The Washington herald., 1908-04-17
MARKET SALES GROW
Stronger Underfone Prevails
in Wall Street.
BONDS SHOW ACTIVITY ALSO
Purchases Made in More or Less
Speculative Issues-CommOn Talk
of Sale of s25,0o0,00O Bonds by
Interborough Rapid Transit Has
> Eject on Prlees-No official News.

New York, April las compared with
yesterday, dealings in stocks to-day We're
appreciably larger. while a decidedly
stronger undertone prevailed in prices.
Matters OF news affecting the market
were however a great deal less numer-
Gus than on tine day before, and popular
interest in the trading was little, if at
all. increased.
Whatever feature there was to stock
exchange business was impaired by a re-
newal OF the rise in the traction stocks
after the moderate reactionary ten
deneies shown in the two preceding days
and the buying here was largely eentered
in Interborough-M metropolitan ~ per cent
bonds, which advanced to the highest
point yet touched on the current move
ment. For that matter. the general bond
market to-day was comparatively more
active than was the stock market, even
If the purchases made were 10 a very
great extent in the more or less speCu-
latiYe issues.
Not only were there heavy dealings in
the bonds of all the local traction COM
panies. but OF the Continental Gas and Of
the United States Steel sinking fund SIS
exercise a sympathetic influence over the
United States Steel common and pre-
ferred stocks.
Big bond sale Made.
Aside from those general reasons which
have been frequently adverted to in pub
lie discussion this week, as accounting
for the rise in the traction shares. it was
common talk to-day that the INTERIOR
ough Rapid Transit Company had made
a sale Of S2500O,00O Of its per cent
bonds. the notes TO he secured by the
bonds Of the company recently authorized
by the public service commission. and
with the money derived from the sale Of
these notes, the company viii be enabled
go pay of its short-term Obligations ms
turing on the 1st of next month. as well
as 10 eXtingUish its foreign debt
No official announcement regarding the
matter was made, however, during these
hours.
Professional speculative sentiment was
helped in some degree to-day by reports
tbat the secretary of the Kansas agri-
ltural department had issued state
mt declaring that conditions regarding
nter wheat IN the State were practi-
ly unimpsiTed by the drought that has
entity covered part of the State; and
IS probable that 20 a greater or less ex-
it, some buying Of stocks was induced
the very remarkable cash gain by the
lks during the week as indicated I'm
usual advance compilations of the
akly bank returns.
Rank Cash Increases.
ne amount OF 1c..S cash has increased,
Ording 10 all these estimates i'm the
ghborhcod of $1,000 900, and although
cay he disclosed that bank loans have
irged a little, il is yet probable that
clearinghouse Institutions viii show
extraordinarily large cash balance in
exhibit on Saturday.
)ssip bothered itself quite little dur
the day with rumors Of the American
ltng and Refining Company. which
commonly secuted at, but the proba-
y of creation of large stoekholding
rests in the company was admitted
peated stories Of cutting Of prices OF
on and steel products. coupled with
atements that another meeting had been
tlled to consider conditions in the steel
l,le were denied by the board of di-
4 ors Of the United States Steel Corpo-