Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-06-04
FINANCE AND
COMMERCE

of the overnight developments. The
spasmodiC nature Of the drop in prices
resulted in opening the way to an up
ward reaction and practically COM
plcte repair Of the opening losses was
effected by midday
A notable contraction in the vol
ume of the transactions then occur
red, as though the speculative tenn
per favored breathing spell to take
account of the violent experiences
through which the market has been
carried this week, Prices relapsed
suddenly at the last to about the low
est. Large attention was attracted to
the reports from Washington of the
plans of the government authorities
for pushing a new suit against the
Standard Oil company on rebating
charges which might involve maxi
mum fines even in excess of those
imposed in the previous suit, now on
appeal to the higher courts. The
speculative operators in stocks show
ed the same feeling toward this news
that they did towards the announce
ment of the suit against the New Ha-
ven railroad for violations Of the anti
indication of renewed determination
on the part of the administration to
push prosecutions against corpora
tions. There seemed to be a more Sc
riOus view taken of the cut in prices
of steel bars than was the case yes
tcrday, when it was first announced.
This was partly due to the tone of
public comment on that action. It's
importance was enhanced also by a |
report from Pittsburg that the sub
ieCt was figuring in the wage negO-
tiations going on between the western
bar associations and the Amalgamated
Association of Steel Workers. Not
only this cut in steel bars, bat the |
prospect of reduction in other lines. !
was urged, it was reported at this ne
collation. in favor of an agreement for
lower wages. Financial sentiment is !
sensitive to suggestion Of wage cOntro-
VERSES and whatever approval has
been shown Of the policy of mainte.
nance Of prices which the steel trade
has sought to enforce has been due
to the claim Of its advocates that il !
would obviate the necessity Of rcduc- !
ing wages in that industry, This |
claim was accorded about the same
sympathy a. that advanced in behalf |
OF an advance in railroad freight rates |
TO safeguard the rate of wages OF |
railroad employees. The present I'M |
favorable view Of the cut in steel !
prices, however is due more to the !
feeling that it is a belated response
to a course Of affairs that should |
have been recognized earlier. The ag- |
gressiYe8 support which turned the |
market conferred on Union Pacific, !
and the renewed rise in that stock to |
the high figure of yesterday and Of |
the year was accompanied by author |
itatiVc intimation that the details of |
the S4000O,000 bond issue had been |
arranged. To equal dividend of the I
offerings Of the New York and Lon |
don markets was suggested and this !
and the reported issue price at % |
seemed to confirm the claims of the |
company's authorities for as good fin |
ancial treatment as was accorded the |
Pennsylvania in its flOtation The |
maintenance Of the American Smelt- !
ing dividend, altogether at one time
The subject Of widespread doubts had
been discounted in the more recent
action of the stock. The weather
map caused some misgivings over
crop prospects, especially in the
southwestern states 1t was after the
Union Pacific bond sale announce
ment, had spent its force that prices
ran off again to the weak closing
Closing stocks
Adams Express .........lG9@1S1
Amalgamated Copper ....,... sc q
mar (rpt. and Foundry