New-York tribune., 1908-05-29
FINANCIAL AFFAIRS
MOST STOCKS HEAVY.
Missouri Pacific Under Pressure
Speculation on Lighter Scale.


traction in the volume of business yesterday as
compared with recent heavy totals. while the
general course Of speculation again suggested
the probability of the development In the near
future of period Of idle markets. In the early
dealings some degree Of frmness was shown IN
most parts of the list. but in the subsequent
operations the greater number Of issues sold
off under the influence Of bear pressure and
liquidation on stop loss orders, the only impor-
tant exceptions to the downward movement being
found in the Hill shares and in Reading. The
unfortunate plight Of the Wabash-Pittsburg
Terminal Company was responsible Tor heaFy
pressure against the Gould stocks, and though
Missouri Pacific is not directly connected with
the practically bankrupt property, Its price was
actively hammered by the professional element
to a level that showed loss of 19 Y points
from the high record made by the issue less
than a fortnight ago. Wabash common losC
IL points for the day, and the preferred
points Wheeling and Lake Erie STOCKS were
lightly dealt In at recedng figures, while IN the
bond department the Wabash and the wabash
Piftsburg Terminal issues were heavily sold
Perhaps the weakness In Missouri Pacific was
helped by the company's exhibit Of earnings IN
the last nine months, which indicate less lhah
per cent earned on the stock for the ROAD
fiscal period. The Gould railroads certainly are
not attractive bull propositions at the moment
but II may not pay TO stay short OF the STOCKS
indefinitely. The Wabash -Pittsburg Terminal
affairs TO be placed in the hands or strong
financial interests and while the present pros
poets for the holders of the companys securi-
ties are not particularly cheerful the property,
with ample financial backing, is capable OF be-
coming a very valuable asset to the Gould inter-
ests. And that it will receive this backing there
IS no reason to doubt.
The attack upon Missouri Pacific was fol-
lowed by pressure in various parts of the list
but a Vere heavy.
net declines, in addition TO the loss in Missouri
Pacific, being reported IN American Smeit1ng
St Paul, St Louis & San Francisco and Union
Pacific. In the last named stock the maximum
loss ran beyond point, but part of this was
recovered before the close. In many issues final
prices were above the lowest of the day, and
in Northern Pacific there net gain of 2as,
the advance being accompanied by the rumor
that a stock dividend would be declared after
the adjournment of Congress, and by well
founded reports of buying by First National
Bank interests. The support the general
decline was fair and traders who bought stocks
at the close TO even UP reported great amount
OF stock available. There some excellent
buying in United States Steel common and
considerable amount of this issue was taken
in odd lots the distinct signs Of improvement
in the iron trade doubtless being a factor in
the movement, and the preferred also taken
in odd lots by discriminating buyers. The mar
ket is more attractive for investment purchases
than IL few days ago, and the chances
this level, and on any further decline for per
r1anent account. Among the railroad earnings
received yesterday the most striking changes
were presented in the April figures of the Atch-
ison and the Southern, Railway. the former
showing loss in gross of 1,137 $50 and q loss
in net Of s45l3s5. and the Southern a loss in
gross Of sS32,101 and gain in net Of s244S3s
The latter company was able to show a gain in
net through a drastic cutting down in operating
expenses, and in this respect reflected the wis
dom of it's manag gers.
That financial affairs in Germany have taken
q turn for the better is reflected in the reduction
by the Bank Of England in its minimum rate of
discount to 2iz per cent. the lowest figure re-
corded since September. 1906. AS the governors
of the British bank are most conservative set
of men II is natural TO presume that the rate
would not have been lowered if there We're any
danger of acute disturbance IN Berlin. 1t is not
unlikely the Imperial Bank OF Germany will
duce its rate Monday but even If it should
not there will be uneasiness in general fnan-
cial circles the German position, the
growing ease Of money at ali other European
financial centres must soon be followed by lower
rates Berlin, especially within the last fort
night that quarter has received extensive assist
ance through importations of gold. The Bank
of England in its weekly return made showing
well above the average Of the past for this time
OF the year. its percentage Of to liability
standing at Sis. compared with an average Of
47.52 for this week in the last eight years. Tho
English bank like institutions, has more
money than 1t needs at present, far sup
plying the demand OF borrowers is concerned.
and the big reserves in London also reflect. do
those in New York, dulness in Industrial circles
The supply OF funds here. how ever soon promises
10 be materially decreased result of gold
norris and probable further Treasury withdraw
ais of government funds from depositary banks.
II fs not improbable the weekly statement of the
Clearing House institutions. which Will be pub
Iished this afternoon, will show substantial
contraction in the reserve and cash holdings.
preliminary estimates indicating a loss in cash
Of more than sl0,ooo,o00