New-York tribune., 1908-06-09
FINANCIAL AFFAIRS
STOCKS CLOSE FIRM.
Earlg Losses FoHosced by Late
RalIu-Furtker Gold ErportS.


made up in great part Of the transactions OF
the professional element There were periods OF
weakness and strength, with the final tendency
in the direction of a higher level, though last
quotations showed more net losses than gains
in the active issues, Union Pacific, American
Smelling, Reading, Chesapeake & Ohio and
United States Steel being among the shares that
failed to recover their full midday decline Gov
ering of shorts in the last half hour was based
on the unwillingness of traders to go home short
Of the market at a time when 1t was Senera4ly
admitted the so-cailed big men were still in
control of prices and not disposed to permit ex-
tensve declines in values An excellent govern
ment crop report also induced a cautious atti-
tude on the part Of the bears, the figures on
winter and spring wheat and oats ofsettlng as
a market influence expected general lowering
in steel prices to-day. The falling off in the
consumption of finished steel products is ade-
ouate reason for cheaper prices in the steel In
dustry, and the steel men have been somewhat
tardy in recognizing economic conditions that
for many weeks have pointed TO an 1neVitapie
cut in quotations. Lower prices should serve 20
stimulate the demand, and in no way can they
he considered a bear argument on securities
values The trade will be helped by price re
ductions despite the fact that bear SPECTATORS
are endeavoring to make capital out or the pro-
posed action of the United States Steel Corpora
ton. Government crop figures indicate splendid
harvests and good harvests spell prosperity
The condition Of winter wheat is above the
average for this time in the last ten years, ana
so also is that of spring wheat and oats Inc
terms Of the Union Pacific bond issue, which
are printed elsewhere in The Tribune. were an
nounced yesterday, and they should Immediate
ly place the security in the class of gilt-edsed
Investments.
In the month of May there decrease nf
% $50 in the number of idle cars on the Ameri-
can railroads as compared with the preceding
month, made UP almost entirely of coal cars
r,;l rt oft wa
crease in shop cars, the larger percentage rep
resented actual increase in the demand Tor
rolling stock handle active coal traffic, and
that the transportation and sale Of coal were rea-
lively heavy in May is attested by reports of
earnings of the majority of the coal carrying
roads which make a far better showing than
most other companies. Probably the satisfactory
condition of the anthracite coal trade will In
| crease confidence in the hard coal shares and
| if general business conditions continue to ex-
hibit signs Of reviving activity in the countrys
industries such issues as Reading. Delaware &
Hudson and Ontario & Western ought to move
TO a materially higher level. 1t Is understood
New Haven interests anxious to see the last
named security above so. particularly as there
may be developments at some future time in
volving the sale by the New Haven of its On
tario stock upon which, it may be recalled, the
New York Central secured an option at the time
of the sale of the Boston & Maine stock TO the
New Haven. The latter company secured con-
a share for the stock, and it is not likely the
New Haven would now take less than $50 If 1t
should decide to sell. The Ontario & Western
occupies an interesting position in relation TO
the New Haven, the New York Central and the
Delaware & Hudson, and railroad men and fnan-
ciers naturally interested in figuring upon
the future ownership of the property. With
politics out Of the way and the results Of last
wears panic factors of the past low priced securi
ties will have an inning, but in the mean time
little can be expected of this class of stocks ex
cept in cases where special developments govern
their movements.
Money market rates showed no change at the
opening of the week from the easy level prevail
ing at last weeks close, and despite further en-
gagenents of gold for shipment to Europe there
was no indication of hardening In the price of
funds In the near future. The banks have gained
on their operations with the Sub-Treasury since
last Friday upward of s1,700,000 but this amount
viii be offset in to-day's statement by the gold
engagements yesterday. The banks continue 10
drain the Treasury's working balance, and 1t is
not unlikely there soon will be call from the
Secretary OF the Treasury for a return of gov
ernrnent funds from depository institutions.