Omaha daily bee., 1908-06-09
NEW YORK STOCKS AND BONDS
Rumors Of Cut in Steel Prices Gain
Authoritative Form.
FEWER IDLE FREIGHT CARS
EARLY Strength is Followed by re-
lapse with Rally at Close ON
Favorable Report on
wheat Crop.

NEW YORK, June s.-The long perslstlng
rumors Of a GENERAL cut In the price OF
steel products gained more AUTHORITATIVE
form today and II came TO be generally be-
lieved during the days session Of the Stock
exchange that substantial reductions would
be announced Immediately for all lines, ex-
trade in building up prices has been the
subject OF varying criticismc after II was
formulated and the conviction is general
that the working down Of prices will be
the most effective manner OF reviving &C
tlvity in the trade. The analogy Of the tex
tile trade is the favorite one to reinforce
this argument, when curtailment Of produc-
ton, wage readjustment and price reduce
tons have had the consequence OF revived
demand and large resumption OF productive
The m~isgivings over the new step contem-
plated by the new steel trade and which
were reflected in the depression OF the
days stock market have to do more with
the delay in its adoption than with a
question of Its desiFabilty. The good eff
tects which might be felt from the Interior
results to be expected from the private
cut are Hkely TO be obscured in part. at
least, by. the record of protest coming con-
stantly from official sources since rumors
first gained currency of the intent TO cut
prices, These official utterances having
taken the form of protestatons that price
demand and that customers were not de-
sirous of concessions, there Is left now the
shadow of the doubt thus implied OF the
efficacy Of the step. The fear that wage
readtustment which must follow the quick
decision may lead to controversy in the
midst Of the national political campaign,
Is an additional factor initiating against
the favorable effect marketwise OF the in
cident.
OF the more general considerations, atten-
ton was attracted to new capital issues by
the figures of the heavy flotations for May
and the additional Issues in early contem-
platlon. The May total OF S165, 95 900 new
stocks and bonds while somewhat lower
than April, is far in excess of the issues
for May of last year. The total of S722, $50. .
1854, to which the new issues since the first
OF the year have risen, represent IN I'M
precedented figure for that period. The ad-
ditional security proposed for the Union Pa
cant of the taste of investors at this time
In that direction, as much as for the rate
or return offered. The understanding that
the Union Pacific bonds would not be Of
Tered for subscription until the middle Of
the week kept open the question of what
would be the treatment of the market by
the forces which have sought to pave the
way. for this flotation when II is fairly out
OF the way. An excellent effect was pro-
duced by the report of further decrease
in the number OF idle freight cars In the
1.-TWO weeks ending May "a. which was Of
Tered by the American Railway association,
the reduction of 22,505 bringing the number
down to 381, 94, compared with a. ma ximum
OF i 1888 reported on April 20. The early
strength in stocks was connected with this
report. The later recovery was due to the
government crop report and it's effect on
the wheat market.
Bonds were steady; total sales S2,025. OC0
par value; United States rs and As regis
tered, u per cent on call. advance.
Number OF sales and quotations on stocks
were as follows.