New-York tribune., 1908-12-18
FINANCIAL AFFAIRS
STOCK PRICES DOWN.
Heary Losses in Many Issues as q
Result of Speculative SeIl'ng-'
Gail Money 3 1-2 Per Cent.

r,o.-+,,- y was pointed out in this column
that the stock market had oeeh ouiteu - ls,@
s+andstiU" The movement OF values Seo'Siu"S
raeec+ed This condition of speculation IN a ma
80 sl,,,,r, which was especially pronounced IN
the metal shares. Reading and Union racine IN
,,+icb maximum losses ran from z 10 IS
noints American Smelling suffering the he4NlesI
decline on bear pressure and comhssioll ii0us
1i,,,,i5a+4on The downward movement IN SrrelI-
ers. though based in part on trade cohol'loils'
Including the prospects Of the organization OF {
large opposition company, reflects chlehE the
weakness of its speculative position Wflch mas
encouraged aggressive operations against Il oS
clever wall Street interests. The same argu-
or+ +o q car+ain degree applies TO Anlalga amated
Canrer stock The fact that the general market
became more active on receding values ha1uralE
induced greater confidence on the part OF Ihe
hesr element its efforts to bring about lower
prices extending 10 all parts of the list. WIN
heavy pressure in the afternoon against f1eao-
ire, and IN fact against the entire market nlted
states steel was we'll bought on the decline
,,-l7ile in most issues buying was reported LOT
the account of powerful interests who were quite
,,IIlinz 10 accumulate securities on the reaction
+,,o,,ab This huving was not heavy enough to
offset the selling as an influence on values Inc
hear party made headway in all departments Oh
the market and its success was accompanied oE
genuine selling for the account OF operators "lo
became alarmed over the unexpected strength
shown hv the interests committed TO the down
side Of specula ton, especially in the last hour,
,,-hen selling was particularly heavy in SmeIters
Union Pacific Northern Pacific, Reading ana
ST Paul the operations suggesting the posslpli-
i+z, Of lower levels before the end Of the month
.d,,oos+es Of Cheaper prices pointed 10 Presi-
den4-elect Taft's views the tariff and the
sherman antitrust law and the state OF war
between Holland and Venezuela as good bear
arguments Investors were not sellers.
The advance in money rates In the last 1eW
davs. which has been effective in reducing the
orotations for sterling exchange, though the lat
ter WAS a trifie firmer yesterday, mas upset cal
clIations regarding further exports OF gold 10
Europe The chances are money VIII remain
Nrro over the end Of the year. which viii tend 10
t-ir, heavier offerings of exchange on the mar
ket as result Of bankers drawing on their
FIuropean credits and lending the proceeds here
AT rates more attractive than those abroad
T5ence II is not likely additional amounts OF gold
Will 20 out in the rest Of the month, though Paris
Is stiu on the lookout for all the metal 1t can
secure in other quarters TO increase its already
immense gold supply. The Bank OF England
weekly return. published yesterday showed a
material falling off in the percentage Of reserve
70 Iia biIitv as compared with week ago, though
the exhibit reflected stronger position than that
shown in fve-year average There was ne
change in the discount rate, which is 2l2 per
cent. against per cent at this time IN 1907, but
cable dispatches again suggested the probability
Of an advance in the event Of efforts by Paris
10 withdraw gold from the British bank. The
latter institution is now responding TO a demand
for the metal from Egypt and South America
while the Bank of France is taking all the
offerings OF South African gold in the open Lon
don market. Paris exchange on London declined
Yesterday and bar gold at the English capital
remained at the low level established Wednes-
dav which is only a. d above the price at which
the Bank of England is obliged by statute TO
accept and pay for all the gold bullion presented
In connection with the international monetary
situation il is Interesting 10 note that in the last
month the excess Of merchandise exports from
this country was S36.32o. .232 under the excess Of
the corresponding time year ago. and that both
imports and exports were materially lighter,
exports amounting in value to $16l272, ,063,
against $204 464,217 in 1907, and imports TO
SOB 9S6 544 against sl10,942.916. Exports were
lighter than in any corresponding month since
1904.