Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-04-28
FINANCE AND
COMMERCE
Wall Street

pective success of the Pennsylvania
bond subscriptions. The subscription
Lists, both here and in London, were
closed almost as soon as opened, and
the bankers will require several days
10 classify the mass of bids or give
accurate details of their account.
Probably some of the estimates cur
rent last week Of the number of times
the loan would go oVersubscribed eN-
ceeded the fact but the success of the
loan is emphatic and brilliant and no
ground for ppointment was left
with any one who had been proceed
ing on the assumption of the success.
The speculative tone in stocks, never
thcleSs, was more or less unsettled
and irregular. The closing. of the
subscription lists for the Pennsylva-
mia bonds, in effect, throws that trans
action into the category of events
closed and consequently Of non-effect
for speculative purposes. PrOtit-tak-
ing sales We're in order on the part
of those who had anticipated this
event and were plainly in evidence.
1t was equally evident that the mar
ket was not abandoned to the unre-
strained influence of this setting the
movement being cautiously conducted
and the effect on values under guard
ianship by protective operations. The
efforts to extend the rise in prices
centered on Union Pacific. differences
of the principal benefit to accrue from
the Pennsylvania success were made
70 apply to Union Pacific. Its forth
coming bond issue was held to be
largely insured of a similar success,
and hopes were professed after a like
heavy participation in its case by for
egn investors, The reviVing effect of
the Pennsylvania incident was per-
ceptible in less degree in other ways
Various sales in small amounts Of
railroad mortgage bonds to bankers
and additional offerings for public
subscription were in evidence. These
served to Counteract, to some extent,
the fears that the choice security Of
fered by the Pennsylvania mortgage
would make the demand for it not a
safe index of a revival of general in
vestment demand. Confidence was
maintained that the money market
conditions were to remain prOpitious
for new security offerings. This con-
tidence apparently was not affected
by some slight hardening of rates for
time loans which has followed the
new demands upon the money market.
The gold export movement also was
continued and conditions abroad
shaped themselves in a way to prom
Use a continuance Of This movement,
Heavy exports were indicated for
Wednesday in addition to today's en-
gagements. Discounts hardened in
London and Paris, and sterling ex-
change rose at the latter point.
Information points to some i'm
provement in the monthly rate Of net
earnings over the $5,034,53l to which
they had sunk in December at the
end Of the preceding quarter. But
the new quarter must nevertheless
make a decidedly untavorable com
parlson with The $32,553,995, to which
the aggregate for the last three
months of last year attained. in spite
Of the early effects of the financial
crisis The price Of copper was also
reduced both here and in London.
Railroad traffic officials had no i'm
prOvement in the freight movement
to report, but hopeful views We're
heard from them on account of the
good crop prospects, Some impress
sion was made by the Southern rail
way statement, in which a decline of
$692.01j in gross earnings in March
was met by a cut Of $957,765 in OPP
Grating expenses. resulting in a gain
Of S235,770, or over % per cent for
The month. Union Pacific. St. Paul
AtchisOn and Pennsylvania were car
ried TO new high levels for the year
but the movement in the general list
was effective
The strong return Of the Imperial
Bank of Germany and the reduction
in its official discount rate were re-
garded as showing a desire on the
part of the central bank there to hold
control of the money market and to
move for a further accession of gold,
with d view to strengthening the fin
anciaI position. There was some Of
the days influences which were ad-
verse to the rise in prices. United
States steel was conspicuousIy heavy.
It was hurt by reports of break in
the ranks of sellers of iron who have
been striving to sustain prices by
agreement There is some anxiety as
to how the figures Of the March quar-
ters earnings, which We're to be pre-
santed TO the directors meeting to-
morrow will be received. Closing
quote tons