Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-20
ISLAND
HARD HIT ON
STREET
PRESSURE TO SELL
CAUSES UNEASINESS
Effect of the Government Re-
lief Measures Leaves New
York Gamblers in Worse
Hole Than Ever.
10y Morning journal Special Leased Wire

/ lbf Nbfhink OOuEhhh Tptft1i etst NH'at
New York, Nov. 1g-There was a
renewal of liquidation in the stock
market today or a character which
carried "a formidable Influence on
Speculative sentiment. The effect for
good OF the national governments
plan Of relief for the currency situa-
! ton seemed To have passed away COM
( pletely, this result being an extension
Of yesterdays tendency when the
progress Of me days dealings wit
messed a steady waning Of the effect
OF hat factor.
Prices today got back generally to
below the closing level of last week.
and In not a few instances to the low
est prices Of the year. The pressure
TO l%iquidate WAS urgent In some points
of the list, and was conducted In a
way and, on terms 10 leave little doubt
Of the necessities OF the sellers. j.
first developed In poTtentuOus form in
the Chicago. Rock Island and Pacific
railroad collateral fours. This Is the
operating company. all Of whose stock
is owned by the Rock Island company,
and the four per cent bonus were is
sued by II and exchange dollar for doll
lar for the old Chicago, Rock Island
and Pacific railway stock. which forms
the collateral security. The collateral
AANtn VI III I'd III COMPANY Ntlt Is
sued in part payment for the st. Louis
and San Francisco common stock.
The weakness in this groupIof securi-
ties gave direction TO the many con-
lectures as to the source of the liqui-
dalton. The later heavy liquidation IN
the United States Steel securities, in
GLIDING the sinking fund bonds. was
used as confirmation OF some of these
conjectures about the large common
"a NaWHAa LnA 49, a. ~ 81 HA IT. Naaa
groups Of properties. While the iden-
tlty OF the sellers was thus but vague-
~ sutlined, the volume and the ur-
gency OF the selling gave IL sufficient
Importance without the additional in
ferences drawn from its personal
bearings. The selling of st. Paul.
Union Pacific and New York Central
was supposed 10 be connected In some
way. although indications pointed 10
a different source for this selling from
that conjectured In the other group
The weakness of these stocks was the
conspicuous feature OF the days mar
ket. and II was its sympathetic ef-
feet more han anything else that gave
the tone to the rest OF the market. The
confusion OF mind revealed by the dis
cussion OF the plan to issue United
States treasury one year certificates to
the amount OF 500. 900, 600 not only
bN the IAhh diid tie OF bNtTdioTA III
stocks. but by public commentators OF
authority and bankers OF skilled
knowledge, detracted from the good %
the project.
The Willingness Of the New York
banks 10 subscribe for the certificates
In large amounts seemed TO hinge on
the question Of leave to count them In
their legal reserve. There was an in
timatiOn from Washington of the I
purpose OF the secretary Of the treas
ury TO transfer the proceeds of New
YORK subscriptions { opOints OF active
demand In the interior. The right to
hank notes against the c%ertifi-
Gates which could not be counted as
bank reserves under the law, might
compensate the banks for such a
surrender Of reserve holdings. Re-
ports Of further large curtailmcnt OF
iron output was an Influence on the
This is in accordance with
aYowed Intention OF treasury de-
partment authorities to adjust pro-
TO cbnsumptlve requirements.
whatever those may be. Such an
avoidance OF accumulation OF stocks is
expected TO do much towards main
stability in the treasury de-
partment The s%hrinkage In activity
Is nevertheless TO be reckoned with
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