New-York tribune., 1908-06-23
FINANCIAL AFFAIRS
STOCK PRICES BREAK.
Bear TRADERS Raid Market-RocE
Island Issues attacked.

Persistent efforts the part OF the pear ele-
r77ent in Yesterdays stock market were eHecuVe
in attracting some genuine selling In various
narts Of the list. especially in the last hour.
when the weakness in the general market was
more pronounced than on any preceding week
The buving power appeared to be much re
e+r;c4ed and as a consequence the offering OF
moderate quantities caused sharp declines IN
values In the early dealings aggressive pear
attacks on the Rock Island securities. accom-
panied by liquidation in the bonds, naturaly
created uneasiness in the speculative COM
,,,rni+- particularly as the initial selling was
followed by rumors affecting adversely the f'och
Island property; but rule the heaviest opef-
ations were for the account Of the board room
traders who appa arently were bear1sh more pc
cause of the absence of a real demand for Sc
curities than because Of any considerations In
connection with the Rock Island or other prop
critics According TO the interests identhed
with the Rock Island, there is no reason 1or the
sale Of the cornpany's stocks and bonds Ihe
company's finances are in the hands OF a"ie
men and there is nothing in the present posi-
ton of the road that warrants the tax o1 re-
organizat ton While the decline in ROCK lSidhu
was the main influence in the morning trans
.,+;ore tho general market broke away from
ite influence in the afternoon, traders selling the
General list without regard for the movement IN
Of 2 roints for the preferred and 1 point for the
co,,,,,,o, The ST Louis and San Francisco Is
,,as lost a.. for the first preferred and 213 Tor
the second preferred. Union Paclhc, heaoihs
and Northern Pacific lost more than polh'9'
while net declines of point were colnhioI.
A Rock Island interest no longer IN possession u
the confidence of the chief people in the ROCK
Island company il is known was an lnpoftanl
+ao+or in darressing Rock Island securities sell
ing blocks of Rock Island collateral bohos ioI
the purpose of breaking the general HS'. Inns
Individual had tried the same tacucS p@loi'
and he is no longer a favorlte IN reSpectdple c
Wall Street quarters. He is one or the croWo W ol
western plungers whose operations ought 10
land them in the county jail.
| Aran, of the railroads are beginning 10 hgure
IN nlacing large orders for new rails and rolllhs
stock the management of the companies peiieN ,
! inc business conditions are on the mend ana
| that after the fall election there Will be gen
| eral resumption OF industrial activity IN the
1 1asr thirty days there has been material de-
| crease in the number of idle cars on the rams
! IF American roads the improvement. while gen
| oral throughout the country, being especldNS
| rronounced on those roads that run through
! manufacturing communities. This Is pretty
| good indication of a more conhdent leelhs
| among manufacturers, and from now on uhe
| r,,n+bly- ranort of the American Railway Asso-
citation will be watched with particular interest
| &c the number of cars that may ne returned u
eoz-fca will present a faithful reflection of the
|
| - - b,,einass boom at present hut the greater
| number of business men believe easy money
| bip crons and the election Of Secretary lalt VIII
| raault in a remarkable expansion IN al lines oi
| do and he followed by a general advance III
.b rice of securities, especially in those issues
| -t;cb ca far have failed to share to any large
| extent in the Improvement that mas taken P!dct
since the first of the year, notably the 10" prlct'
| stocks that have been paying small dNldthuS
| o,,d stocks that have not been IN me diNIuei'
| for
| -, ,,,;,tcb is on a 2 per cent basis. ana too
| RADIO & southern common, upon Whlch tiiei' :
| rever have been payments Inc 'olofauo
| southern Company will al no remote time pldc'
| .o, stocl in the dividend column. The
| aoI roads have not been seriously affected by
| md times so far and il is likely business eH
| ,ansion will come before the elecLS ol ue
| rssior -each the coal producing and carrying
| or,ra,ies The fact that Ontario d Western
| ,,;ah &c one Of the cheapest of the coal stocks
;s haing ouietly absorbed by persons VINO eVl
IDENTITY know something about the future OF IN
,,ronerty naturally has attracted attention 10 ul
issue. ~ . ..oe
,tair reserves before the end Of the month. ant
= call from the Secretary of the treasury 10
government funds in depository pahka ma
come anv day; but these factors VIII nave IL
| influence on money rates in view OF the enor
&c holdings of the Clearing House banks
which show reserves of more than $64.OO0,OOC
not counting reserves against natlohaI deposils
! The amount the banks may lose on Withdrawal
| 20 federal funds will be Offset by receipts o
| currency from the interior, which show no sign
| NJ falling off. and which doubtless Will cont1nu
largely in excess of shipments uTtil after IN
demand in connection with the harvests de
velops Since Friday the local banks hav
ai,,a3 on their operations with the Sub-Tress
~ inward of $4,000 and much large
aroount from out of town. There was no chang
I'm money rates yesterday and no engagement
of gold for export, but indications pointed tow
ard additional exports of the metal before IN
| - of the week Bar gold in London a
! bigber and Paris secured practically all tn
south African GOLD that was offered in the ope
| London market. Stocks ought To recover TO