The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-04-29
BOND SALE HELPED THE
SITUATION GREATLY,
BRIGHT OUTLOOK

NEW YORK, April 2S.-The ac-
ton of the stock market was con-
firmatory of the large professional
operations last week, based on the
prospective success of the Pennsyl-
vania bond subscriptions. The sub
scription lists, both here and in Lon
don, were closed almost as soon as
opened and the bankers will require
several days to classify the mass of
bids and give accurate details of their
amount. Probably some OF the esti-
mates current last week of the num-
Der of times the loan would be over
subscribed exceeded the fact, but the
success of the loan Is emphatic and
brilliant and no ground for disapr
pointment was left with any one who
had been proceeding on the assump-
ton OF the success. The speculative
tone in stocks, nevertheless, was
more or less unsettled and irregular.
The closing of the subscription list
for Pennsylvania bonds, in effect
throws that transaction into the cat
egory of events closed and, conse-
quently, of no effect for speculative
purposes. Profit taking sales were
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had anticipated this event, and We're
plainly in evidence.
II was equally evident that the
market was not abandoned to the I'M
restrained influence of this setting.
the movement being cautiously con-
Quoted and the effect on values I'M
der guardianship by protective OPP
erations. The efforts to extend the
rise in prices occurred On Union Pa
cific differences of the principal ben
eft TO accrue from the Pennsylvania S
success were made to apply to Union
Pacific. Its forthcoming bond issue
was held to be largely insured of a
similar success, and hopes were pro-
fessed of like heavy participation
in its case by foreign investors. The
reviving effect of the Pennsylvania
incident was perceptible in less de-
gree in other ways. Various sales
In small amounts of railroad mort
gage bonds to bankers and addition
al offerings for public subscription
were in evidence. These served to
counterfeit, TO some extent, the fears
that the choice security offered by
the Pennsylvania mortgage would
make the demand for 1t not safe
index OF "A revival of general invest
ment demand.
Confidence was maintained that
the money market conditions were 10
remain propitious for new security
offerings This confidence apparent
ly was not affected by some harden
ing of rates for time loans which
I.a Aafpunde
the money market. The gold export
movement. also, was renewed. and
conditions abroad shaped themselves
In a way to promise continuance of
this movement. Heavy exports We're
Indicated for Wednesday in addition
to today's engagements. Discounts
hardened in London and Paris, and
sterling exchange rose at the latter
point The strong return of the I'm
perial Bank of Germany and the re-
duction In United States official dis
count rate were regarded as showing
a desire on the part of the central
bank there to hold control of the
money market and to move for fur
Their accession of gold with a view 10
strengthening the German financial
position.
These were some of the days in
fiuences which were adverse to the
rise in prices. United States Steel
was conspicuously heavy. II was
hurt by reports of break In the
ranks of the sellers of iron, who have
been striving TO sustain prices by
agreement. There is some anxiety
as to how the figures of the March
quarters earnings which are to be
presented TO the directors meeting
tomorrow will be received. lnforma-
ton points to some Improvement in
the monthly earnings. But the new
quarte.' must nevertheless make de-
cidedly unfayorable comparison with
the $32,553.995 10 which the aggre-
gate for the last three months of last
year attained, in spite of the early
effects OF the financial crisis. The
price of copper. also. was reduced
both here and in London.