Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-05-27
FINANCE AND
COMMERCE
wall Street.

New York. May 26.--Thc signal |
contraction in the volume of the stock |
market was the most notable feature |
about it today Dizziness overcamc the |
dealings after the experimental at
TEMPT to continue the advance of yes |
torday. When it became manifest that /
no important operations were follow T.
ing this rise in prices it was conclud- /
ed that the sponsors for the market /
we're satisfied with the protection they
had against the acute depression at
the end of last week. Their manifest
characterization to follow the advance
with buying prompted to the late fresh
outpouring of stocks. Some influence
WAS allowed to the sale Of Chicago,
Burlington & Quincy bonds in cauS-
ing the early advance in prices. Thc
intention to issue these bonds had not
been heard Of when the market clos
ed Yesterday and the subscription OF
S16.OOO.OOO was announced almost as
soon as business had commenced. The
subscription price was 80 Y, as com
pared with the sc at which Pennsyl-
vania consols were sold Modifying
conditions in the comparison We're
the large amount Of the total autho-
rized for the new issue, the $500
OOO. 900 being larger than has ever be
fore been authorized by an American
railroad and the lower lien of the
Burlington bonds The difference was
indicated in the price at which the
new bonds were sold "whcn issued
ON the curb, the first sale of 9S be
ing subsequently shaded to below 81.
while in the case of the Pennsylvania
bonds ner was reached before the
subscriptions were closed, The quick
sale of the Offering and the price re-
allied for it were judged by bond men
to represent an Improvement oyer the
bond market position as compared
with the Pennsylvania sales, The de
auctions drawn from the incident
were considered important A free
supply Of capital for fixed investment
was inferred, and on the whole at
improved terms for the borrowers
This increase Of supply of funds
makes for revival in demand for COM
moditics for which the funds viii b."
expended 1t was assumed that the
sale would improve the prospects for
the Union Pacific financing, which it
is supposed is now awaiting the ad-
ustmcnt Of a difference as to terms
between the company and the under
writer's. There are plenty of other
financial plans dependent in a better
mcnt in the Investment demand so
that SYMPTOMS of that are regarded
with interest The stated purpose Of
the Burlington issue. to reimburse the
companys treasury for OUTLAWS already
made for bcttermCnts and additions
would help to explain the persistence
of rcports Of an extra distribution Of
Northern Pacific and Great Northern
stocks as those companies would pro
fit as Burlington StockholdCrs, While
this incident was thus given favor
able Interpretation, it proved power
less to renew the upward movement OF
stock prices. Rather, it WAS taken ad-
vantage Of If to resume the selling
to take profits as was the growing
tcndcuc yon favorable news announce
mpnts last week. London was free
seller of stocks here early in the day.
Reports of food damage and tn" sen
,ftfvcnoss Of the commodities markets
to crop news were not regarded fay
orabIv. Declines in discount rates in
London and Berlin marked the de-
crCasing force Of the probable demand
for gold on New York. At the same
time western money markets report
ed a gradual change in the course OF
the currency movement which marks
the approach Of the crop moving sea
son. The late break in prices was a
direct RESPONSE to the contrary move
mcnt in the price Of wheat Closing