New-York tribune., 1907-04-19
'Unusted
Closing prices of active bonds dealt in. With
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the first four hours of trading in yesterdays
stock market price movements showed great ir-
regularity, with the tendency generally in the
direction Of lower quotations fluctuations, how
ever, being confined TO small figures, while the
volume of business was lighter than on any pre-
cedng day in the current year and near the low
record of 1905. Last hour operations were ao-
companied by gradual advance. which carried
the greater number Of active issues from l TO
points above the low figures of the day. with
final prices at net gains OF ! point or more IN
Atchison. St. Paul. Erie first preferred, Great
Northern preferred, New York Central North
ern Pacific Reading and the Hartman shares.
There were no net losses Of importance Com
mission houses We're not active factors In the
dealings, while the more important speculative
interests apparently were not disposed 20 make
commitments 10 any extent until the last hour,
when a fair sized movement was engineered
against the shorts under the lead of Reading,
in which there was an extended weak bear ac-
count This issue, as well as many other stocks.
has been oversold in the last few days, and as
a rule the bear account has had weak follow
ing among commission house traders, who have
been speculating on small margins on the theory
that no important advance is possible at this
time Such an assumption is extremely foolish.
as the very interests who made the big profits
on the short side in March. though still bearish
10 some degree. are active on the bull side
whenever the opportunity arises to twist the
small fry, and though they may not believe in a
sustained advance they are powerful enough TO
bring about sharp rallies.
Bank Of England figures for the week ended
yesterday showed some Improvement as COM
pared with the returns OF a week ago. but the
increase in resources was not large enough 10
warrant a further reduction in the minimum
rate Of discount London is watching the finan-
cial situation at Berlin and New York closely.
ana is not disposed 10 take any action which
would encourage a demand for gold from either
point, especially indications suggest with
drawals Of the metal for the account OF Paris
in considerable volume in the course OF the next
few weeks. AS far this centre Is concerned
there is no necessity for an increase in bank
reserves through the medium OF imports OF the
precious metal and IN this respect the situation
offers marked contrast 10 the conditions pre-
vailng at this period year ago, when with
low reserves. extraordinary requirements sud
denly developed, owing TO the san Francisco
earthquake, which not only caused extensive
decline in securities values but made imperative
unusual action by the Secretary OF the Treasury
IN order to facilitate movement of gold to this
side Of the ocean. Since the time of the Cali
fornia disaster the local money market han been
through many days of great stress, but our
ment and the marvellous position of our foreign
trade, the latter having given the country a
strong credit balance abroad, have been able
10 handle the market in manner that has sue
cessfully met all the requirements imposed upon
il without the development of factors affecting
adversely industrial and financial affairs. The
stringency Of the last year has upset many
speculative operations and has made necessary
a slowing down process among corporate borrow
Z or l11f has baap a8f la1
tress that might have resulted If general condi-
tons in the country and the position Of the
United States Treasury had been less sound.
At this period year ago the outlook in the
money market far from encouraging de-
spite the fact that in this week at that time
S9000O00 gold was engaged for import, and
from then until only recently loan quotations
averaged price that brought big profits to the
banks but placed serious burden upon bor-
rowers. The outlook now, however is most
/ promising. Both call and time funds at this
centre are easier than they have been in months.
and throughout the country rates as a rule show
declining tendency, owing in great part to the
healthful readjustment Of securities prices TO a
lower level to new gold production, to the large
imports OF the metal made in the last twelve
months and TO the passage Of the Aldrich cuE-
rency measure. under the terms of which the
/ Secretary OF the Treasury has the legal right 70
1 return 10 the CIaufeiS OF sfaue money received
F from customs In addition. the market has been
helped by the Tefunding operations in connection
with the government As OF 1907 and the re-
! demption Of part OF the issue in cash. Com
pared with this time In 1905 there has been
an increase OF money In circulation TO the
amount OF S229 s95OSO, while in the same
time there has been an excess of exports OF
merchandise over imports 20 the value OF $685.
$4,000 Some observers have maintained for
the last twelve months that the United States
I Is heavily in debt 10 Europe, and that our
2bi.ity 70 bring IN sold and our refusal recently
10 sake the metal from Europe when we could
have done so IL the need had been urgent do
not indi-ate crAdit balance in our favor such
an opinion however. fails 10 convince In view
. lac course o. financial movements. Il was
pIeo'ctea N certain quarters year ago that
the gold brought ovar en- San rrancisco re-