjusted to a much
less profitable basis without Involving any re-
duction n the amount OF his investment hold
ings. Investors WIFI sell their securities IL they
become alarmed over the financial condition OF
the properties In which they have placed their
savings. but they Will not become alarmed I'M
less their confidence is shaken by evidence tend
ing 20 show that this great country is running
into bankruptcy. There is nothing In under
lying conditions to show that the industries of
the United States are moving in the direction OF
hopeless chaos, but there signs that a reac-
ton OF healthful character Will dsvelop and
the fact that the business world is preparing for
such turn in the course OF trade insures pro-
lection against serious troubis
The decrease in the investment buying now
reported is due 20 the fact that most supplies OF
money available for such purposes are becoming
exhausted and 20 the advance that has taken
place in the market, the latter encouraging the
icea that the speculative element will resume
operations for lower prices and carry the level
OF quotations 70 more attractive figures for in-
Vestment transactions Any decided decline
doubtless would bring IN a fresh demand
though II IS doubtful whether there would he
enough unemployed capital TO make much OF an
Impression upon prices II trade becomes less
active money VIII not be in so much demand IN
the channels Of business. and that event there
ought 10 be an increase IN the inquiry for good
railway mortgage issues. ab that class OF inyest-
ment naturally presents the safest Mace for
funds that cannot end anything 20 do 3, o,7I
nary business lines. Bonds which are accented
as me ineolum Tor the investment of savings