New-York tribune., 1905-04-16
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
We're heavy in volume on a movement of values
that tended in the direction of higher quota
ions in the first hour. followed by reaction In
the last hour that left the greater number OF
active issues at net losses as compared with the
hnal figures Of the preceding day. The advance
in the early operations carried many securities
TO new high records the more important gains
being made In the shares of the companies that
are supposed to be mixed up in the final settle
ment Of the Northern Securities situation as,
for instance. Great Northern preferred Union
Pacific. New-YOrk Central and St. Paul. In
these shares. with the exception of Great North
eTn preferred. trading extremely heavy. but
the extent OF the advance naturally invited
realizing sales, and. as a consequence, New
York Central and Union Pacific lost all Of their
improvement. while ST. Paul closed at a small
fractional advance after a maximum gain Of
over . points. On dealings OF 500 shares Great
Northern preferred went up points, retaining
the advance until the close Other active feat
ures among the railway list were Atchison,
Southern Pacific, Illinois Central, Louisville and
Nashville, Erie, Pennsylvania, Reading, Atlantic
Coast Line and Canadian Pacific, all save At
lantic Coast Line ending the day at net losses.
The last named issue gained per cent.
In the industrial department declines were
heaviest losses in the issues that recently have
been market features. such as Amalgamated
Copper. the railway equipment shares. and the
steel securities The fact that the weekly state
ment of the associated banks showed smaller
gain in the reserve above legal requirements
than generally expected was not responsible for
the selling movement in securities. the days
losses representing nothing more than a health
full reaction based on technical market condi-
tiOns. There was change in sentiment re-
garding the future of the market. and in we'll
informed quarters higher prices were predicted
for the present week, especially in the Hartman
shares, New-York Central. st. Paul. Reading
and Canadian Pacific. The last named issue
we'll bought in yesterdays decline. Among
the lower priced shares st. Louis Southwestern
preferred is being taken by good class OF buy
the confident expectation that 1t will
move to much better price level. The intrinsic
value Of this security Is improving rapidly Ow-
ing to a large increase in loans which caused an
expansion I'm deposits. the reserve in the bank
statement failed show much OF the gain in
cash holdings, amounting TO over $35OOOOO the
actual gain in reserve item amounting to only
5000 S75 Loans increased $SS51 800 while cash
increased s.. $40 POO and as a result of all
changes reserve expanded to So. .352. 400 as COM
pared with $27. .3O4 900 at this time a year ago
and $8OO7 $50 in 1903.
Foreign trade in the month OF March, the
statement of which received yesterday,
shows encouraging expansion, both in imports
and exports. as compared with the preceding
month and with the corresponding month last
year Indeed. imports amounted in value to
larger figures than in any preceding month in
the history Of the country, while exports were
larger than in any preceding March on record.
The gain in exports compared with the same
time in 1904 amounted In value TO 1864, $40,
made up of an increase in shipments Of domestic
products. such as cotton and food products, of
$S,247, 1894, and an increase in shipments Of
manufactures of 50. 6.334. The excess of ex-
ports for the month over imports amounted in
value to S27.O7927s. compared with excess
in the corresponding period last year of $685.
54O.540 The Improvement in the volume of ex-
ports in March doubtless will continue, as the
foreign demand for our breadstuffs. cotton and
manufactures IS growing urgent The
situation OF foreign trade has an important
bearing on the money market and the pros
perity of the country. and the promising out
look for foreign commerce in the balance OF the
year ought to become a factor of importance
IN securities trading.