New-York tribune., 1908-05-12
FINANCIAL AFFAIRS
ICTITITT IN STOCKS.
Increment Irregular, scith Strong
CIosc-Commodity Pr1ccs-Gold
ErDOrts Imminent.

The nersistent strength OF the stock market
seemed una bated at the opening yesterday, but
in the course Of the day heavy realization sell
ing produced irregularity, the market steady1ns
again in the last hour, however. and closing
strong with net advances far outnumberlng net
losses. The trading. which was most active in
the first hour. was in excess OF lo0O,OpO shares-
ManipuIation for the rise was evident but the
net changes IN the accustomed speculative Ia
vorites Ike Union Pacific st, Paul and Read
ing were only fractional the principal gains
being in issues which have heretofore heen
among the lasgards. and under cover or the
rise in these stocks extensive distribution ap-
reared TO be going on. New York Central was
among the stocks taken in hand, making q net
gain for the day OF 7e points. and chesapeake
& Ohio. which was Influenced by a rumor that
the New Haven was buying into the property,
and Ontario & Western scored handsome gains
Late in the day attention was turned TO the
copper stocks ami Anlalgannated Copper and
American Smelling and Refining common ad-
vanced point more each. There was again
a good deal Of short covering. for the obviously
powerful support under which the market has
been advancing with virtually not a setback for
the last month, although a reaction is well
overdue. is naturally a cause Of anxiety TO the
shorts, who feel that with the fact OF an eX-
ceedingly easy money market favoring the op-
orators for the rise and with important bond
issues about 10 De brought out there is a possi-
bflity of the advance being carried considerably
further
fresh indication that business conditions
have not yet begun to improve is seen in the
American Railway Associations report showing
that the number OF idle freight in the
United States and Canada on April % was
81 S35 more than a fortnight previously, having
now risen TO 413,338. which compares strikingiy
with the 296.035 reported of March IS. An
other indication. but not a discouraging One
since its occurrence is of the conditions
precedent to recovery from hard times is the
continuance of, the downward tendency in
commodity prices. which April l. shown
by Bradstreet's index number, touched their
lowest level for nearly three years.
Sentiment, however. is undoubtedly inprov
ing and confidence is returning. opinion
which the strength of the bond market tends
strongly to confirm. The transactions in bonds
yesterday aggregated almost S6.500.000. par
value. or not much under the totals of Friday
and Of SATURDAY., which We're on the heaviest
scale for about three years. The money market
is in a condition Of extreme ease. and time
money for some dates declined a little yester-
day. in spite Of the large Withdrawals from this
centre of government deposits Foreign eE-
change rates hardened and the resumption Of
gold exports is probable within day or two.
But with the banks holding more than S63 G00.-
000 in excess of the required reserve with
money still coming to this city from the in
terror and with sign Of quickened demand
for funds for commercial and industrial en-
ploynlent the prospective loss Of further large
amount of gold and the S25,000, 900 repayment
Of government moneys in the latter part of this
| month are causing no disquiet and no fear Of a
money strngency.