New-York tribune., 1908-04-29
FINANCIAL AFFAIRS
HEAVY STOCK SALES.
Ertcnsire Corering Of Shorts
Treasury CaL-The Steel
Report.

The largest days business OF tne year III ult
stock market was transacted YESTERDAY total
sales being about 1110.000 shares: and the
strength which has characterized the market
since the announcement of the Pennsylvania
loan WAS made continued TO prevail during the
session Many sharp advances were made. but
in the late afternoon a considerable recession
occurred. on profit taking. and the list closed
we'll under the best Of the day. with some net
losses. In the bond department the sales were
slightly above Mondays large total but mere
too there were evidences of realization An I'M
portant part Of the buying of stocks was due to
covering by shorts. who have been alarmed by
the Mcintyre failure, and. indeed. something
like bear panic occurred. Rumors were cur
rent Of impending failures, but the houses named
are among those which have been prominent on
the bear side fer many months and the pos
sibiity of their embarrassment did not act a.
check 20 the upward course of stocks. as the
failures WOULD be followed by buying IN OF
shorts The Presidents message had no visible
influence on the market. nor was the news OF
the Treasury call for S45000,000 Of the govern
ment money held by the depositary banks
factor, no apprehension being felt that strln-
gency in the money market would result BY
far the heaviest dealings of the day were IN
Union Pacific which rose 1882 and declined
Il the close TO 13I. net advance of / "A points,
and renewed predictions were made that the
company would bring out in this country
and Europe S50000.000 bond issue, the success
of which would add the improvement in
sentiment created by the Pennsylvania bond
operati ton Northern Pacific among the con-
spicuously strong issues, scoring maximum
advance of nearly points on buying attributed
to the excellent showing Of earnings IN March
and retaining - points of its gain at the close.
Amagamated Copper Jagged behind the other
speculative favorites during much of the day,
but finally advanced point receding at tn
close Monday final figure Manhattan made
a net advance of 90 points, closing at the top.
II developing that the stock is an obligation un-
derlying the lien OF the new $55,o9o,000 INTERIOR
ough- Rapid Transit mortgage.
The calling in of the SO 100000 Of govern
n7ent deposits was not reflected in any harden
ing Of money rates. but had the effect Of de
pressing sterling rates about fifteen points. a
partial recovery, however occurring before the
close The local depostary institutions hold
about 5000, 900 of the $l9i.00OO00 government
money which is deposit with national banks
throughout the country. and their propo"uonate
share Of the sum to be turned into the Treasury
before the end Of May would be something
over $40 100000. Even should the quota required
from them much exceed this figure. however, no
embarrassment can result, and gold exports
are not likely to be stopped unless a co-operat-
ing influence shall develop in the payments to
be made by Europe for the Pennsylvania and
succeeding bond issues, in view Of the exceed
ingIy easy position Of the associated banks of
this city with their $5S.G00.000 surplus reserve
and with cash still steadily flowing in from the
interior.
The United States Steel issues We're strong
Yesterday but II was not until a1ter tne close
Of the market that the quarterly statement of
earnings was made public. The statement in
cluded the results of operation Of the Tennessee
Coal Iron * Railroad Company for three
months, and therefore cannot be accurately com
pared with statements for the corresponding
periods Of preceding years. The showing Of
net earnings rather better than had been
looked for. and favorable conclusions drawn
from the fact that the earnings for March main
tanned their usual advance over those OF the
two preceding months: but the statement that
untitled orders on March 81 were only 3,765,343
tons, the smallest amount since the September
quarter of 1904, reflected plainly the depressed
condition Of the industry and aroused discus
sion to The likelihood Of the continuance OF
the common dividend If business should not
improve. The usual dividends de-
clared. and a final surplus of SI665 was shown,
but instead Of even small surplus there
would have been large deficit had not the ap-
proprlati0n for depreciation and reserve funds
been materially cut down and that for special
Improvement and replacement funds omitted
while the usual extraordinary appropriations, in
prosperous times taken out Of surplus. have this
quarter not been ordered.