The Birmingham age-herald., 1907-03-30
STOCKS ARE STRONG
 AND ANIMATED Good Friday Experiment Keep ing Open a Surprise DECIDED GENERAL ADVANCE Slim News Except Improvement of the Banking Situatlon-HiIl and Harri-
 man Stocks Show Widest
 Movements.
DECIDED GENERAL ADVANCE

New York, March 29-The animation and strength of the stock market today was a surprise. in view of the experiment of keeping the stock exchange open on Good Friday, contrary to the usual cus- tom. It was expected that operations would be little more than nominal, as the keeping of the exchange open was large ly concession to the bankers to avoid the necessity of making loans on Thurs day to carry over until Monday. There was small attendance on the floor of :, the board room when the market opened, commission houses reported that cus- toners were almost entirely lacking.
 The London stock exchange followed the custom there and remained closed, and no business was supplied from that source. All appearances indicated that the majority of members had taken ad- vantage of the opportunity to get away from the city. When the activity began to show signs of revivals observers were skeptical and professed the conviction that room traders operations were giving an artificial appearance to the market. Never thelees a substantial days business was recorded and the price movement was decided and comprehensive. The rapid advance in prices is explained on the needs of a still uncovered short interest rather than investment buying or new speculation for an advance.
 The days news offered small material for speculation outside of the pronounced improvement in the banking situation in dcated by the preliminary figures Of the weeks currency movement. Mostly as a result of the treasurys relief measures the banks seem to have gained upwards of s120O0,0O0 of cash reserves during the week. The regular express movement with the interior has moreover yielded small gain on balance, indicating the current ot the movement In favor of this center. The premium on New York exchange at Chicago has risen to 30 cents indicating the course of remttances from that city to New York From this is inferred probable return of the low currency from the interior after the turn of the month. The money market was little affected by > preparations from the Monday settle- ments, although call loans were quoted at yesterdays renewal rate. The loan item of the banks tomorrow will be con- plcated by the influence of these prepara- tions and the influence of the stock mar ket liquidation. The expectation was gen eral, however, that tomorrows bank statement would be strong, and as the stock exchange will be closed tomorrow oper itors acted on the conviction that Mondays market would show the first effect of the bank statement. The other dominant influences in the market was the intervention of national authorities to bring about arbitration of the labor differences which threaten to bring about a strike among employees of western rail- roads.
 The widest movements of the day were , in the Hill and Hartman stocks and Can [ adan Pacific. Canadian Pacific gave signs of distressed short interest
 Active bonds were firm, but small blocks of some inactive issues were marketed at considerable concessions. Total sales, par value $1 940,000
 United States bonds were unchanged on call.
 Prices of securities sold on the New York Stock exchange early this week at lower figures with a few exceptions than in the panicky session of March IA. This was q belated result of the panic, due to the deferred reflection here of the ef- feet of our disorders on foreign stock markets London and Berlin both had periodical stock market settlements this week. London fortnightly and Berlin 'jmonthly settlement. As the formidable fall in prices of our securities had oc- cured since the previous settlements, the differences had to be made good, and the process proved severe. The settlement was completed, however, without dlsas- trous consequence and arrangements were reported to have been concluded also Tor meeting heavy requirements of the April money settlements.
 All markets showed relief over the pass Ing of this crisis. The threatening con- ditions here on Monday also prompted some organized measures of support by bank ITS and capitalists. which opposed ob- f acles to the aggressive operations of the bear party, which had been having things pretty much it's own way. At the time the measures of relief for the money mar ket by the treasury department became effective and the solicitude felt over the resources to tide over the April settle ments here was allayed, the substantial additions to New York bank reserves re- suited from these measures, and the money markets tension appreciably re- Iaxed On Monday s1.75O,00O gold was se-