New-York tribune., 1908-04-23
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
The Tone Fum-PennSylUan'G Loan
Further Gold Engagements.

The stocI, market closed irregular yesterday.
ntth net price changes IN few cases more '-idH
fractional Tho tone was frn curing u!9 SeS-
sion although the transactions only slightly eA-
,>eeded in volume those of Tuesday. The ex-
celIent outlook for the success of the s4oVoo'Vo0
Pennsylvania Railroad bond issue was the cfllsL
factor of strength. encouraging the nope mat
other roads also might in the not distant future
he enabled 70 place Iorg-term obligations. 1t
must be borne in mind that the Pennsylvania is
q road of the highest credit both here and ABROAD
and that the banking interests which are taxing
It's bond issue represent a combination OF re
r7arkabe strength. perhaps the strongest ever
associated in the financing of an AT1erlcan ran
road property. But the expectation IS not un-
naturally held that the distribution OF the Penn
svlvania bonds among investors may mark the
keginning of an extensive demand for the bonds
Of railroads of high standing. the supplying OF
which would release heavy sums for construc-
ton uses by the roads and give stimulus 10 the
steel and many other industries. Union Paclhc
was directly affected by this consideration yes
terday advancing to the high point touched once
previously this year, on buying based on the De
lief that its forthcoming bond issue WOULD meet
with as much success as the Pennsylvania $ and
would be placed with the same interests as those
participating in the present operation.
The sharp advance in the foreign exchange
market on Tuesday was followed by the engage
71ent yesterday of gold for export by several
banks and banking houses to an aggregate
amount Of s3.500000, bringing the total 10 date
I'D 70 $500 00G. These engagements had the
effect of depressing the rate. demand sterling
closing points lower than on the preceding day.
With money very cheap here and relatively
higher abroad, and with al apparently still uI-
satisfied demand from the Continent for the
metal the prospect faYors q continuance Of the
export movement for some time 10 come, with
the proba bility that the total shipments VIII
prove well in excess Of score Of millions. As
London and Paris are TO take an important part
OF the Pennsylvania loan, probably fully one
half, payment for the bonds may lessen the
amount of the gold which will be sent abroad
There was virtually no change yesterday in rates
in the local money market, where time funds
were again offered in amounts far exceeding the
requirements OF borrowers.
The weekly reports Of the condition Of the iron
and steel industry gave yesterday rather dis
couraging view OF the prospect in this extremely
important field. and the unfaVorable impression
made was deepened by the news that the meet
ins Of the foundry interests a few days ago, at
which prices were reaffirmed, had been ad-
1ourned for two weeks, with the possibility that
at the next session a decision would be reached
TO grant concessions in prices Such a step
would probably be followed by abandonment by
the steel manufacturers of their policy Of strict
maintenance OF prices. A forecast of the last
quarters net earnings OF the United States Steel
Corporation, from source often well informed
raised slightly the published estimate of s17.-
100000 and made the prediction that the untitled
tonnage would be found to show a less serious
falling off than commonly looked for.