New-York tribune., 1908-05-01
FINANCIAL AFFAIRS
WEAK TONE IN STOCKS.
Losses General at Cl0se-RallrOdds
and Business Time Money Firmer.

On a volume of business little more than one
half as large as that of Wednesday, the STOCK
market yesterday moved irregularly down dtu'
closing weak at about the low price leFel ol tho
session There were practically no news ue-
velopments and the price tendency OF the udS
reflected in the main the cessation OF the Gov
erng demand, which has been urgent since 'Ie
Mcintyre failure was announced As Piioe
were seen to yield easily, new short Hnes were
put out and as the decline continued MANY
ston loss orders were uncovered. Although
losses running above a point each were sus-
tained by most of the active issues, the genera
belief is that the reaction Will not attain
serious proportions for the present, in view OF
the fact that several important bond issues
are soon to be brought out. An elght point
break in Westinghouse had an unsetthhg IN
f7uence on the list, as il was taken 10 lholcdle
that the plan for the Rehabilitation ol 1ia'
great Industrial concern might fail OF success
although the selling small and propaplg
represented nothing more than the closing out
of holdings by a few stockholders not disposed
to accede to the appeal from Presloent west
dnghouse for a more general participation III
subscription for the new stock pennsylvania
lost full point and the reports again were
heard that the board at its meeting to-day
would reduce the dividend rate from to u per
cent yearly now that the S4O,Ooo,oOO BOND Is
sue has been so successfully arranged
The American Railway Associations report
on the number of idle freight cars in the United
States and Canada at the middle of April was
among the depressing influences on stock prices
for it showed the largest total of unemployed
cars since the records have been kept, total OF
$40 II0-a fairly accurate proof or the current
deDression in the business and industrial fields
The largest previous surplus was reported on
February 5-34:5, ,92S cars and from that figure
there had been a decline by the middle OF
March TO 297 .042 Reports of railroad earn
ines for March were as rule, relatively favor
able in their indication of the reduction of
operating expenses. The Pennsylvania's gross
earnings for that month decreased S531,9oo as
compared with the February return, while oper-
ating expenses were cut S}26,S0n, the decrease
in net being only 500 100 Union Pacfc's
gross fell off SS54,7S6 from March, 1907, and
Sab 1873 from February, 1893; but a decrease
of S649 679 in operating expenses, against $500
361 from February, resulted in a smaller de-
crease in net than for the preceding month
Southern Pacific. which a month ago reported a
shrinkage of 81 100000 in gross and S14o0O00
in net. shows for March an increase Of So
in net the operating cost having decreased
in gross earnings.
Time money rates a trif1e harder yes
terday but there nothing like a scarcity
in the amount of funds offered to borrowers.
Foreign exchange rates five points lower.
and no more engagements of gold for export
are expected this week. The Bank Of France
in its weekly statement reported a gain of more
than S5Uoo00o in gold holdings, while the
Bank of England's gold increased about ST.
100000 The latter institutions proportion of
reserve to liabilities is II 06-the largest at
| this date for more than ten years.