The Montgomery advertiser., 1908-04-30
THE STOCK MARKET

New York Apyil 2s.--operstions for high CT prices ef stocks had to contend today with larger offerings for sale than have stages of the upward movement This obstacle had It's effect in unsettllns the markete at various periods during the day the other hand, efforts to advance prices were furthered by the urgent demand from the remnant of outstanding short inter est which was an effective factor in some of the sharpest advances In individuai stocks which were witnessed. The diffieul- ties of the shorts have been materially az the bear firm which failed last week. In which complaints of securities held for GUS toners being missing are much dweit upon. firm today following the suicide yesterday of the Junior member WIS followed by a large volume of wild transactions in the course of buying in stocks for the firms account.
 These developmants have had the effect of arousing timidty among lenders of stocks to procure shares for holding open their commitments on the short side. This state of affairs has aided the bulls in ex- tending the rise in prices and has much reduced the outstanding short interest. The existence of a short interest Is poten- tial soorce of strength and Of support for prices. and the weakened technical position which must follow its elimination is discuss. cd,
 The factors witch governed the trading were not changed in important particulars from those of the recent past The com ing financing of the Union Pacific is much dwelt upon and it's assursnee of success Is believed in Market operations today shifted rather to southern Pacific In con trast to the realizing going on in Union Pacific.
 The advantage of the position of the Hill railroads and St. Paul by reason of the heavy new stock issues which were subscrib- ed for before the financial crisis of last year is pointed to in connection with the rise ip these stocks The quarterly report much commented upon and its showing was not helpful to the general market although the prices of the stocks of the corporation were quite generally held The fact of the moderate monthly increase in the net earnings during the quarter lost some of Its favorable effect in view of the dis eopraging reports of current conditions in the iron and steel trades and the fear lest renewed reaction should be facing that m dustry.
 expectations nf cut in prices of finished products before the advantage can be felt from the improved financial situation of the railroads. The net earnings reported for the quarter were up to the most liberal pre- liminary estimates but have been current in Wall Street, but the inclusion for the first time of the earnings of the Tennessee Soai and Iron Company, which was absorbed duf- Ing the panic last fall. affects the compari- of the showing with previous periods
 The over subscriptions to the Interbor- ough Rapid Transit note issue was not or such effect on sentiment as had been the Pennsylvania bond subscription. although some attention was apparent to stimulate the stock market on the announcement. The issue of short time notes. however, gives the impression of a reversion to temporary expedients for financing rather than the ulore permanent measure represented by the Pennsylvania transaction
 Time money rates were cuotabe firmer today and foreign exchange rates recorded in connection with the further engagements of gold for export. The unssttlement of the market grew perceptihiy as the day pro- Eressed.
 Bonds were irregular. Total sales par value S4,4ss.ooo, United states Bonds were unchanged on call
 CLOSING STOCK LIST.