Los Angeles herald., 1907-03-30
TRADING ACTIVE
IN WALL STREET
LIVELY INTEREST IN RAILROAD
SECURITIES
Treasury Relief Measure Increased
Bank Cash Reserves over $4,000.
ooo-Interior Money Is Flow
ing to New York
BY Associated Press.

BY Associated Press.
NEW YORK, March 29.-The animation
and strength of the stock market today
was surprise In view of the experiment
OK Keeping the stock exchange open on
GOOD Friday, contrary to the usual GUS
tom; It was expected that operations
would be little more than nominal, as
the Keeping of the exchange open was
largely concession to the bankers to
avert the necessity of making loans on
thursday to carry over until Monday.
There was a small attendance on the
floor of the board room when the market
opened, commission houses reporting that
customers 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 ma
Jortty of members had taken advantage
OF the opportunity to get away from the
city. When the activity began to show
signs of revival observers were skeptical
and professed the conviction that room
traders operations were giving an arti-
nclal appearance to the market. Never
theless substantial days business was
recorded and the price movement was
decided and comprehensive. The rapid
advance in prices is explained to the
needs Of still uncovered short interest
rather than investment buying or new
speculation for an advance.
Tho days news offered small material
Tor speculation outside of the pronounced
Improvement III the banking SlIudllOl
indicated by the preliminary figures Of
the weeks currency movement. Chiefly
as result of the treasury's relief meas
ures the banks seem to have gained up
ward of S12 600, 600 of cash reserves dur
ing the week. The regular express move
ment with the interior has, moreover
yielded a small gain on balances, indi-
eating the current of the movement in
favor of this center.
The premium on New York exchange at
Chicago has risen to 30 cents, indicating
the course of remittances from that city
to New York. &F'rom this is inferred a
probable return flow of currency from
the interior after the turn of the month:
The money market was little affected
by preparations for the Monday settle
ments, although call loans were. quoted
at Yesterdays renewal rates. The loan
item Of the banks tomorrow will be com
phcated by the information of these
preparations and the influence of stock
market iquidation. The expectation was
general, however, that tomorrow bank
statement would be strong and as the
stock exchange will be closed tomorrow,
Mondays market would show the first
effects of the bank statement.
The other dominant influence in the
market was the Intervention of the
national authorities to bring about arbi-
tration of the labor differences which
employees of western railroads.
The widest movements of the day were
in the Hills and Hartman stocks and
Canadian Pacific. Canadian Pacific gave
signs of distressed short interest. -.
Active bonds were firm but small
keted at wide concessions. Total sales,
par value, $l940,00O.
United States bonds were unchanged on
call.