New-York tribune., 1908-04-17
FINANCIAL AFFAIRS
Trading in Limited Voinme-4n-
other Gold EngagemeRt-Time
Money Easier.

Although On The eve Of q three-day lolida[.
the stock market yesterday dispIaFea su1''S-lie'
strength throughout the session, c-oslhS WIN
net gains for most Of the issues. The volume O.
trading was larger than the preceding DAY
but still was under 100000 shares ana ~
transactions in the first hour were the srAaAeSL
for that time on any day in lSU6. Little ou'-
side interest was manifested, the trading beng
almost entirely professional. The announce
rcenr Of another engagement Of S1tOV,"oV eoiu
for export 10 France had no market eE1eCL' ioL
the supply OF money IS so abundant that no
apprehension is felt Of stringency even should
the outflow Of the metal amount 70 q score OF
more of millions. 4 failure on the Cotton TX
change the first since the ending OF Lne Su!-S
episode, served 70 call attention 10 the recent
severe decline Of prices in the cotton InaFket7
but was judged 70 have no stock market bear
ing the firm involved not being one Of especial
prominence The fractions were the market
feature, making net advances ranging from :
IN Interborough- Metropolitan common 70
points il Manhattan on larger TRANSACTIONS than
usual. the sales ot marlborough Metropolitan
preferred being with only three exceptions the
heaviest Of any issue The strength and actlv-
ity OF these stocks were probably due IN large
measure 70 the arrangements understood to be
virtually completed for the sale % ). ? MOT
gan q Co Of about $4,000. 600 shOrt-teTrn notes
Of the InterboroUgh Rapid Transit 'oTnpany' Sc
cured by q rather larger amount CT the new
bonds recently authorized by the PUBIC service
Commission. Ana ganlated Copper was among
The strongest stocks on The list, and the news
that the quarterly dividend had been maintained
al the rate fixed three months ago, which came
a nearly the close OF the market was in &C
cordance with the general expectation and was
we'll received. Late IN the afternoon il vas an
nounced that the manufacturers Of foundry iron,
at their meeting il this city, had decided 70
make ID change II the prices for their product,
their policy being in line with that Of the steel
producers.
Little attention vas paid TO the outlook FOR
the bank statement on Saturday. which, how
ever. appears very promising, the estimate from
the known movements Ct money thus far in the
week being for & gain in cash by the banks OF
nearly SIo.000.Q1G, e considerable part OF which
represents gains OF Sub Treasury operations
! probably escribable IN chief measure 10 the
/ steady excess Of expenditures by the Treasury
: over receipts. The supply Of loanable funds
I continues &c far exceed tbs demand in the
money market where time money rates already
/ lov, showed yesterday z slightly easier tone
/ than heretofore. The Bank OF England made
/ no change in is minimum discount rate OF 5
/ per cent and the weekly statement would have
warranted no decrease, IS, although the proper
! ton Of reserve 10 liabilities now 50.06 IS well
above the average for the week in the last few
years. the showing made by The statement was
not strong one, with its loss Of SO 100000 in
/ gold, & large part Ct which has gone 10 Paris
and its decrease Of S10,500000 IN total reserve.
In the bond department the activity n the
! Marlborough Metropolitan AS was the over
shedowtng feature. these bonds on remarkably
! heavy trading advancing from s. TO 67Fs and
I closing at 67A. Monthly returns CT earnings
from two large railroads reflected the prevailing
stlrinkage IL business activity but the Baltimore
( {. Chios decrease Of S713501 IN operating ex-
penses in March bringing the loss in net 70 onlv
s4s9,127 was reassuring showing, as indicating
the effectiveness Of the effort 70 keep down ex-
pendilures while the trade depression continues
while the decrease Of only sIl460 which the Erie
was able 10 make in operating expenses in Feb
ruary. when gross earnings fell Of $527,S82 was
far from giving reassU-Z1cs.