New-York tribune., 1908-03-17
STOCK MARKET OPERATIONS.

7, ,t- afternoon trading yesterday the ex-
pected recession occurred in the stoch MAJ net
which had been rising with practically no ihit mt,
r1lption for ten DAYS. and on heavy generai sell
ing i'm which profit taking and new short SAFES
were combined. the entire list declined unt1l tne
close. net losses ranging from fractions 10 :
points or more being suffered by most OF tne
issues The opening had been promising. WIN
London a b,lver and many stocks had before
noon been advanced to the highest prices seen
on this movement. A reaction had been expect
ed for the last few days. however. as the upward
movement had been recognized as due TO the
aytent Of the short interest rather than TO d
definite improvement in general conditions CIV
ing prospect of per1nanency. although there has
been some Improvement in the industrial sltua-
lion and in sentiment; that the decline or
Yesterday afternoon needed little initial
ing force In the form of unfavorabie news de-
yelopments for its starting. The announcement
of the decision of the Supreme Court OF the
United States in the Armour packing house
case sustaining the government in its suits
brought for alleged violation of the Elkins anti
rebate law, the signal for the beginning OF
the selling under which the market broke The
passing of the Crucible Steel preferred dividend,
which had been expected, had little or no mar
ket influence
The leading railroad stocks the upward prog
ress of which has been accompanied by re-
ports of q favorable attitude at Washington
toward contemplated measures which would
work benefit to them, sold off sharply in the
afternoon slump. net losses being recorded at
the close running Is points in Union Pacific,
IA in Atchison. q in Reading, New York Cen
tral and Pennsylvania and rs in Southern Pa
ciic. St Paul sold down "a points from its
best of the day, but closed with only frac
tional net loss. Amalgamated Copper, despite
the reported improvement in the position Of the
copper metal market and the advancing by the
Metal Exchange of its quoted rates for the
fourth time in a fortnight, making a full half
cent in that period, declined from 5s TO 55A
closing at net loss of 23s points. United
States Steel common and preferred lost reSpec-
lively Il and q. a noteworthy incident Of
the Gay point rise in Missouri Pacific,
due probably to short covering, the stock retain
ing at the close IS points of its gain. 500" COM
only the usual semi annual dividend of . per
cent was to be declared. but rallied to 1921 al
the close. decline of 21s points on semi
official advices that the declaration was to be 8
per cent
The statement of foreign commerce for Feb
ruary shows exports of merchandise amounting
10 s1S7,s67.7 1852. the largest for any February,
but considerably less than the figures for any of
the three preceding months, when commodities
were being sent abroad in vast volume with the
object of obtaining in payment the gold ur-
gently required here for enabling the situation
arising from the panic to be met. The imports
for February were s19124.401, the smallest in
that month for several years and less than for
any month since July, 1904