New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-17
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In the two hours OF business in Yesterdays
stock market further Improvement was recorded
throughout the list on a large volume of bust
ness total operations amounting to more than
100000 shares The gains. while not extern
sive as in the preceding day, were large enough
10 represent marked appreciation, while they
also represented an active demand for securities
by substantial interests, who believed that the
size Of the short account insured further big
gains in all parts Of the active market. 81.
Paul, Reading Union Pacific and United States
Steel We're among the leading features. but bust
ness was well distributed. with all issues shar-
ing in the buoyancy. which continued until the
close of trading final dealings being helped 10y a
hank statement that showed better results than
foreshadowed in Fridays estimates. As a re-
suit Of the heavy liquidation in stocks in the
paniclsy market Of Wednesday and Thursday
loans Of the Clearing House institutions de
creased more than Sl3O000o0 while cash hold
inge. though declining made a somewhat less
unfavorable exhibit than expected, and the loss
in this item with the contraction in loans was re-
sponsible for a decrease i'm deposits Of S15.914.-
700 which in turn caused a falling off in tho
cash required against deposits Of S397SOO0
with resultant EXPANSION in the reserve above
legal requirements Of S9S1 $40. Reserve now
stands at S3,033,10o. as compared with $3.50
100 at this time last year and S5.l54,115 in the
same time in 1909.
Strength in stocks in general was helped by
the record breaking earnings Of the United
States Steel Corporation in the last year.
presented in the companys annual report.
which was made public yesterday. Now that
Wall Street has had its speculative panic. the
chances are that real factors rather than dreams
and fancies viii attract greater attention in the
financial and speculative community that com
mon sense will succeed hysteria. and that values
will move under considerations affecting actual
conditions in the investment world. The United
States Steel Corporation not only showed the
largest earnings in the history Of the concern
but it presented an extraordinary gain in pro-
duction a result Of additions and improve
ments. Increased production Of the Steel Cor
poration in the last five years has been enor-
nous and it has not been accompanied by any
increase in interest or dividend obligations the
fixed charges being practically the same to-day
as they were at the time the company started
business. When the corporation was formed
there was supposed TO be large amount Of
water in the stock. but whatever water there
may have been at that time has been fully
drained by the expansion in the companys
production. The management Of the company
IS In the hands of men who understand the
steel making business and who also are able
fnanciers, and as consequence increased con-
fdence in its securities is constantly developing.
At the close prices in most parts of the list were
at the best OF the day. while final quotations
showed net gains of from l to 90 points. with
an exceptional gain of IA in Consolidated Gas.
The recovery has extended to much more
than one-half of the panic loss. and many OBJ
servers look for a reaction this week
The strong position the United States occupies
in the international exchange market is re-
Elected in the low rates for sterling exchange
and in the governments report of foreign COM
merce for the month of February, figures Of
which were received yesterday Shipments Of
merchandise from this country in the month ex-
ceeded imports TO the value Of S36 1863 437. this
imports. which were heavier than in anv Feb
ruary on record, amounting in value to Sl23
lS5.209. compared with S1O4, Do. S79 in the cor
responding month a year ago Exports also
were larger than recorded in any preceding
February, amounting In value to S159. 54S.646
against S14l, 766;iiS in the same month in 1906
while for the eight months Of the fiscal year
total exports were in value S1,2s9, 246. 296, the
excess over imports amounting to $3.50, 32O.9ll.
II the monetary position in the United States
needs assistance outside Of that which may he
extended by the federal Treasury, it can get il
abroad by calling in some of its credits but
local bankers are not disposed to do anything
in the matter Of gold imports that will disturb
financial conditions in the foreign capitals. The