New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-07
closing rrices Of active bonds dealt IN. wlth
STOCK MARKET OPERATIONS.
net changes. follow

In the two hours Of trading in yesterdays
stock market the movement OF values showed
great irregularity with the final tendency IN
the direction Of lower quotations. Declines,
however. were confined within narrow limits rs
a rule while in a few issues net gains were re-
corded. notably in AmaIgamated Copper Amerf-
can Smelling. Kansas City Southern, Peoples
Gas and Republic Iron and Steel preferred. Tho
only important weak feature was supplied by
Canadian Pacific. which declined points
selling for local and foreign account sales being
purely speculative in character and not coming
from the interests who are generally the chief
factors in the operations in this security and
who were not active in the market yesterday
The general market presented a quieter ten
dency than recorded in the preceding days of the
week. and as a rule transactions were made up
Of the operations of the board room traders
commission houses having few orders while the
more substantial interests were not prominent
in the speculation outside Of that in Amalga-
mated Copper, Reading and Union Pacific. The
copper stocks were strong features. also Union
Pacific, but in Reading there was enough realiz-
ing TO prevent important improvement while
throughout the list realizing sales incident to the
end Of the week were effective obstacles in the
absence Of active support TO material advances
The Street expected a favorable bank statement
and ii was not disappointed Although there
was substantial expansion in loans-a refec-
ton Of the increased borrowing as a result Of
the easier rates for money-the reserve above
legal requirements advanced TO SI944l225 an
increase of $6,30s $50 compared with a week
ago. This total compares with a deficit Of
s2560,625 at this time in 1906 and a surplus Of
ss.682,525 in 1905. The gain in cash holdings
exceeded Fridays estimates. the expansion in
this item being due TO the deposit of customs
raCnipfs no
lowing the publication OF the bank figures and
closed heavy.
In the break in stock market prices on March
IA the leading active railroad shares closed the
day ar average price of 1911 and the leading
active ndustrias at an average price Of 1928.
After the rally that followed this decline there
was further downward movement, prices
touching bottom March 25, about point on
the average under the low points of the panic
day. but since the second break there has been
a rapid recovery, carrying the average for the
prominent railroad shares to III and the leading
Industrial issues TO an average Of 81 both prices
representing the influence upon speculation of
the overseeing that took place in March and the
change in the position Of the money market
The question Of further immediate improve
ment rests upon the ability Of the commission
houses TO bring in active public demand and
the Willingness Of the substantial interests TO
increase their already large commitments on
the long side of the market The short interest
that WAS established at the tail end Of the re-
cent bear campaign has been eliminated, but
there still few bears left who apparently
believe that in spite of all the favorable factors
in the situation. stock market conditions are not
strong enough to warrant sustained advance.
This opinion is based in great part on the alb
sence Of genuine public support on the fact that
many interests were too severely crippled in the
market for a long time to come, on the uncer-
tainty that must develop over the years
harvests and the early start that is being
taken by the political campaign that will decide
the next Presidential election. There is nothing
in these arguments that need cause any alarm
in investment circles. while at the moment they
are not likely TO worry the advocates OF higher
quotations. who believe that the recovery from
the long period Of decline viii run on until a
good part OF the loss registered at the low point
] Of the year has been made up.
! Wall Street, II is interesting TO note has re-
gained its equilibrium the question OF the in
/ uuenoe of government policies on the value of
American investment securities And many silly
people who sacrificed their stocks IN March
because they believed that real values vera being
slaughtered COW have the G.ckening sensatIoa
OF seeing prioes advance With the stocks they
used 20 own in other peoples hands. IN the
week jHst closed there was en- active demand for
/ investment securities sn both the boad and share
departments OF the Exchange. especially for the
account OF people with limited capital, buying
IN many cases representing the purchases by
people who hae been waiting Tor such an oppor-