New-York tribune., 1908-05-23
FINANCIAL AFFAIRS
STOCK T4LUES Low UER.
Leading Issues Lose a Point or
More-Banks' Cash Hold
ings Decline.


...o.,a- ,r N. greater part of the five hours Of
fra ding with the final tendency in the dlrecuon
OF lower quotations. In the early oesllHsS ue-
clines of a point or more were recorded IN many
of the lea ding issues as a result OF olsflpuIlNe
selling and bear pressure while in the early al
+err,oo- losses as rule We're recovered in part as
result OF covering operations. The trao1ns
element is not disposed to make extensive COM
mitments on the short side at present, but II ap-
rarentlv believes the time has come when the
market will be more of two sided aHalr ana
that n,ic5 turns for the short account VIII ne
successful. There was open selling Of stocks oy
so-caIled Standard Oil houses in the morning
operations especially in Amalgamated Copper
Reading. ST. Paul and Union Pacific. but traders
exhibited caution in following the lead Of these
concerns doubtless not being convinced that the
STANDARD Oil people had taken the bear side Of
speculation. The Standard OIL and Hartman
brokers have been important factors in the re-
cent advance, and according to well Informed
Street opinion they have not yet abandoned
their campaign. despite the fact that large
number of substantial speculators have cashed
their profits and working 70 upset the plans
Of the bull leaders. In addition to the selling
by spectators who believe the advance has gone
far enough there is reported further heavy sales
by public interests who bought stocks in the
October panic. a reflection of which is presented
in the large Increase in the amount of floating
stock in the Street and in the difficulty expert
enced by bull boomers in making their manipu-
lation effective.
Declines in the last hour of trading carried the
greater number of issues well under the final
figures OF the preceding day the heaviest losses
being recorded in Amalgamated Copper. Ana
Conda. Brooklyn RHpid Transit, st. Paul, Grea.
Northern, Northern Pacific. Pacific Mail Read
ing and Union Pacific. The decision Of the gov
ernment bring suit against the New York
New Haven & Hartford Railroad a combina-
tlon in restraint of trade naturally induced pro
fessional selling throughout the list though The
Street whole not upset the Wash
ilIeton announcement. We'll Street would not
90 into mourning if thu New fiaven's wings
were clipped. General trading showed falling
off from the heavy total of the preceding d-y,
and again few stocks supplied the chief part
OF the business. Reading and Union Pacific fur
nishing nearly one-half. and eight issues
than three-quarters. Pacific Mail lost its
ing Improvement on the defeat in Congress Of
the ocean mail subsidy plan proposition At the
close traders a rule. bearish though
there was TO sign from big bull quarters of
cessation Of attempts to carry prices 70 a higher
level: indeed. interests identified with the bull
side of the market proclaimed their confidence
in their cause and predicted further material
hancenent in values. Nevertheless the
servative houses did not send out bullish market
letters.
Money is easy in Paris. London and New York
and as A consequence Berlin is endeavoring to
improve its financial position by drawing gold
from the centres named. its chief success being
in the New York ard London markets Paris also
is increasing its gold supply, and at the present
time the gold holdings Of the Bank of France are
larger than have been recorded in many months,
with every indication of further gain in the
course of the next few weeks through gold i'm
ports from the United States. Paris bankers
are preparing for the financing Of big Russian
loan in the fall The Bank of England's hold
ings also heavier than usually reported at
this period Of the year. while the same thing
may be said Of the condition of the New York in
stitutions the reserves and cash accounts of the
local banks and trust companies representing
about one-eighth Of the entire amount of money
i'm the country. Under The recent call of the Sec
retary of the Treasury the banks at this centre
will turn a considerable amount of gov
ernment funds 10 the federal Treasury NOR
row, and later on there will be another call from
Washington which will take in the neighborhood
of S.eD,eD,oo from the various depostary banks
in the United States, owing 10 the heavy deficit
in the TIeasurys revenue account. No public
announcement has been made regarding the
Secretarys plans, but in banking circles where
Washington information generally is accurate
il is said call for the return Of federal
deposits soon will be made Berlin exchange
on London lower yesterday and discount
rates at that centre remained at 34 per cent
There is no immediate prospect of reduction in
the rate Of the Imperial Bank OF Germany and
until such action is taken gold will continue to
flow from this country. Gold shipments fro11
here will help 20 restore normal conditions in
Germany and with a stronger situation in that
country greater confidence Will develop in all
financial circles According to the known
movement of money in the week the local banks
have lost more than S5.OOO.O0o