Los Angeles herald., 1907-10-10
WALL STREET
rs DISTURBED
RUMoRs o. sLAckNEss IN RAIL-
ROAD WORK
FALLING Off IN ORDERS is
REPORTED
United States Steel Stocks Are Af-
fected by the Belief That Rival
Companies Are to Enter
the Field 81
BY Associated Press.

BY Associated Press.
NEW YORK, Oct. 9.-There were evil
dent signs of renewed liquidation Of Sc
curities today, the current setting with
special clearness through the low priced
stocks, those selling below 40 being most
affected. The majority of the stocks In
this classification sold today at the lowest
prices of the year, and made wide de-
clines in the course of the days dealings
Stocks of this grade were favorites in
Holland and those that are most so were
the most affected in today's liquidation.
The selling orders were said by COM
mission houses to come direct by cable
from Amsterdam, and were SO concen-
trated and conspicuous as to give rise to
reports that financial embarrassment In
Amsterdam was forcing the liquidation.
Other low priced stocks, both among
the railroads and industrials, especially
among the non-dividend payers, came into
the movement today. The Amsterdam
selling was attributed to difficulties, Pc
cuie to that market and was, not asso-
ciated with conditions Of the properties
in the stock which were being sold. On
the domestic side, however industrial
and financial conditions were an Influence
and prompted liquidation.
Growing misgivings are caused by the
persistence of rumors of falling off in or
ders from various classes of equipment
eral industries. Both the railroad and
electrical equipment stocks suffered
acutely in the days trading from the
dissemination of rumors of this KIND, ana
the authoritative denial of some did not
relax the pressure upon stocks. Fears
were expressedsthat the failure to agree
on the proposed new steel rail pattern
would cause large decline in activity In
STEEL Inc United States Steel stocks
were especially affected also by the re-
ports of the intended steel rail produc-
tion by several rival companies.
The reports of net earnings of rail-
roads for August in several recent in
stances show such inroads upon the gross
earnings by growth of the operating ex-
penses as to affect the net showing ma
teriaIly Non-dividend paying roads
stocks, which have sold on prospects OF
future dividends, were notably Influenced
by this situation. The effect was empha-
sized by the tone of annual reports 70
s stockholders of railroad companies, whicn
& le now operating numerously and whlcn
E5fite commonly dwell on the disadvan-
. Z ges of operation of railroad systems by
z i.ason of legislative restrictions, hign
Cost of materials and labor and Difficulty
of securing new capital by reason OF the
public agitation against corporations.
There was grave discussion Of the un-
sayory disclosures of financial methods
being brought about by the inquiry INTO
the New York traction companies and
the bad effect to be feared IN sun Iur-
thei impairing the credit of corporations.
Nothing developed in the money market
TO abate this discouraGng influence. The
weekly statement Of the Imperial Bank
of Germany showed decline In cash and
but moderate recuperation from the Sc
we're dit requirements of October set
Elements. The discount rate is easing IN
Berlin however.
The increase in the volume OF the mar.
ket and the decline of to per cent for
some of the active stocks show how effec-
tive were these measures in the market
Bonds were heavy. Total Sales par
value, 81 ,734,000