New-York tribune., 1908-05-09
FINANCIAL AFFAIRS
STOCKS 4DT4NCING.
Reading the Leader-RecOrd Bond
Dealings Crop Report.

The weakness which developed in the stock
market Thursday short lived, for after a
brief period OF hesitation and irregularity at the
opening yesterday the market turned strong and
an advance began which continued practically
without interruption during the rest of the day.
profit taking toward the close making final
prices a little lower than the best. The market
leader Reading. which on extremely heavy
dealings advanced TO 1145s a new high record
for the year. closing at that figure, net gain
OF 3I4 points The buying of Reading said
in some quarters 10 be due TO the report that the
Lake Shore had disposed of its holdings of the
stock. but that report. on its first appearance
several weeks ago. did not act a stimulant to
Reading. Another explanation of yesterdays
movement that the stock was being bid up
on an interest heavily short Of it. and rumOrS
were again current of the impending failure of
large house which had been conspicuous on the
short side of the market. All of the "Coalers'
strong in sympathy with Reading. and
Lacka wanna. in which the fluctuations are usu
ally rather wide. made the surprising advance
Of ~ points, retaining % points of the gain at
the end of the day The total transactions were
about 1000 shares, or one-half more than on
the preceding llay In the bond department
prices advanced and the sales were by far the
largest Of the year, aggregating nearly $6,o0oo0o
par value. an encouraging showing, since a gen
uine revival Of interest in the bond market Is,
according 10 all preCedents a sign of improve
ment in general conditions after period of
business depression. betokening the growth of
and advance of the stock market, which is the
precursor of renewed business and industrial
activity and prosperity.
The government crop report. although making
the condition of winter wheat of May lower
BY % per cent than a month previously. was
well received by the stock market and added TO
the strength of the bull position for within an
other month the crop will be out of danger. and
the present indicated yield of 428.414,000 bushels
which compares with last years harvest of 409,-
442 600 bushels. makes it entirely probable that
the crop of 1908 is to be approximately as large
that of 1907. The condition percentage also
is 81 higher than May l. 1907, and 80 higher
than the May l average for the last ten years.
The response Of the Produce Exchange TO the
report was jump of cents in the price of the
July and 112 cents in May
Money market rates were unchanged, and the
supply of funds for loaning continued heavily
70 exceed the demand from borrowers. The for
eign exchange market a little stronger, de-
Inand sterling advancing 10 points, and predic-
tions ere heard that the gold export movement
would be resumed within the next few days.
The known movements of money during the
v eek indicate a gain of more than $13,o00,000
Portable addition to the surplus reserve in to-
DAVIS bank statement. This indicated increase
in the cash holdings is explained in large meas
ure bv the reported gain of S9,300,000 from the
interior which is a reflection of the continued
dulness of business OF the S45 900 900 of gov
ernrnent deposits directed by the Secretary of
the Treasury to be returned by the depositary
banks throughout the country this month s2O,-
600 900 is due to-day. Some of the local institu
tions however have already paid in the amounts
required from them.