The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-06-03
MARKET FLUCTUATES
Irregular Tendency Follows
the Rise of Monday.
PROFIT-TAKING RESPONSIBLE
Rallies OF Short Duration and Are
Followed by Pressure-Lessening
of Speculative Enthusiasm I'm Lon
dOE-Cut in Steel Prices Most Inn
portant Action of the Day.

New York June 2-Tendencies of a
more hesitatlng and irregular nature
made their appearance In the stock mar
ket to-day. a development that was not
unnatural, in view OF yesterdays broad
and violent uprush in prices. The ad-
vance yesterday extended nearly three
points in the average quotation for the
principal railroad stocks, and to an even
greater extent. according TO certain meth
DDS OF complication, and it is quite UNI
usual for such a rise 10 be Immediately
continued, except upon the definite an
nouncement Of favorable news.
To-day. therefore. although the general
market opened at a level considerably
higher than that at which il closed yes
terday and in the first hour of business
there were excited dealings at generally
rising prices in nearly all the prominent
shares. the movement toward pront-talS-
ing was very plain, and in the second
hour Of the stock exchange session this
ran into something resembling a market
reaction.
Again prices rallied or at least many
OF the did. only once moro to fall, and
this up and down movement went on
during the day. with the market closing
in the main at an advance over yester-
days final figures, but with the bulk OF
the gains concentrated IN small number
Of the active stocks.
The quantity OF dealings IN the mar
ket was about the same as on Monday,
but the activity Of trading was centered
TO much greater degree in two or three
issues. the transactions in the Union Pa
cihc and Reading common shares being
together not greatly below one-half OF
the total quantity OF stocks OF all de-
scriptions turned over.
London Is ListIess.
There was a visible Iessening Of specu-
latiye enthusiasm in London. although
this led to only slight decline in the prin-
cipal stocks there. The foreign markets
we're oil again easier. and I'm Paris there
was sharp recovery from the particular
weakness In the stock market Of yester-
day. which had its origin in the gov
ernment's proposition for a decided in
crease In the rate of taxation on rentes
Possibly also the French market was
helped by a movement IN the price Of
ed TO a resumption of gold imports from
London. but this was. so far as the
situation in our own country was con-
cerned, more than Offset by a fall in the
price OF sterling here. which seemed to
prophesy a cessation Of gold exports from
the United States. It is obviously the case
in this regard that the impulses toward a
continuance Of the outward movement OF
gold from our country are slackenlng
This was sufficiently attested in the re-
ducvd amount Of gold taken for export
here yesterday.
The governments monthly report Of the
condition of cotton. issued to-day, at
traCted little attention I'm Wall street
and was only referred TO on the cotton
exchange as being about as was expected
Cut I'm Steel Prices.
The real event Of the day. even If It
did not produce any particular commo-
ton in Wall street. was tho formal ad-
mission of a cut In steel prices by the
leading manufacturers; that is to say.
of course. by the United States Steel
Corporation.
To-day's cuts were not very severe. be-
ing only a slight reduction in the price
OF steel bars; but the one question of
interest in the matter is whether the cut
that has been made will result in such an
increase Of new orders as will mark the
turning OF the tide" in the iron anS
steel business. or whether further and
more drastic cuts will be necessitated be-
fore general trade improvement sets in.