Daily press. [volume] (Newport News, Va.) 1896-current, 1907-01-17
Southern Railway Takes Another
Big Tumble Because of the Let
ter of President Finley and All
the Weaker Stocks Were Affected
The Closing Quotations.
iBy Associated Press. J


for new capital by the railroads.
The most conspicuous phase OF the
subject which was discussed today
was the seeming intimation that
the need of resources in hand for
the work of the railroad companies
might bring about check to the
disbursement of profits to stock
holders in the case of some of the
companies. Published remarks on
the subject Of capital requirements
by President Thomas Of the Lehigh
Valley and President Finley Of the
Southern were interpreted as threat
ening necessity Of greater outla,
OF earnings in improvements, owing
to the difficulties in the way of
raising capital. The first effect of
this new element in the situation
was most acute on the Morgan group
OF stocks. The Southern railway
stocks broke violently, especially
preferred stock lacking bids for
offerings pressed /, osale.
Erie was the earltr stock to show
close sympathy with the slump in
Southern railway, the rest of the
market being dispo sed for a time
to ignore the movement The first
spread of weakness was to other
low priced stocks which might be
supposed to have similar difficulty
in raising capital. The growing
weakness of the market was due
very generally to the consideration
of the same topic from different
points of view. The vulnerable
condition of the market invited ag.
gressive tactics by the bears and
they operated with great boldness
and on large scale.
This was manifested in the ru.
mors which were circulated, and
which met with authoritative denials,
and also in the extent OF the de-
mand to cover shorts at times when
the liquidation spent its force. The
forces of replenishment of money
supplies continued to operate and
the call money market showed pos
tive ease at four per cent and be-
low. The continuance Of the H.
quotation caused stocks to sell at
the lowest of the day in the final
half hour, but tn demand from
uncovered shorts caused a substan-
tial rally, which was held to be
closing. Bonds were irregular. To
tai sales par value s3,046,000. U. S.
hnn IN
tai sales of stocks 1885, 300 shares
including Copper 1S2,1OO; Anaconda
$4,000; Atchison $500; Chicago
& North, Western 2O,4OO; ST Paul,
$4,000; A. G. L. 800; Erie $4,000;
Pennsylvania Al 500; Reading 1885,
9oO;s Southern Pacific 1O,1O0; South
ern,s5116,7OO; Southern prefrred O.
9oo;E Union Pacific 113,2OO; U. ..
Steel 1O1 500; Virginia-Carolina
Chemical $4,000; Sugar 1,4OO.
Adams Express .... 200
Amalgamated Copper ..... 116 1-8
American Car &c Foundry. A
American. Car & Foundry pfd 1O1 10
American Cotton Oil ...... 80 ga
American Cotton Oil pfd.... SO
American Hide & Leather pfd % ~
American Ice, .............. 35
American Linseed Oil. ....... II
American Linseed Oil pfd. "a
American Locomotive. -. :. 70 IA
American Locomotive pfd i. no 1-2
American Smelling C Refng. $50
American Smelt. & Refng pfd lis 1-2
American Sugar Refining. -. 133
American Tobacco, pfd Ger. 81
Anaconda Mining Co. ..... 279 IL
Atchison ......... .......... 105 81
Atchison pfd.. ....... 100 1-2
Atlantic Coast Line . 1923
Baltimore & Ohio .......... 119
Baltimore & Ohio pfd .. %
Brooklyn Rapid Transit 80. so
Canadian Pacific ........... 1S9 5-S
Central of New Jersey ...... 2l5
Chesapeake C Ohio ..... so Id
Chicago Great Western 500. JIG rs
Chicago & Northwestern. $50. 1888
Chicago MIL G. st. Paul. -. 1873 3-4
Chicago, Terminal G. Trans. Q
Chicago Terminal &c Trans pfd %
c.. c.. c. & st. Louis. -. SIS 10
Colorado Fuel & Iron ...... 81
Colorado & Southern ...... 81
Colorado &c South. LIST pfd. 80. 6S
Colorado & South. 2nd pfd. -. Sc
Consolidated Gas ......... 1877 Is
Corn Products ........... % SIS
Corn Products. pfd .......... "A rs
Delaware g. Hudson ..... ZIG
Delaware. J.aclsa. e. West. 475
Denver G. Rio Grande ...... 80