The morning journal-courier., 1908-04-30
Miscellaneous Bonds,
'Ex dividend.
STOCK MARKET REVIEW.
Larger Offerings of Stock for Sale
 Unscttlc Market.

New York. April go Operations for higher prices of stocks had to contend today, with larger offerings for sale than have been met with hitherto in the various stages of the upward movement. This obstacle had it's effect in unsettlng the market at various ieriods during the day and told on the speculative temper. on the other hand efforts to advance prices were furtherc1 by the urgent demand from the remnant of the outstanding short interest which was an effective factor in some of the sharpest advanc- os in individual stocks which were witnessed. Tho difficulties of the shorte have been materially aggravated by the reports of the affairs of the bear firm which failed last week in which complaints of securities held for cus-
 toners being missing are much dwclt
 upon. The suspension of another stock exchange firm today, following
 the suicide yesterday of the junior member, was followed by a large vol- tune of witnessed transactions in the course of buying in stocks for the iiIms account. These developments
 have had the effect of arOusing tmidi-
 ty amongst lenders of stocks to pro- cure shares for holding open their com nItments on the short side. Thie state of affairs has aided the bulls in extcnd- ing the rise in prices and has much re- duced the outstanding short interest
 The existence of a short interest is
 potential source of strength and of sup
 port for prices, and the weakened tech nical position which must follow it's elimination IS discussed The factors
 which governed the tIading were not
 changed in important particars from
 these of the recent past. The coming
 financing of the Union Pacific Is much
 dWelt upon and it's assurance of suc-
 cess Is believed fin. Market operations
 today shifted rather to Southern paci-
 fic in contrast to the realizing going on in Union Pacific. The advantage of position of the Hill railroads and st
 Iaul by reas Jn of the heavy new stock
 issues is pointed to in connection with
 the rise in those stocks. The quarterly
 report of the U. $. Steel corporation vas much commented upon and its
 showing was not helpful to the general market, although the prices of the stocks of the corporation were quite generally held. The downward course of iron keeps alive expectation of a
 cut in prices of finished products be-
 fore advantage can be felt from the im- proved financial position of the rail-
 roads, The net earnings reported for the quarter were up to the most liberal preliminary estimates that have been current in Wall street, but the incu- sion for the first time of the earnings
 of the Tennessee Iron & Coal company
 which was absorbed during the panic of last fall affects the comparison of
 the showing with previous periods. The
 over subscription to the Interborough Rapid Transit note issue was not of
 such effect on sentiment as had been the Pennsylvania bond subscription al-
 though some attempt was apparent to stimulate the stock market on the am nouncement, The issue of short time notes however. gives the impression
 of reyersion to temporary eXpedients