The Washington herald., 1908-04-29
MANY SHARES SOLD
Wall Street Stock Market
Ruled by Professionals.
MOVE AIMED AT THE SHORTS
supply OF stocks Available Greatly
Reduced-M0ney Really a Drug on
the Market-season's Crop Outlook
SO Far Splendid - Only Develop
ment Is Cam for $45 100000.

New York, April A.-There was no at
tempt on any ones part in the financial
district to-day to aceredit the sudden and
striking rise IN the volume of stock ex-
change transactions to the largest daily
total for the year and the excited buying
Of stock, with an attendant sensational
rise in the price OF several OF the more
active speculative issues. to any develop
ments in the days news.
Neither was the movement accounted
for in any quarter on the supposition that
a re-entrance Of the public in the stock
had occurred on a great scale, for it was
testimony OF practically all the large Wall
street commission houses that the quanti-
ty OF orders from the general run of Gus
toners had increased very little if at all.
The movement in the market was due
solely TO the man;pulations OF a relatively
small number OF very rich and powerful
spectators directed, to a considerable ex-
tent against the outstanding short in
terest in stocks and assisted by the
various banking interests which have.
deep at heart for various reasons, the
success OF pending issues of investment
securities.
supply of stocks Reduced.
The broad reasons in the upward
tendency OF prices that has been so plain
ly IN evidence for a month past. are
still as strong as they ever have been and
are, by this time, pretty well understood.
The supply OF stocks available for mar
ket purposes has been a good deal more
reduced than has been commonly sup
drug on the market that enormous pros
pective gold exports and heavy with
drawals Of government funds seem hardly
likely TO reduce the plethora and the out
look for the seasons crop is thus far
splendid.
But, on the other hand. the question
whether these elements constitute the
sole factors in the financial situation is
something regarding which people not ex-
pert IN financial affairs should be care
ful perhaps, in making up their minds.
The market. after displaying not a lit
tie excitement in the early dealings, sank
10 a stage OF relative dullness around
midday and became weak in the after
noon. closing generally at prices under
the best, but without any notable abate-
ment Of strong undertOne.
Calls for S45,OOO,OOO.
The only announcements during busi-
ness hours that could be called al all i'm
portant were those of the Secretary OF
the Treasurys expected call for the re-
turn in the near future of $4,000, 900 OF
money from the national banks
various reports of railway net
making in some respects a IA
nd In others an unfavorable
ident's message to Congress
arinted in full In the morning
not regarded as a market
all
TX of resiliency shown by the
-mted States Steel stocks during the
week was explained in some degree by
the report of the United States Steel Cor
poratiOn and its subsidiary companies
for the March quarter. which was made
public after the end of business hours.
The report was one Of the poorest ever
made for any quarter by the great steel
producing concerns.
Net earnings were the smallest shown
IT. any three months history Of the Steel
Corporation since September So 1904.
being SIS 229.005. against $lS,77S.9S2 on the
previous date.