The sun., 1908-05-17
ryNaNcraI M COMMERCIAL.
ssrruRpAr, May io..

Z ~ .-----f~i-- IA tItH sitsf
SATURDAY, May 10.
'rhe rise In the stock market to-day was
again continued with unabatsd vigor and
seeiniuE enthusiasm ON the part OF those
carrying IL on but without any change
worthy OF note in its characteristics as
previously outlined. Neither to-day any
more than at any time in recent weeks
was my reason assigned for the advance.
beyond the general explanation that the
mas'Set was moving in u way anticipatory
Of more prosperous business conditions
later In the year. Especial features OF
strength to-day were,> as they long have
beon, the Union Pacific and st. Paul shares,
and round advances here were accompanied
with even larger gains in Illinois Central
stock. Other particularly strong stocks
were the Atlantic Coast Line, Louievile
aud Nashville. Brooklyn Rapid Transit.
General Electric and at one time Reading
sttxrs:. but T=alizations late in the day
caused the greater share Of the gain IN
fteading TO disappear and also largely
wiped out gains before made IN the North
ern Pacific. United States Steel common
and one or two other leading stocks. Aside
from the engagement OF s.. 2.350,O00 more
gold for export and the publication OF
"bullish" interview with the President OF
the Union Pacific Railroad Company there
were absolutely no market developments
to-day. The weekly bank statement was
of non-oommittal order, showing small
increase OF loans and gain In cash OF a
little over S2OOO.0oO, as compared with
loss Of about the same amount generally
predicted yesterday. According to the
actual co distin gushed from the average
figures Of the bank return there was an
increase Of nearly si1.O0o,0o0 in loans at
the close Of business last night and loss
of S64S.O00 In cash. But however calcu-.
lated. there were only trihing changes in
the bank surplus reserve.
Union Pacific common stock was easily
the leader Of the security market this week.
The sensational rise here carrying all the
other prominent stocks in its train, more
especially, however. in the railway list. Az
the week drew near its end an impression
widened in Wall Street that the advance In
Union Pacific was due to some more specific
reason than discounting of future pros
perity by speculative financial interests and
that the announcement of deal Of some
kind affecting the property and Of the same
general nature as those which have long
been characteristic of the Hartman finan-
Rumors were scattered broadcast as to
what the deal probably was. varying from
the assertion that the Union Pacific had
obtained control OF the Chicago and North
western Railway TO the familiar tale that a
"segregation' of Union Pacific assets was
impending, the budget of stories including
Of course widely differing guesses as to the
maturing schemes of the company for bor-
Wall ok
greatly busted itself with rumors affecting
tho Chesapeake and Ohio and Western Mary
land railway companies and Of practically
every one OF the Gould companies. but none
Of these matters had materialized into fact
At the close of business this afternoon. and
most of them doubtless were Of, the stuff
that dreamsare made of. From CONNER
cial and mercaptile quarters reports were
as rule to the effect that the rise in the
stock market had helped business affairs
proper to a certain extent. Depression still
acuteiy manifest in the lumber and woollen
trades, but the market for cotton goods has
Frightened up little bit under the infiu-
snce Of the advance in the price of the July
option on the New York Cotton Exchange.
which was solely due, how ever. to consid-
erattons OF a purely local nature. Bank
show a slight tendency to improve. while
the volume of exchanges at this centre, is
greatly increased by the current wave of
stock market speculation. In general
throughout the country collections are said
to be little better, but railroad earnings on
many lines are at the low est ebb of the year.
On the other hand nearly all the leading
railway companies seem to have arrived at
fbe point where they are able TO materially
cuytail their operating expenses, SO that
,thsy are making much better progress In
net savings than they did; but here again
this moro favorable aspect is clouded by
two circumstances. one that the reduction
in operating expenses is largely accounted
Tor by the great number of railway cars
now standing idle and the other the more
or less well grounded fear that there is o
good deal of "skimping' now going on in
railway management. Gold exports In the
week and the prospect of metal remittances
equally as large next week cut no figure In
the speculative trading because of the pill
ing up Of surplus funds here that Is still TAX
ing place. and these easy money conditions
are the more notable because the banks
this week not only suffered drain from
gold exports but through heavy Withdrawals
Of public money by the Government. Indi-
cations that the yreeland financial bill in
Congress or something resembling it in it's
main features would soon become a law had
no weight whatever as stock market
factor.
New York Stock Exchange Sales. May I8.
uosnso PRICES or UNITED STATES BONDS.