New-York tribune., 1908-04-11
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

On volume Of trading considerably larger
than on the preceding day. the stock market
yesterday ruled strong during the greater part
OF the session. closing with irregular net price
changes, many of the earlier gains having been
lost in the last hour. when rather extensive
realization movement occurred. The trading
was almost wholly professional, and the advance
vas aided TO important extent by covering
of shorts induced by the clearing UP of the
complications Of the Erie London seller
on balance here, but the purchases for London
account were practically confined TO the Erie
issues, which ended the day in this market with
net gains Of between one and two points each.
Union Pacific the market leader in point
of activity. and advanced 10 the highest figure
of the year, buying which reflected the good
influence of the adjustment Of the Erie note
difficulty upon the outlook for the financing
plans for the former road; closing. however. at
fractional net decline, on profit taking. The
various local traction issues We're strong.
reports of a favosble readtustment of their
relations, the most important gain being made
by Third Avenue, which to Sc and closed
at 35, a net advance OF points. Consolidated
Gas made an extreme advance of more tnan
three points, Of which il retained IL at the
close.
There We're practically news developments
affecting stocks, and in their absence some Of
the rumors which have accompanied bull mar
kets in the past were in circulation among them
the report that the Lackawanna was TO take
over the control or the Nickel Plate, story
which may some day prove a fact The ex-
pectation of favorable bank statement to-day
was one Of the strengthening factors in the
days market. The preliminary estimate showed
a gain in cash by the banks during the week Of
nearly s5,o00,000 chiefly due TO the continued
heavy movement of money from the interior to
this centre; and the probabilities are for a fur
ther swelling of the surplus reserve, unless IL
shall prove that the ARRANGEMENTS for taking
care OF the Eries s5500,000 notes which naattIred
on Wednesday involved a material enlargement
Of the loan item. The range of the rate for call
money was again between IA and Q per cent
and time money rates for all maturities showed
no change from the extreme ease currently
prevailing. the supply of time funds much ex-
ceeding the demand The foreign exchange
market was firm grain and cotton bills being in
scanty supply, and the demand sterling rate al
the close OF the day . points higher than
on Thursday.
The mercantile agencies in their weekly ra
ports showed the improvement in general com,
rnercial conditions maintained, but exceedino1,.
SLOW in pace. The bettered conditions b.,.a
been fully reflected in the course Of the stool
market and the slow revival Of confidence 40
well; but recovery from the serious state in
which the trade and industry of the co,,ntr,,
lay last fall cannot but be an extremely gradual
process, with reapses probable from time IN
time, and no strong forward movement in tho
stock market would seem to be iustihed ,p+i
the Improvement in general conditions shan
have become decidedly more pronounced than
it yet is.