The Washington herald., 1908-04-26
PRICES CLOSE LOWER
Market Develops Uncertain
Tone Toward End.
MANIPULATORs ARE IN CHARGE
Bank Statement Exceeds All Ex-
pectatiOns and UndertOne Is Good.
Union Pacific Common Continues
Leader in the TradinE-Success OF
Bond Offerings Has GoOd Effect.

New York, April 95.-A somewhat un-
certain tone developed IN the stock mar
ket to-day, due very naturally Of course,
TO the large reduction of short interest
that undoubtedly took place yesterday
for reasons connected with the failure
OF T. A. Mcintyre & Co. and 10 an
instructive tendency toward realizatlons
after an advance in the average price of
stocks in the last two days of 21s points.
Prices for many of the leading issues
were at one time above their highest
level of the day before. but wavered back
and forth irregularIy and within linn
tied range, closing rather generally be-
low the final figures Of Friday. At the
same time. the market evinced a strong
undertone. and the movement toward a
reaction was by no means as vigorous
as a large number of habitual specula-
tors expected. Union Pacific common
stock continued to be the leader in the
trading, although the particularly strong
stock was st. Paul common. which ad-
vanced at one time two fun points, and
held nearly all its rise
Spectators IN Charge.
The market was one in which manipula-
ton and professional operations rather
THAN any display Of public interest sup
piled the motive power for whatever ac-
tivity was exhibited; but this is to be
expected under prevailing conditions. The
grain market was again higher under re
newed strength on the foreign produce
exchange and sterling exchange held hrIn-
", indicating a resumption of the gold
export movement next week.
Banking houses with English and regular
connections were inclined TO pay more OF
less attention 20 the result Of the I'M
lDortant Parliamentary contest in Man
chester yesterday, from which various de
ductions We're drawn, some OF them Ia
rvorable and others unfavOrable in a broad
way to maintenance Of values.
Reports Of the mercantile agencies fol
the week. made public after the close OF
business yesterday, were commonly 70 th'
effect that while business sentiment In the
country was measurably improved, no di
rect stimulus to trade was yet visible
Bank Statement Is Fine.
The weekly bank statement was almOs
sensationauy favorable. 1t revealed al
unexpected curtailment of bank loans anS
an addition TO the amount Of bank casl
OF more than 100000, bringing the tota
OF the bank surplus up to S59, ,9S4, 30, whicl
IS, il is needless to say, an extraordinarily
high figure. Such an increase in banl
reserves, despite the loss by the loca
institutions Of 100000 in the weel
through gold exports, is the most emphat
ic illustration yet afforded of the existing
plethora OF money in the country.
In current expression of opinion. credi
is commonly given for the stronger ton
and larger volume Of transactions in tn
stock market this week 10 the success
of so many recent bond offerings, prin
cipally the Pennsylvania Railroads $40,
tO00,000 issue. Up to a little time ago,
was practically impossible for the rail
road companies 10 borrow money at al
Now they are easily negotiating loan
upon what is, sll things considered.
favorable basis.
In the last three weeks something lik
500, 100000 of new railway securities hav
either been actually brought out or
IS known are on the point OF being of
fered; and it appears that all Of thes
issues have been readily sold. and Il
tthe case Of the Pennsylvania bonds Wer
iheavily OveTsubscrfbed for.