New-York tribune., 1908-05-28
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Final Prices Shoe Strength after
,Serere Losses-FWther Gotd
Exports.

co,. ,,,.rLa+ yalues moved in irregular
manner throughout the hVe houts VI g. -
with small net gains in the greater huiIioe VI
acti,e issues at the close. There were perlous
Of pronounced weakness, in the course VI
zac1;res Of from to points were recoroeu.
hut at the low levels enough support o, oetTi0
10 induce covering by the shorts, WHO sun W
nIayed extreme caution in their deaIllss'
the generally accepted theory that liie il'-u
interests in the bull campaign no longer Weie
~ . ,os;+ion ro shane the movement OF prices III
the direction of a sustained advance 1heie
were some indications that certain laIS sp
1ators had sold their stocks at recent hlsh qu'
tations. and that speculation had ceased 10 oe
an affair of few resourceful capllaIlstS "oS
r.eec+ed in the ouick changes recorded on poth
sides of the account; also in the unWlillhshess
of the trading element to follow advances att
the settlement of their short contracts 1Iduei
would net make extensive commitments OH INC
sbort side hut on the other hand. they showed
no leaning toward the bull side OF speculation
In its general characteristics the DAY MAJ net
indicated to many observers speculative s.u
alton not uncommon after the culnlhallon ol
violent advance and the resultant reaction ana
n WAS not considered unlikely that price move
nents in the immediate future would 'ehd
toward narrow fluctuations with sradual coh
traction in the volume of business, barring ol
course the development OF news lfdt iillsh.
/ have a most important bearing oil 'ii0 ~
worth of securities.
In the active list the only issues that failed
m enfov substantial Improvement after periods
of severe depression were Brooklyn RAPID iran
sit and Missouri Pacific the last named suffering
a maximum loss of u and a net loss OF points
on selling for both accounts. Accompanying tne
decline in this stock were rumors lnumatlns
the possibility of unfavorable financial develop
ments in the affairs of the Gould propertles'
though there no official confirmation OF
! these reports. Wall Street, however, did not
bother itself with the real position of the Gould
4 ,arisS nor n
actual course of outside news. which fncluded
factors both favorable and unfavorable as aHect-
ing the country's business situation. 1he STOCK
! markets recent advance discounted everything
favorable in industrial conditions, otherwise
! more consideration might now be given to the
splendid outlook for the crops and the rapid
! change for the better that is taking place in
the iron trade. Bond houses reported a good
demand for mortgage issues. Offerings OF We'll
secured bonds find immediate buyers, and. Of
course, this is of the most reassuring signs
Of the return of confidence among investors
who few months ago preferred to hold their
| funds in the banks rather than have them in
anything Wall Street had to sell.
Further heavy engagements of gold for export
were made yesterday, bringing the total on the
current movement TO more than S37 ,000, 000 In
diCations in the foreign exchange market sug-
eested the probability of additional shipments
in the course of the next fortnight, but bankers
were not alarmed over the prospects, as they
recognized that the flow Of the metal to Europe
was in response to international monetary con-
ditions at time when this country could well
| snare the gold, though, of course. they were
not particularly pleased with the heavy return
of American securities from Europe which ,for
some time has been factor in keeping
change against New York Foreigners who
bought American stocks when they selling
ar lower quotations than those reported
have been taking advantage of the recent ap-
probation in values here TO realize profits. while
| there also mas been come liquidation of forced
character as result of financial disturbance il
Germany Money is much higher in BerliI
than II is in New York and much Of the golc
that is leaving these shores doubtless eventually
will go to the German capital, but far tht
movement has been in great part for the dlrec
! account of Paris. where active efforts being
made TO increase the gold supply of the Banl
of France which already reports enormous hold
ings Paris expects to be called upon in th'
fall to finance large Russian loans and evidentl!
Paris bankers are preparing to help both Berlin
and St. Petersburg. Money matters here arr
moving along lines that foreshadow higher rates
for funds, but of the Washington laWmak
ers do not show intimate acquaintance with th'
situation when they announce that unless the!
pass their called financial emergency meas
ure another panic will develop this fall. Bankers
who at this time last year saw the storm com
ing nothing in current conditions that war
rants the expectation of "A similar visitation.