Evening star., 1907-11-19
Liquidation Again Featured
the Market Dealings Today.
ROCK ISLAND A DISTURBER
Outbreak of Heavy and Necessitous
Sailing.
OPENED DULL AND IRREGULAR
Erie Shares, N. Y. Central, Pennsy,
Atchison, St Paul, C. p, q. P.
and Reading Also Weak.
ROCK ISLAND A OISTURBER
OPENED DULL AND IRREGULAR

Special Dispatch to The STAG.
NEW YORK. November 19,-An out
break of heavy and apparently necessitous
liquidation in all the Rock Island is
sues, and notably in the per cent Rock Is
land railroad bonds, which are secured
dollar for dollar by the old Rock Island
railway stock. was the chief feature
Of today's stock market and one which
served thoroughly TO unsett4e the mar
ket at large. Leading interests in the
Rock Island system asserted emphati-
cally that the decline in the securities
had no relation whatever to the fnan
cial or physical position of the prop
erty.
1t seemed to be the general opinion that
some large loan in which a great palt
of the collateral was made up of Rock
island railroad per cent bonds was
being liquidated, and the urgency of the
selling of those bonds certainly impaired
a strong color OF truth to that idea. The
interest on the Rock Island railroads 4
per cents will not be payable again until
next May. On the other hand the divi-
dend on the old Rock Island railway
stock is due in January and should be
acted upon shortly. circumstance which
naturally attracted some attention in
view of the break in the bonds.
Still there was little disposition to
question the maintenance of the dividend
OF the stock. and there was a general
acceptance of the notion that the course
of the bonds actually represented enforced
liquidation OF one description or another.
Active Shares Broke.
The market at large opened dull and ir-
regular. but showed no noteworthy weak
Tess up to the time that the break in the
Rock Island issues took place. In connec-
ton with thet incident practically all of
the active shares broke from one to three
points.
Little news or gossip accompanied the
de alings In particular securities aside from
those in the Rock Island issues. It can
only be repeated. however that the re-
currence of liquidation on such large
scale as was witnessed there created
profoundly disagreeable impression. Rath
er notably weak fe eatYres of the railway
list were the Erie shares, New York Cen
tral, Pennsylvania. Atchison, ST. Paul,
Canadian Pacific. Union Pacific and Read
ing.
In the Industrial and miscellaneous
quarter there were round declines in
the United States Steel stocks, National
Lead. American Smelling and Analga-
mated Copper.
Money Market Easier.
Money market conditions continued
10 show. in the main. somewha. easier
premium on currency was maintained
at figures ranging from IL to IN per
cent. and further large engagements
of gold were arranged at London for
shipment to New York. A very brisk
demand for currency for transfer to
New England developed late yesterday
afternoon and was renewed today.
The London stock market was likewise
dull and irregular. mainly because of the
divergent views held there with regard TO
the American financial situation.
Outside of the occurrences in the stock
market interest was mainly occupied with
the probable effect of the new currency
money market relief measures, although
the only new development in that regard
was the statement forthcoming from
Washington late yesterday afternoon with
respect TO the availability of the new 3
per cent certificates as collateral for bank
note circulation.
Local bank officers were. however. still
strongly disposed to question the extent
TO which they will be utilized for that
purpose. The dealings were in greatly re-
duced volume in comparison with recent
averages.