Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-23
General Strong Tone Followed
an Irregular Opening.
"PENNSY" BONDS LED WAY
Enlarged Volume Of Business Mark
ed All Departments.
POLITICS LEADING THEME
London Marrow and Heavy-1ndus-
trials and Miscellaneous
Shares Firm.
"PENNSY" BONDS LED WAY
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 23.-On a slightly
enlarged volume Of business. today
stock market forged ahead slowly. but
quite steadily, during the greater part OF
the business session. Near the opening
of business the dealings exhibited rather
irregular tendencies, but before the close
Of the first hour attention was directed to-
ward a spirited rise in the new Pennsyl-
vania 4 per cent bonds and the movement
there appeared to be the signal for the
assumption of a strong tone by the stock
market at large.
Dealings in the bond market were also
upon q comparatively large scale. and a
very firm tone commonly prevailed there.
The great success attending the Pennsyl-
vania financing. while 1t could not be
described as unexpected. was beyond
much question the chief factor In the
course of prices in today's stock market.
Sentiment was further favorably swayed
by advices from Chicago stating that at a
meeting Of the representatives or the
eastern lines to be held tomorrow an ad-
vance Of 10 per cent in certain classes OF
freight rates would be ordered.
Crop Reports Gratifying.
Politics continued to occupy a large
place in the days general discussion. and
seemingly the prospects in that direction
were viewed with composure and salts
faction. Authoritative advices respecting
the progress of the wheat crop were like
wise gratifying. although the grain mar
ket today was firm. Cotton options con-
tinued weak.
The London stock market was described
as narrow and heavy. The Bank of Eng
lands rate of discount was left unchanged
at 3 per cent, and the banks weekly state
naent made fairly strong showing. There
Of e2llness transacted here Tor foreign
Ths sterling exchange market continued
steady. and additional engagements Of
steamships are reckoned upon for to-
morrow. The general prospect In this d.
rection must, however, be considered with
some regard as to the extent to which the
new Pennsylvania bohds will be allotted
to European subscribers.
Money market circumstances remained
upon an even keel. By reason Of yester-
days Arrangements In connection with
the geld shipments the banks lost heavily
IN their 0pefations with the subtreasury,
vorable balance since the comp ilation OF
last weeks bank statement OF nearly
k,s00,0OO.
Psnnsy Affairs the Feature.
Aside from the affairs OF the Pennsyl-
vania railroad there WAS little Of interest
in point Of fact or gossip relating to par
ticular stocks. The fresh revelations OF
the disturbed conditions in the iron and
steel trades had scant effect upon the Sc
curities more directly concerned there
with. In fact, the industrial and miscel-
laneous shares were firm In common with
the market at large.
The local trActien issues were relatively
dull. and much interest was expressed in
the action which the government will take
upon the bill passed by the legislature re-
ducing the fares to Coney Island to 5
cents.
Price movements in the railway list
were fairly uniform, and there were no
exceptions OF significance to the common
course. Reading and Union Pacific filled
their usual places in respect of activity
and the last named stock advanced to
the highest levels at which 1t has been
quoted during the current calendar year.
There were also fairly large transactions
In Pennsylvania, New York Central, the
Hill stocks and ST Paul