New-York tribune., 1908-03-18
Closing prices of active bonds dealt in, Win
STOCK MARKET OPERATIONS.

The weakness of the previous afternoon con-
tinued to be manifested at the opening of the
stock market yesterday. initial quotations being
fractionally lower, and the early trend belns
downward under the influence of further profit
taking and bear selling. Toward noon the hqu'-
cation came to pause and the short selling pc
came less vigorous. the market drifting INTO
dulness. Later in the afternoon operations were
resumed on the bull side. general advance
being started by heavy purchases for the long
account. which, assisted by short covering, car
ried prices irregulariy upward the close show
ing the early losses recovered in most instances
and many gains made, especially among the
railroads. The business of the day was rather
less than on Monday, but aggregated three
quarters of q million shares. Brooklyn RAPID
Transit among the strongest of the issues,
advancing points. and the bonds, on heavy
dealings, made gain of i Il points, closing at
71lz Reports from Pittsburg Of newly developed
weakness in the steel induStTys position were
used in the morning as arguments for the selling
of the list, but the United States Steel stocks
shared in the general advance Of the afternoon,
the common and preferred each gaining 4 per
cent. while the sinking fund per cent bonds
rose nearly point Amalsamated Copper also
decidedly strong. closing at net advance
Of > points. The steel advisory committee which
meets in this city this week. VIII, il is under
stood recommend no deviation from the present
policy of maintaining prices from which it
should follow that conditions in the iron and
steel industry at least more unfav vorabie
ST gna ton shall continue for any considerable
time come il may be necessary for the steel
manufacturers to cut the prices for thei
products.
Rumors from Washington that The special
message expected to be sent to Congress
By the President would be conciliatory and reas-
surfing in tone helped on the afternoon improve
ment in stocks, although the market is rather
less sensitive than it to the influence
Of these messages. The adoption by the Senate
of Mr.. Tillnlans resolution for investigation of
the New York banks in their relation to the
stock market excited interest and discussion, but
was without market effect: did the elnlna-
tion by the Senate Finance Committee of the
railroad bond feature OF the Aldrich bill have in
fuenCe stock market movements. With the
progress of the spring, bringing the dates
FOR the adjournment of legislative bodies, the
prospect is lesSening Of the enactment of addi-
tiona legislation inimical to the interests of
railroads and other corporations and of business
generally: and realization of that fact is one OF
the causes OF the improvement in sentiment.
How far the stock market advance which began
anew yesterday is to cannot easily be said.
The reaction which preceded 1t, although brief,
too abrupt TO continue long: but that prices
will advance great deal further, with the bet
termsnt in the general situation more than
1t is may well be doubted. The time money
market easier yesterday, although rates
showed little change. while money call was
in the usual abundant supply, with most Of the
loans of the day placed at = per cent The for
eign exchange market weak demand ster-
ling declining nearly a cent.