The sun., 1908-04-26
-iJyANNll.! M rouANkcLlL.
I &rgE.Ag Apnl IS.


after an advance in tho average prco o
stocks in the last t"o days Of "a points
Prices for many Of the leading Issues wtlt
at one t.lno G5ove their hiSAcal level Of th'
day Loiorv, but wayogcd back and iortl
irivgLlarly And ~!,hin a limited range
rlcsiAg rather generally below tho fna
hgures Of FtilCy. At tno 5auo time th'
iEoGsct oYiGcsd strong uoderlone Gat
tto moyom.ut t-"afd reaction was by
no incaay po vigorous ts n largo numbcl
Of ECLitGal apc,JlUt9rs expected. lnior
FGcau common stock coatinsed 70 he the
l-adcr in to trading although tho portlcu'
lsrly stroas stoCi vnB 81. Paul common
Which advanced at ono time two full goints
ald h-ld nearly ell ito rise Tho market
was ono H. Which manipulation and prcfcs'
oioral 9parut.urU rlthc: than any display
% public interest supple! the motiyepowe'
for whatever activity was exhibited; but
this is orly . hc o. pcUtUlunGer prevailing
conditions Tao g,a.n market was again
Ecacr Julcr rcae~ci st"c7gth on tho Tor
dgn produce exchanges; and sterling on
chanro Lull Gr-!y, iadlpa,iagc Tesunlption
VI tho g2ll export ulEcncat next WecN'
BQni 'c no hes win !UGhsh and European
como, .,oas Wc,e Inclined 10 pay mo,c OF
le,satt,g;,on 10 tLo rcsDN Of tho iypoIlGut
Parliamentary con cs, iU Manchester. Ing
ilrd, cc.,croay, 'roI; which 'a"rous dedlc-
uo .5 scra drawn sa,no OF them fuvonele
ard others I.'ay orau,g lu broad way 10
tic m.iu;srdAca ~ ,aluo5 As indicating
A crowiay .c.el.ura. ,u ENGLAND to the
rcG.eal programme uf 'lo preset. political
party 20 gower ,rcro t,,r c,n0' Nas ~ the
samc l!gs with na1y. oIIcr developments
roceutly, al h7lpiu' 60 'ic international
security market Bul tia uIshO. ol yes
tordays Ito very obviously wcakens the
pcs.'.-n of .no political party now in con-
tgol U. ,ao English Government and II q
general parliamentary election iS IN conse-
quencc neat AZ hand the British markets
will probably 1" q certain extent be tenn
poraliy disturbed Reports Of the mer-
CSn,llc agencies for the week made public
after the closc oi business yesterday we're
commonly TO inc object that while business
sentiment in tho country was measurably
improved no direct stimulus to trade was
as vet visible. The weekly bank statement
was almost sensatioually favorable, II re-
voaled an unexpected Curlalment OF bank
locns and an addition to the amount Of
bank cash Of over $1,000 600, bringing the
total figures OF the bank surplus up 70
$50 0sl ,75O which is, it is needless to say
m extraordinarily high figure. Such an
increase in bank reserves despite the loss
by local institutions of over 81, 200, 600 in the
week through gold exports is the most
emphatic illustration yet afforded OF the
existing plethora Of money in the country.
In current expression Of opinion credit is
. commonly given for the stronger tone and
larger volume Of transactions in the stock
market this week 10 the success Of 80 many
recent bond offerings, principally the Penn
sylvania Railroads Si0,OOO,nOO issue. Up
tos little timeago 10 was practically impossi-
ble for the railroad companies to borrow
money at all Now they are easily negoti-
ating loans upon what is, all things con-
sidered, a very favorable basis True, for
many Of these loans security Of the highest
class has been offered, Aich as, in numerous
instances, either what is absolutely or sub
stantially a first mortgage. but in many
cases railway notes have cen sold, and
the process indicates that investment OF
money in the security market has once
more begun after having been stopped
for a considerable period. In the last
three weeks something like 500 100000
Of new railway securities have either
been actually brought out or it is known
are on the point of being offered. and it
appears that all Of these issues have been
readily sold, and in the case Of the Penn
sylvania bonds were heavily yoversubsCribed
for This means necessarily that money
that has been resting in places Of deposit
will once more be employed in the active
conduct Of business operations; and al
though the funds have not yet been applied
10 this end, still the security market natu-
rally anticipates the fact This tendency Of
the stock market TO discount a future gem
eral resumption Of business is something
that must not he lost sight Of in diagnosis
Of the Immediate financial situation. Two
years ago at this season there we're no signs
Of slackening trade, much less Of financial
panic; but the security market began to
give plain indications that the general
situation was not as it should be. So on
the other hand the stock market will, almost
certainly and long before the business
world proper begins TO feel a thrill Of re-
newed life, foreshadow that happy event
by a rise In prices that will seem TO super
hoial observers TO be totally unjustifed by
existing conditions. Beneficial as has been |
the influence Of easy money in stimulating
investment, a cause Of the improvement in |
financial affairs equally potent and funda-
mental has been the great decisions OF the |
Supreme Court of the United States in |
recent weeks that have made it plain TO the
dullest understanding that the high judicial |
tribunals Of the country can be relied upon |
10 annul laws hastily passed In defiance Of |
Just property rights. The stand taken
here by the Supreme Court has encouraged |
confidence throughout the land in striking |
way. The failure Of a prominent Wall |
Street commission house, owing, as was
supposed, to losing speculstions for the
decline in values the liquidation in the
cotton market which must have the effect
eventually Of producing enlarged exports
NJ the commodity; the beginning Of gold
shipments, and a rise in wheat prices despite
splendid crop conditions here, based upon
the strength Of the foreign markets. com
prised, with the taking on Of new vigor by
the investment market. what we're upon the
whole a series Of favorable developments
In Wall Street this week. There seemed to
~ loaa apnrabapai,p in tba az. /