New-York tribune., 1908-04-21
FINANCIAL AFFAIRS
TINE MONEY EASIER.
Stocks Dull and 'Sagging-Another
Gold Engogemfnt- Railroad Rates.

0r : slightly larger volume Of business than
m the 0uilest days OF last week prices IN the
stock market yesterday advanced moderately IN
the morning hours and in the afternoon de-
clined the close showing net losses, few in ex-
cess Of : point. for most OF the issues in when
there were dealings The weakest stocks were
those Of the local traction group. which appar-
entity sold off on prcft taking, their recent sharp
rise having eliminated with the announcement
of the entrance Of J. P. Morgan 6. CO. as
factor IN the situation. The market was as
usual, almost entirely a professional one. the
outlook being still uncertain that the PUBIC
without whose participation there can be no
activity and genuine advance, IS continuing 10
hold aloof The European markets were closed,
the dav being the last Of the Easter holidays in
London and on the Continent and there was,
therefore, no trading for foreign account The
bank statement of Saturday, with its increase
Of nearly $1,000. 900 in surplus reserve, now
within tri1e Of s50e0o.0o0, did not figure di
rectly among the Influences controlling the
days price movement in the stock market; but
lis indication Of the rapid increase in the vol
une Of cash holdings Of the banks found a re-
flection in the easier tone of the time money
market the rates for the shorter rnaturities de-
cning = per cent, with the supply of loanable
funds heavily in excess Of the demand. There
was practically no change in the foreign ex-
change rates, but another engagement Of $500,
600 gold for shipment 10 Paris announced,
and it was estimated that in the course Of the
week fully S5000,000 Of the metal would be
taken for export. With money rates for all
periods steadily tending downward, and already
almost nominal, and with the movement Of
funds TO this centre from the interior showing
no di-ninutOn, the outlook favors 4 gold export
movement Of large proportions, which is well
coined sffording partial relief of the conges-
ton Of the money market The Treasury call
for the return Of government funds by depos-
itary banks is expected at any time, but even
Il il shall amount TO the rumored $4,000 900
9 Will probably not prevent the outflow Of gold
/ from running high as $4,000 600.
The meeting yesterday OF presidents Of rail
, roads in trunk line territory 70 discuss the
/ freight rate situation gives concrete form to
the rUnlors current for several weeks Of d move
Heut for concerted action in the direction Of
advancing rates. II has all along been under
stood that Washington would interpose no OBJ
lection 10 the carrying out Of such policy and
although railroad executives Of the first rank
have gone on record as doubling the expedfency
of the step feeling that advance in trans
portation charges should be made effective al
{ time when prices Of commodities were rising
instead Of declining, at present, nevertheless
combined action by the Eastern roads NAV
! make possible the enforcement Of higher sched-
Ules. particularly II, reported, the assent of
the principal shippers on the various lines has
| been secured for the plan