New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-27
STOCK MARKET OPERATIONS.

Various favorable factors. together with the
technical condition OF the stock market. were
responsible for a sharp upward movement in
yesterdays trading. the recovery from Mondays
depression comparing favorably in extent with
the rally that followed the panicky dealings and
declines Of March II. The advance was fairly
orderly and unaccompanied by sensational feat
ures. but the chief support came from the opera
tions Of an over extended short account rather
than from aggressive transactions by substantial
banking interests The bear element doubtless
recognized that the decline on Monday had been
overdone while It probably saw in developments
affecting the monetary situation reason for eau
ton at this particular period in making further
large commitments. on the short side. these con-
siderations induclpg-a change Of position. which,
though possibly temporary, served the good pur-
pose of bringing about a much higher level Of
values and creating more confidence in invest
ment circles on the theory that current stock
market movements are in no way related to the
intrinsic worth of securities. United States
Treasury assistance 10 the local banks and re-
assuring comments the present position of
affairs at home ard abroad by prominent bank
ers were factors that contributed 20 more bull
talk in the Street than had beer heard in many
weeks. but it may well be announced for the
information Of intending buyers that despite the
vanced the leading interests in the decline OF
the last few months professed no change Of view
on the outlook and predicted further liquidation
and prices under the low record established in
Mondays market.
Opening quotations were at irregular changes
as compared with the closing figures Of the pre-
ceding day. but after the first few minutes Of
trading the entire list began to advance the
movement at the end Of the second hour show
ing gains of from to points. While final
prices were somewhat below the best, the net
Improvement was not much under the maximum.
the heaviest advances in the active stocks being
reported in Union Pacific, Reading the copper
shares, Great Northern Northern Pacific, Cana
dian Pacific, United States Steel issues st. Paul,
Southern Pacific. American Smelling, New York
Central and Pennsylvania The foreign markets
were irregular and showed the influence of Mon
days break at this centre and the withdrawal
of gold for American account According to
cable dispatches. however, sentiment in banking
circles abroad was more cheerful over the situa-
ton. both in Europe and in this country, owing
to the belief that the attitude of the Secretary
OF the Treasury OF the United States toward
the New York banks would now make unneces-
sary a movement OF gold from Europe 10 this
country. There was moderate demand from
investors throughout the day and sales in con-
siderable volume for the account OF operators
who were fortunate enough to secure stocks at
Mondays low prices; also liquidation of accounts
which had been carried the slump. with the
understanding that they were to be sold on the
first advance. Many of the larger houses pro-
tected certain accounts on Monday and were
able by selling yesterday TO reduce materially
what otherwise would have been severe financial
l'losses.
Sterling exchange was heavy under the infiu-
ence of a large offering OF bills and only a
light inquiry. but Il was not thought probable
that there would be further engagements of for
eign gold for import. at least. until next Mon
day. when there will be an additional amount OF
South African gold in the open London market
available for shipment to this country II our
bankers choose to bid for It. The position. Of
this country in the international exchange mar
ket viii be a tower of strength for the local
money market in the event OF acute disturb
ance az this centre. but all indications in the
monetary situation point TO Improvement in
rates for loans IN the near future and as a con-
sequence Il is not probable that New York will
make any efforts 10 secure further large
amounts Of gold abroad under present foreign
! financial conditions. Secretary cortelyou has