New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-30
STOCK MARKET OPERATIONS.

Powerful room traders with the help Of sub
stantial outside interests made a drive against
the shorts in yesterdays stock market that re-
suited in marked improvement in prices through
out the list, maximum gains in the active issues
running from 20 points. with an exceptional
advance in Canadian Pacific OF 10 points while
net changes were not much under the widest
fluctuations. In the last hour there was some
active selling on the announcement that a suit
had been brought by responsible parties to re-
strain the payment OF tho dividends on the
common stock of the Southern Pacific Company.
but the upward course Of values was under too
strong Roadway TO be materially affected. the
chief influence OF the suit being reflected in the
quotations for the Hartman shares which
ended the day point below the best in South
ern Pacific and rs below in Union Pacific
Wall Street did not have time before the close
Of business TO digest the significance OF this suit
affecting the future control by the Union
Pacific Of Southern Pacific. and the fact that
the plaintiffs in the suit also asked that the
Union Pacific Company be restrained from vot-
ing the Southern Pacific stock practically was
overlooked by the speculative community
Holders Of the Galveston. Harrisburg & San
Antonio second mortgage bonds not held by the
present so-caued Southern Pacific crowd make
the good argument that before the Union Pacific
Southern Pacific it ought to pay the interest on
the bonds of the Galveston, Harrisburg & san
Antonio (owned by the Southern Paclhc). and
the question win be fought out on these lines
The improved prospects for a settlement of the
Western railroad labor trouble without strike
the ease in money and the absence from the
Street of many operators who have been identi-
fed with the bear side of the market were among
the factors that encouraged bull activity and short
covering. the latter being especially pronounced
among traders who only recently have taken
position on the short side of speculation. The
shorts were severely punished in Canadian Pa
cifc, which sold 10 points above its low price in
Mondays decline.
As q result Of the deposit Of customs receipts
with the local banks the sub-Treasury has lost
heavily to the Clearing House institutions this
week, and the chances therefore favor an ex-
cellent exhibit by the weekly statement to-day
According 70 the known movement of money in
the last six business days. cash holdings have
Increase $12071000. while It is not unlikely
that loans have undergone further contraction
on account Of stock market liquidation with a
resultant effect Of a large increase in the re-
serve above legal requirements. In addition to
the customs deposits the banks have gained
from the Treasury on account Of payments for
the short term Is. which have been offered for
the federal treasury have been heavy on ordi-
nary government payments. Money market
rates at the close of the week reflect the i'm
provement that has taken place in the position
Of the banks and competent authorities do not
hesitate TO predict period Of relative ease until
the demand begins for funds in connection with
the financing OF the years harvcsts. This cal
culation. however, may be upset II there should
develop a widespread desire on the part OF the
public to speculate in stocks, or II the corpora
tons again should become heavy borrowers
Bankers base their expectation Of an easier po-
sition in the money market on the help that has
been given by the Secretary Of the Treasury. on
the strength of the country in the international
exchange market the belief that there viii
be no great speculation In stocks for months TO
come and that there win be a gradual reduc-
ton in the requirements for funds I'm business
circles. owing to the probability OF the read
tustment Of our industries TO a quieter basis
Much idle talk is heard In various quarters re-
garding the so-called nnwiIingness Of The plb-
lie to buy stocks. owing to recent DEVELOPMENTS
affecting the Speculative course OF quotations
and certain interests in their zeal to ward { #
what they foolishly fear may turn into a busi-
ness panic. are causing uneasiness among in
Vestors by stating that the situation is in grave
danger OF collapse, and that the only way such
an eyentuality may be prevented win be the
restoration OF confidence through some p:lbIic
utterance by the President Of the United states
! IN relation TO his attitude on the railroad leeis