New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-21
Closing prices Of active bonds dealt in, with
net changes follow:
sTOCK MARKET OPERATIONS.

Trading was night in volume throughout the
two hours Of business in yesterdays stock mar
ket. while the course of values was extremely
irregular and reflected nothing beyond the
changing views OF board room operators In
the early dealings declines were recorded, but in
the last fifteen minutes the tendency was in the
direction of a higher level. strength being quite
pronounced in Chicago & Northwestern and the
Hill shares; also the Hartman issues. Aner-
can Smelters and Amalgamated Copper. Buy
ing was supplied by the covering operations Of
the smaller shorts. who apparently were I'M
willing to remain on the bear side Of the market
over to-day. despite the fact that the bank
statement was distinctly unfavorabe. A
further heavy expansion in loans was re-
sponsible for large falling of in the reserve
above legal requirements. that item declining
TO S11, SIS which compares with S16366.725
in the same week last year and S11.44s.OJO IN
1905 The increase in loans. which was due in
great part TO the transfer Of loans from out-of-
town banks and local trust companies to Clear
ing House banks amounted TO $25 800
making the expansion in the last two weeks
more than S62,000O00. an unprecedented in
crease in the history Of the New York Clearing
House. The movement that has been responsible
for this gain in loans doubtless has about run
its course, and there is no good reason TO sup
pose that the great expansion will bring about
trouble in the money market In addition to the
transfer Of loans by other institutions TO the
Clearing House banks. the loans OF the latter
have been affected in the last two weeks by
the payments made on the Great Northern stock
issue and on the telephone bonds.
In the last week stock market movements
have represented little beyond the operations OF
the professional element. and current indications
do not suggest the development in the near
future OF aggressive speculation on either
side Of the account. There is no disposition
on the part Of the larger interests TO deal ex-
tensively. while the so-called public apparently
has no desire TO buy stocks. Notwithstanding
the fact that prices in the greater number OF
issues are al an attractive level for purchasers
who can afford TO buy outright or on large mar
gins. The best posted observers. though not
looking for any great activity at present, ap-
pear TO believe that there will be gradual i'm
proveuaent in the market and that barring the
development OF the adverse factors in the bust
ness world quotations for the greater number
OF securities viii rule at appreciably higher
level before the end of the coming summer
especially il money market conditions remain
favorable. Though there has been an enor-
nous expansion in bank loans in the last two
weeks. there is no reason to suppose that the
monetary situation will develop in the near
future period Of stringency such as that which
7.
serves fall OFF materially, the Secretary Of the
Treasury will place additional government funds
IN the depositary institutions. while II should
be borne in mind that the results Of the refund
ing operations In connection with the maturing
government 4s Of 1907 will serve to strengthen
conditions in money. There need be no IN
easiness over the monetary outlook particu-
larly as the stock market has been through
period Of extensive liquidation. while there is
NJ Ind i~okf
speculation.
Speculation in real estate also has ouietes
down, and in all lines Of business the tendency
Is TO go slowly in the matter Of new work
Conditions throughout the business world are
sound and there is no loss Of confidence among
business men or investors as d result OF the
foolish talk which is heard in certain quarters
regarding the policies of President Roosevelt
toward corporations. The rate BILL which be-
fore its passage the railroad men and others
said would upset the transportation business in
this country, has worked no harm; indeed its
most violent opponents willing to admit
that after all the law has accomplished some
good The corporations have nothing to fear
from the administrations ideas, Which doubtless
wil be enacted into laws at the next session OF
Congress. Despite the talk Of business depres-
sion which some people with imperfect vision
see 10 the country's industries it is interesting
10 note that bank clearings enormous. rail-
road earnings heavy and absolute requirements
from consumers IN all departments Of trade
larger than generally recorded at this period Of
the year There is an active demand in the iron
and steel market. and business continues to be
conducted at profitable figures, though prices in
iron and steel have never been advanced in
proportion 10 the increase made In most other
lines OF business Copper trade authorities re-
port no indication of a reduction in the level OF
quotations for actual business in the metal, and
the recent decline in the posted prices on the
so-called Metal Exchange have had absolutely
| no effect the general copper market.