New-York tribune., 1908-03-28
STOCK MARKET OPERATIONS.

The Union Pacifics announced intention 10
bring another heavy bond issue. which eX-
erCised 50 depressing an effect on IhursddN
afternoon. had little influence over the stock
market yesterday the whole market advancing
sharply in the afternoon, following a PERIOD OF
irregularity. and Union Pacific being IN the tore
front of the advance. The business of the day
included transactions in a larger number OF
issues than usual, although the total sales were
only about three quarters as heavy as on the
preceding day There We're no news items which
could be taken having market significance
and none which could be used to explain the
noteworthy rise of certain stocks. such as Cana
dian Pacific. which made maximum advance
of more than ) points. almost all of which il
retained and the Canadian Pacific controlled
500" which gained AZ points. AS for Cana
dian Pacific. il may be said that the sight has
not been unfamiliar one III the past OF d drlV-
ing in of the shorts, whose activities in Cana
dian Pacific at no time disregarded by mon
interested in the property. Amalgamated COP
per. in which the trading was the heaviest IN
the industrial list, made net advance of Pa
points. benefting by the apparently considerable
extent of the Improvement in the copper indus
try while American Smelling and Refining
gained only L point. Union Pacific, the deal
ings in which were far The heaviest for any full
stock. reached its highest price of the day, 1&9,
in the last hour, and closed PA points up, at
128a2. London a buyer on balance here 10
2 rather large amount. and American stocks In
London were good request at advancing
prices.
The bank statement which will appear to-day
was a very small factor in the making OF mar
ket sentiment, little attention was given
the subject. The statement, however bids fair
10 be a favorable one, from the indication of n
gain in cash holdings of s1.46o,0o0 and the i'm
probability of sn enlarged loan account as the
result of the weeks operations in the stock
market. where the trading, although At times
heavy, has not averaged very large figures and
has included d good deal of liquidation. The
opening Of the knickerbocker Trust Company
in the course of the week may set awry the cal
crlatiorS upon the bank statement, as It Is not
unlikely that the company has withdrawn
large amount of cash from banks for possible
use in the first few days of business following
the REORGANIZATION. The associated banks have
now q surplus of reserve of about $37,9OOoo6,
which would without much doubt have been
materially svelIed this week by the continued
jnpouring of funds from the interior had it not
been for the return by the local depostary
hanks OF the millions of dollars of special gov
ernmeut deposits called in by the Secretary of
the Treasury, and which may nevertheless be
Increased by a good sized amount Call money
rates which for many weeks have been nominal,
touched IL per cent yesterday, with as the
highest Time money rates showed no change,
and loans were placed in moderate amounts.
The foreign exchange market strong. de-
rnand sterling advancing more than 80 points, IN
response to easier discount rates in London.