The sun., 1908-05-03
rNiNcr,l 40 ccruCRcrAL.
aarrRDAy May ?

we're lartcul1rlv eycUplulci in the rising
tendency Of prices yoNcriay and indeed
thro iqho,h the ontlr, wreh There was
the no vigorous and concentrated buy
ing applied lo lew stocks, which served
to lit quotations IN general TO the highest
level vet turchei on tn present move
nent This continued up to ihe last hour
Of business. WHOM r,3li2ing sales OF the
sort not inlrcQne1'ly witnessed on a Satlr-
day put In their appearance, with the re-
suit Of veal cmng ipe market considerably
But values a, Gnally established were stu
almost uniformly ~ net gains and the
strong ndertonc Of the market was not
sensiblv diminished The foreign mar
kets we're dull and featureless and con-
sdtuted no influence in the local trading
Neither vas there any variation TO speak
Of in money or sterling exchange rates
nor we're there any interesting develop
nents in the days news. Stock Exchange
gossip. however. still busted itself not
little with rumors regarding the liabilities
Of the two rms whose failure was an
nounce1 during the week. one story beng
TO the effect that the losses entailed through
the suspension Of one Of the firms would
run TO much higher figures than had here
tofore been estimated and this naturally
did not lessen the perturbation OF the ex-
isting short interest in the market II
seems also 10 be a current supposition that
certain spectators for the decline who
made a great deal Of money In last years
fall In prizes have suffered severely through
the advance In one or two particular stocks
and are endeavoring TO arrange their ditt-
culues by private settlements. The wheat
market was again very strong partially
by reason of the covering operations now
being onducted in the May option for the
delivery Of the staple and partially because
OF. the continued strength Of the foreign
grain exchanges and Of enlarged purchases
Of wheat here for export, The weekly
bank statement was again a good deal
bstter than had been looked for 10 that
Il did not disclose any enlargement OF
the loan account even of a temporary
character by reason of the financial trans
actions Of the week incident to tn sub
soriptlons TO the Pennsylvania Railroad
Companys large bond issue and to the
Interborough Metropolitan Company t26,-
900. .0O) note issue. Trust company loans
did increase by 3l4, 800, 900. but bank loans
actually decreased eos 900, and as in spite
NJ th5 gold exports the cash held by the
banks increased over 5000, 900 the bank
surplus reserve was augmented by nearly
5000 OO0 bringing the total surplus up to
S67. So, 900, a new high record for the year.
Il is generally admitted that the rise IN
the stock market that has covered prac-
tically the entire week has been greatly
assisted at least by an impression that
has become more or less widely prevalent
IN the financial district that business pros
pects rather than business conditions are
now the clue TO the financial and com
nercial situation. The actual news bearing
upon values Of securities this week has
not been overfavorsble. All reports from
the leading mercantile centres have been
10 the effect that business was at lower
ebb than at any time in the recent past. or,
what is practically the same thing, that
il has suffered a retrograde movement
since its recovery in the earlier months Of
the year. The best testimony on this point
was Of course that affordedby the statistics
gathered by the American Railway Asso-
citation which told Of a larger number Of
idle freight cars in the country on April Is
than at any time for many years back,
the number having decidedly increased
since the middle Of the preceding month.
n was said that the increase was most not
able In coal cars and was directly due 10
the sharp falling Of in the transportation
of soft coal after the accumulation Of the
product had ceased that had taken place
in preparation for possible labor troubles
in the biplminous coal section The Lending
railway companies all state. however,
that miscellaneous increase in the number
of unused cars has occurred and the EVIL
dence Of reduced bank clearings and Of
similar indlcia goes also 10 attest slacEen-
ing tendencies. Wall Street was still under
the snell, however. of The success of the
Pennsylvania bond issue and in a mood,
apparently, 10 disregard sll disagreeable or
what would he under ordinary crcum-
stances retarding stock market influences;
and this was shown no more clearly in
any instance than in the species Of jubilant
contempt with which financial interests
all over the country greeted President
Rooseveiss messa ge 10 Congress- on Tues
day urging legislation along his pet lines
of interference with corporations. 4 re-
mark not infrequently heard was that 80
far as business was concerned il was not
easily seen how matters could get much
worse and that hence any change in this
respec. was likely TO be for the better
There vas a common disposition 10 look
more cheerfully az political contingencies
and possibilities, and il was undcnisble
that definite basis for the generally more
hopeful feeling rested upon the excellent
progress made thus far by the crops Of
all the leading agricultural staples. On
the other hand there was no unpgejudiced
observer Of the stock market who could
fail 10 be aware Of the fact that the rise
in the market was due only in a small degree
to any real investment buying, to but a
little larger extent TO public speculation for
the advance and that Il originated almost
exclusively in the mein force efforts OF
certain great capitalists 10 bring about
ahigher range Of values which were luckily
much helped by the enforced retreat of a
large uncovered short interest. lts known
that the Union Pacific company is about
to disrose in the near future Of large
bond isSue, and constant rdmor has it, al
though unaccompaued by any species OF
Official verihcation, that the Chicago, Mil
V1rikee and st, Paul Railway Company
10 also desirous Of appealing to the money