New-York tribune., 1907-04-23

Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Transactions IN yesterdays STOCK lldi iht',
though made up in great part Of the operations
of the professional element, showed marked
expansion in the volume of business as COM
pared with the small average totals I'm last
weeks trading Prices opened strong, and
moved toward higher level in the five hours
'of business. the improvements being due I'm
great part to covering by shorts and bidding
up by operators who believed that technical
conditions ripe for a successful move on
the up side Of the market Some Of the more
important houses were buyers. but there also
was selling by substantial interests representing
stock accumulated In last weeks speculation.
these sales, however having little or effect
upon quotations. There were no particular news
developments stimulating speculative activity.
the sudden change in the course of business
from, the recent apathetic transactions being due
10 an over-extended short interest and the de-
sire the part of the largr operators to pull
the market out Of the rut into which it fell
week ago. Advances ran from I TO 4 points.
with the chief strength in Hartman issues the
IIill shares Amaigamated Copper American
Smelling Atchison. ST Paul. Louisville & Nash
Vile Pennsylvania, Reading and the United
States Steel stocks. Delaware & Hudson on
small dealings. advanced points. The short
interest in Reading and Union Pacific appeared
10 be extensive and easily moved. and on these
operators was concentrated. Crop reports were
better. Sterling exchange was strong under
the influence of a good demand and light supply
Of bills
In the last three weeks there has been an
expansion in the loan account Of the Clearing
House banks at this centre Of more than S75.-
0O0,000 but the greater part Of this amour;
represents a transfer of loans from other insti-
tutons rather than new borrowing. The New
York banks. which members OF the Clearing
House Association, have enjoyed material i'm
provenent in their cash holdings in the time Of
the gain in loans and though loans exceed de-
posits by about $16OOOO0O reserves above legal
requirements in good condition. while in
money circles there is no uneasiness over the
future of the money market because Of the re-
cent movement in loans. Bank conditions are
sound throughout the country. Money is easing
al interior points but it is still above the level
ruling here and I'm consequence the chances
favor moderate shipments Of currency from
New York to out of town points In the next few
weeks i'm connection with the requirements of
the spring season in the various lines OF trade
and in connection with the planting Of the
crops Out of town banks and local trust COM
panies have transferred loans 10 the local asso-
ciated banks. owing to the decline in money
rates. and the fact that the Clearing House in
stitutions able TO handle this movement
with case suggests the great strength of our big
money houses. Now that the government is in
/ a legal position to return 10 the channels of
! trade funds paid over on customs account. there
1 ought TO be no fear of high money rates in
/ the near future. The government will not be
under the necessity of recalling funds on de-
posit with depostary banks as there are no ex-
! traordinary federal payments to be met that
cannot be handled I'm the ordinary way The
! 90 -nrrr, ,oFaAv not ,,v,fvr
amount Of funds held in it's vaults. but it is in
position TO redeem from Treasury cash gov
| ernment bonds OF 1907.
| The United States Treasury holds a reservo
fund Of SlJ0OOOO00 gold. It also holds 81 l5O-
| Sl2Si9 for the redemption of notes and GER
tificates and in addition, It has a general fund
| of $lS3l41,SS4 cash. exclusive OF SI77. .5gO 9s6
| in national banks. Deposits in national hanks
the amount held in the general fund in the
treasury vaults and that in the Treasury of the
Philippines amount TO S3649 4Sl. against
! which there are liabilities of STA 433 $50 law
/ ing an available cash balance Of $3.50 $50 600
! For the fiscal year to date the governments
excess Of receipts over expenditures totals s52 :
s"'S'2a2 compared with an excess in the cor
responding time last year OF Sc I63,412 These
figures reflect remarkable strength in faderal
Treasury conditions. With the national Treas
ury strong and with the country entovjne. in
uuAuiai ACTIVITY there IS every reason for
enecreuiness on the part Of investors. A year
ago The local banks were compelled to meet
unusual demands which not factors in the
current situation. legitimate busiless opera
lions being the chief drain at present. drain
or THIS character is a bull argument on se~,,Ti
me- and the fact that IL is not COMPLICATED nv,
extensive corporate borrowing for new railroad
Duhaing and other work which can be most
poned without interfering with the oountry.s
prosperity 'nsures stability in the money mar