New-York tribune., 1908-05-08
FINANCIAL AFFAIRS
WE4ENESS IN STOCKS.
Gould Issues Srong-Pig Iron
Price Poiicy-Time Money
Easier for Shorter Dates,

IrresuIaritv began to develop in the stock
market after the first hour Of trading yesterday
but the tone continued firm until along IN the
afternoon. when weakness appeared and gen
eral decline occurred, the close showing net
losses for most of the issues. The Gould stocks
the exception to the rule. only Missouri
Pacific closing lower than Wednesday. tor
several days reaction has seemed due, SO rapid
and uninterrupted has been the rise Of the mar
ket, and its coming at this time would hnd ade-
Quate explanation in technical conditions ana
need be considered rejecting any un-
favorable developments in the general situation.
London was seller of stocks in this market TO
the extent Of few thousand shares Ine fall-
of the Union Pacific directors TO hold their
meeting owing 10 lack of quorum, may have
been among the remoter causes OF the market
weakness for an announcement regarding the
forthcoming bond issue had been looked for the
successful outcome of that Offering being expect
ed to aid materially in the restoration OF CONT
6ence. Some OF the selling of the railroad list
may also have been due to the lack of unanmlty
among the trunk line presidents on the trelghI
rate increase proposition and to the understand
ing that in all probability changes in rates
would become effective before the fall. The
plan of advancing rates in the face OF declining
commodities markets is at best novelty, TO
which serious objection economic groundS
may be made, and with shippers now manifest
ing their hostility toward IL the prospect OF its
success is smaller than ever. The pig IRON
manufacturers at their adjourned meeting in
this city practically threw open the door to
price cutting, the statement issued at the close
Of their conference declaring that there was no
agreement to maintain the price Of the product
The cutting which has for some time been going
on is thus now validated and the interesting
question Is presented whether not the agree
r7eut among the steel manufacturers for price
stability can continue operative.
Transactions IL the bond department we're on
about the same heavy scale the preceding
day, with prices we'll sustained while in the
stock market the sales fell off considerably. The
local grain markets were irregular and inactive,
the tendency being to await the government re-
port Of to-day. which, according TO the common
expectation. will make a very good showing of
condition, but in Chicago May corn rose sharply
to "a cents its highest figure of the year and
closed nearly cents above Wednesday. In the
time money market the rates for the earlier ma
TURTLES lower. the later dates showing no
change Foreign exchange rates advanced in
the morning, demand sterling rising 10 points;
but the close steady and unchanged. Dis
count rates declined in Paris, where the rate nf
tendency thus being against early resumption of
gold shipments from this city to the French cap
it7I. The weekly statement of the Bank Of
France showed an increase Of about S1200G,0G)
in the gold holdings, which are now s581,584 000.
or only few million dollars less than the larg
est amount ever held by that institution.
-e
NEW YORK CITY BONDS.
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