The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-27
FINANCIAL AND COMMERCIAL.

1SsE
3 SATURDAY. Sept. 40.
The MOVEMENT Of stock market prices
toAdayHaGohayactarized by more irregu-
afity 1iafaSeriBhness end upon the whole
with RfdAtSF hsaviness than was the case
yesterday, o development that certainly
4 could not have be-enSunexpected In Wow
of the rapid, rise In the market since the
close of business on Tuesday. In the main
stocks opeued to-day ct lower prices
than those at which they left OF on the
isdsy ibesofs, but whatever general hQui-
tJdating tendencies there we're In the mar
EeE were not notable end were confined
.nEo.a Ten issues. From the very begin
= fling Sfth6 market. however. there was
.~SaiviSofSus continuation Of tho extraor-
binary strength displayed yesterday by
ssRssk leland preferred stock. the rise here
.JhaipS the moro noteworthy ss It embraced
ell tie Rock Island and the odd Chicago.
Rock Island and Pacific and st. Louis and
a'han francisco securities. and came upon
6itli&hseik Or an Upward tendency shown IN
all these issues since earlier in the week.
There was again no official disclosure OF
the reasons iprtkis ripyenens. but It was
popularity considered as assured that ar
ranaements had been made to take care
of the 81 ,o00,b boo Of short term indebted
ness OF the 81. Ldnis and San Francisco
R~allyoadrvhose ,stook Is owned by the
Rock Island interest-maturing on De-
oember 1. It was obvious. however.
that this fact was not In itself sufficient TO
account for the broad rise In all the Rock
sIsland SECURITIES, since 1t has all along
Been held likely that money to liquidate
Observation-Disclosures Of the st. Louis and San
Franoisoo falling due on the date named
would be forthcoming. The almost Ger
tain probability ID that the financial plan
In question has reference not only to the in
debtedness Of the st. Louis and San Fran
cisco maturing this year but through
out the whole OF next year as well, the
tdt&isam6uht a~ggregating In the neigh
borhood. Of 32s. 900 900. and 1t Is clear that
tvwith these necessities out Of the way the
Rock Island compahy proper stands In a
much stronger financial position than has
erirsou indicated inscurrent quotations for
- 15ag time back IN the price Of its securi-
.-ties, There. b. In other words, every
j. reason to believe that the way is now
clear for the Rock Island to resume ut an
nsssisfayy date the payment OF full dividends
on the,preferrBd stock, which were sus-
berdSd S6fhe time since. and these indi-
cations are fortified by the large increases
.ShoHnin recent weeks in the Rock Island
earnings, Neither. %, there my doubt at
ali Id high quarters that eventually the
~Tinontnol of tho st. Louis and San Fran
ssa,taaaSSsp fosdS VIII BE ttansferred from the
-shsrdg III the Rock Island to those that
a use 1t TO better advantage.
Toyard the close Of the market profit
taxing taiek Eers again tho feature. but
assthe end Of the market prices were still
hJfrrseular rather than weak. Tho 10
--p-ors-of.fhe Clearing House banks for
the week bore witness to-day to o largo
>.reduotion In loans-due Of course to the
,pskeek 'Sfedaotion IN Stock Exchange Dor
r~owinEs-and q loss in cash that was a
eood-doal smaller than had been looked
for. The 1lGureeo Of the bank surplus were
therefore changed only In an infinitesimal
frWaJst, Political influences to-day seemed
:yltotplsy little part In the market, tho gem
4 eraY impression being that the run Of
news In the last twenty eight hours has
been as favorable TO one political party
Q thetother. Id banking circles and
ssAtdopg conservative people generally
y unqualified delight. which tool tho form
90 pieasirabls surprise. was manifested
over the further heavy curtailment that
.--has-taken place in the last two weeks,
,I.ac0ord;ng to the figures Of tho American
"a Railway Association. In the amount Of
sfdk freight cars In the country. The de-
--croase In these unused cars has amounted
In the period stated to over $1,000. and the
FALLING Of hiss been the most notable Of
~ the year 10 date. Indications OF exactly
the Same nature are at hand in the ENLARGE |
mept In the same period in the gross earn
ssinesof all the Western railroad companies. |
AK Sooattnfa hatnR now in rnanv l..
distances at the Same or even above those
Of the game period q year ago. Indeed II
ii frustw0rthffy stated that were It not
forthecarAnoW muse on the Rock Island.
Union Pacific and other large trapscon-
t~inentaliInes belonging to Eastern rail-
way eompAnies tho Western companies
would be experiencing = car shortage
$40 the present moment. Naturally under |
these circumstances encouragement over
the business and financial situation 10
Increasing anrong the oountry's railway
t>-v~.ax oxocxx 49, - |