New-York tribune., 1908-08-16
FINANCIAL AFFAIRS
MOST STOCKS LOWER.
Liquidating Increment About O0e'
Bank Statement Figures.


ment were responsible for further losses IN
stock market values yesterday, maximum de-
cIines in the leading active shares running 10 a
point or more. Opening quotations were uhoet
the final figures Of the preceding day ana
though an attempt made to rally the gen.
eral list before the close of the first hour there
appeared to be effective buying, and recoV-
cries from the initial weakness soon were LOST
as a result of active selling by the room eie-
rnent. Prices, however were better IN the late
trading The professional operators as RUE
were bearish at the close of business but lead-
ing commission houses advised customers to
buy further reactions, on the theory that as
the market had been through an extensive
liqudatng movement in the course or Whlch
weak accounts had been eliminated and large
short interest had been established the chances
were favorable for resumption of the bull
campaign in the current week, barring OF
course the development of factors affecting ad-
versely the actual worth of securities
Heavy selling by Boston houses, supposed 10
he in part for the account of a notorious Boston
speculator, has been feature Of the movement
OF the last few days. and the fact that the Boston
operator is trying to make a market for his
holdings has not encouraged support TO prices
from the substantial Wall street interests
Some of the members of the old Rock Island
crowd have been heavy sellers OF their own
stock in the expectation of getting 1t back al
cheaper prices and this speculative movement
naturally has served to cause uneasiness over
the position of the Rock Island property, though
there is no reason for alarm, as the weakness
in the Rock Island issues bears no relation to
the actual standing of the company
Many traders sold short yesterday on the idea
that underlying all the rumors on the decline
is the implication that the interests hitherto
committed to the bull side longer OF one
mind and are not cooperating in the support
of the market. This theory, however, is not
popular The heaviest net loss was recorded
by American Smelling, while Union Pacific
pa,,1 ANAL ed Conner
souri, Pacific and many other issues showed a
stronger tendency in the final dealings, st. Paul
ending at net gain; also Reading and Mis-
souri, Pacific Union Pacific closed unchanged
from Friday, and Amalgamated showed only
small fractional loss. The general appearance
Of the market at the end of the session far
more promising for the bull account than re-
ported Friday and Thursday. Bank figures
in the average statement showed smaller
gain than expected in cash and large eXpan-
sion In loans the latter offsetting the increase
in cash TO an extent that caused a decrease in
the reserve above legal requirements of $685.
$50, to s57,61S, ,625, which compares with $9,294,
o75 at this time year ago and s1,101500 in
1906. The statement of actual conditions of
Friday night presented showing more in
cordance with Fridays estimates, reserve on all
deposits increasing s1,974,275 and cash increas-
ing nearly $4,000, 090 State banks and trust
companies not reporting to the Clearing House
showed increase in cash Of s2,4S4,5Oo, The
combined cash holdings of the Clearing House
institutions, the non-reporting banks and the
trust companies amount to s504 961, 900.
Reports of railroad earnings SO far received
for the twelve months ended June 80 show for
ffty-seven companies decrease in gross of
s4s,5s6S79 and a decrease in net of S32,274.755
or lib per cent comparison being made with
the preceding fiscal year. For the month of
June the loss in gross was 1884 per cent and the
loss in net 1896 per cent, the June compilation
being for sixty eight roads. as against decline
In gross for May of 2146 per cent and in net of
2504 per cent. net earnings for the latter month
showing the largest percentage OF loss for any
month in the current year. Both gross and net
in June improved over the May record and
from reports at hand for July 1t is evident that
the final figures for the last named period will
make a better exhibit than that reported in June.
For the first week in August there are indi-
cations of change for the better in railway
receipts out of thrty-three roads reporting
three companies show increases. while the losses
recorded as a rule under those in the pre-
ceding weeks of the year further indication
of the gradual improvement in the railroad busi-
is found in the fortnightly bulletin of the
American Railway Association, which gives a
decrease in the number of idle freight cars in
the United States and Canada of 27059 for the
two weeks ended August 5. the total of idle cars
on that day being smaller than at any time
since the close of last December The most in
teresting feature of this report is the imnrove-
ment shown in the number OF cars in operation
in the essentially manufacturing states and in
the iron and coal districts. The figures given
reveal the fact that trade conditions in the
United States are slowly but surely gaining in
strength and they suggest that a return OF nor
NAL times in the country's industries will not
be a matter of many months, especially as the
movement will be helped by the vast accumula
ton of bank reserves and by haryests that
promise to compare favorably with ten-year
average. Under such conditions there is no
good argument for the liquidation of we'll pro
tected stock market accounts.