New-York tribune., 1908-04-30
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Another Hea5y DayNShorts Still
Coreriug-More Gold Going Ont.

Transactions in the stock market yesterday
again aggregated more than l,Vp'"ro shaieS'
and at the end of the day prices showed lrresu-
lar NET changes The failure of another Stock
Exchange house. following the suicide or us
senior member. whose speculatons on the bear
side had caused the disaster, had the erect Vi
increasing the covering movement Which has
been in progress for several days; and the buy
ing by shorts was perhaps the chief factor IN
the early strength of the market. which did not
e,1bside until after new high levels for the year
had been reached in various active issues DIS
tribution appeared TO be going on from the out
set and in the late trading a general selling
movement developed which represented profit
taking. many OF the issues closing from TO .
points under the best Of the session. The
United States Steel quarterly statement OF earn
ings was regarded as decidedly unfaNorable, put
early pressure exerted against the common stock
was resisted and the net decline for the day
was ONLY IA point while the preferred advanced
4. No announcement was made concerning the
impending bond issue of the Union Pacific, the
stock Of which road WAS again the most active
of the list and which closed IL points above the
highest and fractiOnally under Tuesday. The
news Of the oVeTsubscription of the S2D,UUO,VDo
Interborougn Rapid Transit notes which are as
collateral bonds, secured by practically the en-
tire property of the InterborOugh system, had
favorable influence upon sentiment, az it afford
ed further testimony Of the disposition Of in
vestors put their money into securities prom
ising them both safety and satisfactory interest
return and made more probable the prospect of
the success of various railroad bond undertake
ings which are understood t he IL ontempla-
tion.
Engag agements Of $500. GOO gold were arranged
Yesterday. making the total exports to Europe
on the present movement $11,50O,00 The for
eign exchange market was weaker. demand
sterling opening 10 points down and later de-
clining another points The Paris check on
London declined full Centime to % francs II
centimes- The local money market showed
virtually change from the preceding DAY. al
though there a slightly increased inquiry
for some Of the maturities PAYMENTS were
begun by the banks of this city i'll response to
the call Of the Secretary Of the Treasury for
S45.000.000 Of the government deposits in May
but the receipt Of money from the interior Is
continuing daily, and not even the Washington
report of call for an additional $3o,00O,0OO or
more before midsummer tends TO uneasi-
ness and apprehension of money stringency es-
pecalIy as with the Treasury deficit running
about a half million day large part Of the
millions to be Withdrawn To swell the Treasury's
working balance must soon be returned to cir
culation
The weekly reports on iron and steel condi-
tions show change for the better, but voice
a more confident feeling among manufacturers,
based on the Willingness OF investors t. sub
scribe for the long term bonds of railroads,
which would mean the securing by the roads Of
large sums d considerable part OF which would
undoubtedly be applied to the purchase of steel
rails and othsr steel products. Meanwhile the
price question is still unsettled among the iron
producers. with the probabilities favoring d re-
dUciion and it is Il subject of wide discussion
whether not, if the price of the material
Of steel shall be cut, the United States Steel
Corporation and other great manufacturers OF
steel longer maintain the schedule rates for
their products. At lower levels Il food Of orders
should pour in. without much doubt the COM
paratyely small tonnage of untitled orders
ported by the steel Corporation March 81
holding
pectation OF obtaining concessions