New-York tribune., 1908-05-21
FINANCIAL AFFAIRS
STOCK VALUES HE1TI
HE1TI.
Sharp afternoon Losses in Leading
Issues-Fmrtker Gold Exports.

Ample evidence of heavy distributive selling
was presented in the course Of trading on the
Stock Exchange yesterday, where further ma
terial losses were recorded in all the leading IS
sues Stocks to the amount Of 100000 shares
were unloaded by one clique alone, and this
selling induced heavy liquidation by other IN
terests and pressure from professional traders
for short account, while 1t also induced tho
people behind Union Pacific and Reading to put
in supporting orders in the hope Of preventing
selling movement which might run beyond their
control At one time Reading was weak enough
to suggest collapse of the bull speculation In
the issue, but support came from Union racine
sources and g big slump was averted. Closing
prices as result Of reasonably effective buy
ing were above the lowest points of the after
noon Union Pacific. Reading and various other
stocks which had been under pressure endlnS
the day point more up as compared Win
the low though at substantial net declines from
the preceding day. The recent eXtraVasant DUH
speculation the chief factor in the down
ward course of values The high prices attained
in MONDAYS market attracted sales by many peo-
pie who had accumulated securities at the cheap
prices Of the year and in several cases sales "ers
made by large, interests that had bought heavy
blocks Of stocks in the October panic, the eX-
tent of this selling in the last two days evident
ly being far in excess of anything expected by
the bull leaders.
Total dealings were larger than on any pre-
cedins day this year, and exceeded the heaviest
day in last falls panic by $4,000 shares, though
of the total transactions. amounting TO more
than Ia 900 shares ten stocks supplied up
ward of three-quarters. while Reading. Union
Pacific and American Smelling furnished nearly
one-half. Active selling of American Smelling was
accompanied by the rumor that the dividend on
the common stock might be reduced from its
nresent 4 per cent level, and general opinion
was inclined TO accept the rumor as foreshado"-
ing such action by the directors, owing to the
falling off in the company's business and the
poor prospects for resumption of activity IN the
near future. In the face OF weakness In the
Smelling issues Colorado Fuel and Iron and the
limited States Steel shares presented a firm ap
pearance but the industrial list as rule was
weak An advance in the early operations OF
more than 8 points in Missouri Pacific reflected
a further running in of the shorts in the STOCK;
also buying based on the understanding that
harmonious relations had been renewed between
The Gould and Hartman interests and that the
final disposition Of the Western Maryland would
show the Gouds still in control, hacked by the
Rockefellers In the afternoon break missouri
Pacific lost part of its forenoon advance. closing
at net gain of 21z. Chesapeake & Ohio, Colo
RADIO Fuel and Iron and Consolidated Gas were
among the few stocks that showed net gains
Railroad earnings received IN the DAY lor the
second week in May and for the month mace
generally had exhibits and the only favorable
news DEVELOPMENT from the business world came
from iron centres, where slight Improvements
in the demand was recorded. Further engage
rnents of gold for export were announced Out
notwithstanding the movement sterling exchange
was again strong advancing to the highest level
of the
As the local banks continue to receive money
from, the interior and excess payments from the
government on ordinary revenue account. gold
exports have yet made no important I'M
preston on bank holdings, despite the fact that
more than s31 100000 has been shipped or en-
gagged since the beginning of the outward move
rent There are no signs Of the development
of an active inquiry for funds throughout the
country for business purposes. and notwith-
standing the well meaning efforts of prosperity
boomers TO bring about speedy resumption OF
Industrial activity. there is nothing in the gen
eral situation that encourages the idea OF an
immediate return OF times similar TO those Ell
joyed in the cheerful days of 1906. Prosperity
cannot be made to order, and while the current
depression is lacking in many of the serious
elements that in the past have interfered with
the re establishment of normal business condi-
tions full recovery can hardly be expected TO
n1aterialize at time when political uncertain
ties are daily becoming factors of greater i'm
portance. Extravagant speculation In stocks
and grain and cotton will not lay the founda-
ton of permanent business improvement. and if
this sort of speculation could be eliminated
the country at large would be the gamer
Gold will continue 10 go abroad just as long as
local and foreign monetary conditions MAINTAIN
their present relations, but the movement. by
helping to restore the financial equilibrium in
Germany also viii eventually TO strengthen
the situation hera