New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-06
STOCK MARKET OPERATIONS.


the shorts and buying by substantial Wall
Street houses. prices for stocks enjoyed further
material progress in the direction of a higher
quotation level in yesterdays trading. While
the upward movement which in the leading
active shares ran from 10 4 points, brought
out heavy realizing sales and encouraged tho
placing OF new short lines the theory that
the advance too fast for safety. reactions
were not extensive. final quotations in the
greater number Of issues being near the best
figures OF the day. with the chief gains in Union
Pacific, St. Paul. Southern Pacific, Reading
Amalgamated Copper. Anaconda, Great North
ern, Northern Pacific. Canadian Pacific. United
States Steel issues, American Smelling, Balti-
moro & Ohio and Pennsylvania. Pronounced
strength IN Union Pacific and Reading, which
are the leading speculative favorites, exerted a
sympathetic effect upon the entire list. the
movement IN general showing that there was
still large uncovered short account not at all
disposed to change fits position, but IN many in
stances compelled to do so by the reaching OF
stop orders. Accounts established on the short
side OF the market by traders who always screw
up their speculative courage when a movement
in either direction IS on its last legs have been
eliminated in the last few days at heavy losses,
the profits in the current speculation being for
the account Of the large interests who were
active buyers when the market apparently was
going TO pieces in the gloomy days OF March.
Much OF the buying yesterday by substantial
houses represented the making of a market for
realizing. rather than the beginning of a long
bull campaign, and for this reason. as we'll as
for the fact that there are in existence many
bear operators who have substantial resources.
unusual caution on the part of intending buy
ers margins ought 20 be observed. The adj
Of the Western railroad trouble
Local banking interests who engaged gold in
the London market last Monday, presumably
Tor shipment to this country, have resold the
metal in the British capital. owing to the change
that has taken place in monetary conditions at
this centre in the last few days. Sterling ex-
change is now at level that prohibits the inn
portation of gold at profit, ana it is not prob
able that the movement OF sterling rates for
some time TO come viii be IN favor Of New
York; indeed. 1t is not unlikely that quotations
will gradually advance 20 the gold export point
money is growing much easier here than It
Is IN Europe. with every prospect Of cheap money
until the fall demand from the interior develops
According to the known movement Of currency
in the week the banks gained in cash holdings
upward Of S12.O0O.000. This increase was due
90 the deposits by the government OF customs
and IT is believed that the Improvement in cash
holdings in to-day's hank statement viii be even
greater as there VIII DO included receipts from
the Treasury which were not reflected in the
bank return OF week ago. when the reserve
above legal requirements advanced 70 s1313 =
215 AT this time last year the reserve item
showed a deficit OF more than 100000. Gov
eminent operations with the banks. as = re-
suit Of the Aldrich currency measure and the
financing OF the maturing government bonds of
1907. together with the recent liquidation IN the
stock market and the postponement OF large cor
porRtion borrowing. have placed the money mar
ket in an extremely strong position, END eondi-
lions are so favorable that Wall Street. or at
least certain element IN the speculative com
munity. is counting upon an uninterrupted ne
rod OF advancing values on the Stock FIX.
change.
The present exhibition OF strength IN the stoc,,
market is baaed in great part upon technical
conditions favored by an important change in