New-York tribune., 1908-03-13
.los.rg rrices q actixe 6onaz deaIt II. H.lth
net changes, follow:
STOCK MARKET OPERATIONS.

The stock market opened strong yesterday
and continued for while to aoNallce' o''
fore long profit taking started a recession WiI-1
-,-ar- IN irrec7llarlv until few minutes beloTe
the close. when an active buying movement oe-
--aIo-ed which brought final prices as a rule
above those Of Wednesday. aIthouGh lle ne
gains were in most cases only 1racLoIlai'
trading WAS much less in amount than on the
r-aca5i1r d9v and around noon the market
Vas decidedly dull. but the undertone was 81 al
times strong The announcement OF the FreSl-
dents instructions 10 the Commissioner oL III
-,ora+ions TO Investigate the business Of STOCK
trading not generally known until after Ihe cioa@
on Wednesday. had no effect on the marker S09-
-e-daz for Wall Street Is hardened 10 lnFestlga-
lions and the conviction is strong that lhquiiE
INTO the rrethods employed n conducting jus
ness o.? the New York Stock EXchallse VIII @ u1s
close nc ground for sweeping criticism Wflte II
- have +F7z valuable effect Of stimulating the
rrsuageuleut Of the exchange 10 enforce Win
greater stric.ness the prohibition OF ncllllo''7
transactions and TO take severe measures ~
clecl, the use of concocted false runlors IN STOCK
manipulation by ordering q searching -A4UliS
into The origin OF those rurrors
The report OF the preceding day That the Pres
iaent favored the scheme for raising ralToaa
freight rates found no sUbstantlatioh yesterday
and was discredited in Washington aoVlces,
and oppositior1 to Il began 70 be heard from IRON
and steel interests, which would be adversely
affected by higher transportation rates al
time when their orders are 50 small ana lne
rossipility- OF being obliged 70 reduce their own
rrlces for commodities Confronts them 1oWafd
m end ~ the session reports were heard of
some sort Of legal proceeding 10 be brodght
against the Union Pacific, substantLatlcn com
Ing n the late afternoon IN the publication OF
= letter 10 the Union Pacific board by Ief
stockholders. asking them 10 take action Tor re-
covering for the stockholders many millions OF
dollars alleged to have been illegally diverted
from them through the acts of certain o. the
directors. The charges brought are not new
but may now be made -he basis OF actions al
law Union Pacific. which was the market
leader Yesterday. at one time sold z point under
vadness7av's last price but closed Al I net ad-
vance OF Is. Northern Pacific Fess bought AeaF-
lily. making maximum advance OF. more t1al
points and retaining almost all Of It's gain, me
ouyirg being accompanied by the old report OF
an extra dividend Western Union was weak,
on the declaration Of the stock dividend. and
lost - points Another marking up Of the
Metal Exchanges quoted rates for copper was
used in driving IN the shorts IN Amalgamated
Copper which closed Al The high point q ne
DAY a net gain OF rs.
The strength Of the market Is without much
question due 10 The growth Of the feeling that
business and Industrial conditions are lmproy-
ing i little. but although sentiment IS rather
more confident. The indications o. trade revival
are Tar from being such as 70 warrant an active
bull movement in stocks which would carry
17rices 1lu 70 any considerable extent The actual
needs OF the people must be met ana aIter 4
period Of economy n CONSUMPTION there must
be production I'll those needs, that production
recurring the reupening OF mills and the setting
OF men 10 work the general buying power being
70 that extent enlarged BI-. as IN the case OF
the RAILWAYS there Is IS yet no indication Of
demand beyond that sufficient 10 I'LL absolute
necessities. Gail money continues 10 be leaned
At nominal rates and time funds show no
change in rates. The weekly statement Of the
Bank Of England makes strong showing, with
lis reserve increased by S4,26o.o00 bringing the
proportion Of reserve TO liabilities up 10 50.
against 462s per cent d year ago The holdings
Of gold increased s3.5So.o0o. and are now the
heaviest on record for this date IN March