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

Weakness in the forenoon dealings in yester-
days stock market. extending its losses from
TO 4 points in the active Issues, was followed
in the afternoon by slow upward movement.
in the course OF which large part Of the early
decline was recovered. and in some shares net
advances were reported at the close, notably in
the case Of Brooklyn Rapid Transit and the
Kansas City Southern issues. The latter stocks
were favorably affected by the declaration OF
the initial dividend on the preferred. the move
ment In these securities being just the opposite
Of that which attended the fluctuations in Atchi-
son common, which was advanced 10 a per
cent dividend basis and which was Of the
heavy features OF the market The action by
the Atchison directors was not unexpected, but
it was not wen received in the Street. despite
the fact that the companys earnings for the
current fiscal year Will show a comfortable sur
plus above dividends. The Hartman issues
were weak. and though they recovered some OF
their loss on covering Of shorts in the afternoon
there was no evidence OF bull enthusiasm
over the shares. The greater number OF
active stocks showed net losses on the days
movements. generally confined to fractions with
the chief exceptions AmaIgamated, Anaconda
Canadian Pacific and the Hill and Hartman is-
sues which lost more than 1 point. AIanipula-
ton in the copper metal market abroad was re-
sponsble for the decline In the copper stocks
According to trade authorities. the demoraliza-
ton in copper in London is not warranted by
trade conditions. Commission house business.
as a rule. the selling side. while the chief
buying came from traders, and in the afternoon
from some OF the substantial banking houses.
On their operations with the Sub-Treasury
the local banks have gained so far in the cur
rent week more than 100000. and the chances.
therefore, are that the Clearing House statement
on Saturday viii show further material in
crease in the reserve above legal requirements
The Secretary Of the Treasury already has de-
posted more than the S15OoOO0O customs re-
ceipts with the banks. as recently arranged, and
as he has power under the Aldrich act to place
daily customs receipts with national deposit
taries. he doubtless will permit the designated
local institutions 10 take this government in
come from this source until the necessity for
such a movement no longer exists. Hence IL is
that uneasiness over the monetary situation no
longer prevails I'm the Wall Street community
The outlook for easy money rates is extremely
promising. particularly en- addition 20 the
FUNDS received from the redemption OF the S25,-
100000 OF the government short term As, which
is proceeding in a satisfactory manner, there
will be thrown into the channels OF trade up-
ward OF s38.00o.0oo. representing the balance Of
these bonds above the s25.oooooo Just mentioned
and the s50.0o0.00o which win be refunded IN
the form OF per cent issues. In the last month
there was q large gain in the amount OF money
In the country outside OF Treasury holdings due
chiefly 20 Treasury operations with the banks
and though the major part OF this sum belongs
20 the government. 81 is az the disposal OF trade
and commerce and viii serve materially 10
strengthen the monetary situation ana 90 pre-
vent the recurrence OF the stringency which until
recently has seriously snterfered with financial
operations in the ordinary course Of business.
The actual gain in the circulation outstanding
IN the month Of March Yves sl5.6Ts.140, while,
compared with this time a year ago. the Increase
amounted 20 s229.s95oS5 making the crcuia-
ton per capita s33 o. against s8l 10 IN tho
corresponding period In 1906 and $50 Sc in 1904
in the last seven years the amount of money
for each person In the country has advanced
from s26 60 70 $50 81. and .n the sams time there
has been large increase In population.
Monetary conditions arc SO much improved.
industrial conditions are so sound and the gem
eral outlook affecting the intrinsic value OF in
Fesrrnents IS SO promising that & is difficult 10
reach any conclusion other than favorable rs-t
saroins the future OF American ifvessssTz..k
securities Speculation on the Stock Exchange
may carry paper values down and there NAV
be more bargain days but at current pricsa
| Investment purchases yield a handsome return
! ana whatever decline may take place IA yyall