New-York tribune., 1908-09-27
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
HeaUy Trdding in Rock Island Pre-
ferred-Fe1cer Idle Cars-Banh
Statement.

From start to finish of the two hours session
yesterday the stock market displayed much ir-
regularity, and at the close was heavy, with
net declines in most of the issues, including all
Of the so-called market leaders Rock Island
preferred was the exception in the early trad
ing, being advanced to 417s or points above
Fridays final quotation. at which level 1t en-
countered heavy selling. under which it lost more
than points, closing at net decline for the day
Of q per cent The transactions in securities of
the Rock Island system were again the largest
in the bond department, and the various issues
of the Chicago Rock Island & Pacific closed
strong and higher. The floating supply of Rock
Island preferred is not large for the issue itself
Is of comparatively small amount, and 1t IS
through this issue that the control OF the system
is held by its present management; so that the
undertaking of advancing its price Is compara-
lively not very difficult. According to report,
bull pool has been formed In the preferred
headed by a prominent Rock Island interest,
but the Street did not take kindly to the idea of
this stock assuming market leadership and the
selling OF il, which probably for the first time
since the issue was created was the largest OF
the list was Of such volume as not to be with
stood. Among the industrials the most impor-
tant movement was the advance of more than
points in Consolidated Gas and its net advance
of points rumors of successful outcome or
the S0-cent rate litigation.
The political news of the day, which included
the retirement of Haskell from the treasurership
Du Pont from a responsible part in the work of
the Republican National Committee, as we'll as
the long statement of Senator Foraker was not
regarded as of especial Importance in indicating
the probable results Of the campaign and did
not enter as factor in influencing the move
ment of the stock market The transactions
were on a smaller scale than heretofore since
the big break and in this, as well as the irregu-
larity and downward tendency Of prices the
market followed precedent. The bulletin Of the
American Railway Association for the fortnight
ended on September 16, showing a further de-
crease of nearly $4,000 in the number of idle
freight cars was an encouraging exhibit. in line
with the reports from many points of gradual
Improvement in business, although it is to be &C
counted for in part by the normal demand at
this season for for moving the big grain
crops of the Northwest.
The average" bank statement showed a loss
In cash by the banks Of s3,16470O, or about
s240o 900 less than had been indicated from the
known movements Of money during the week.
Deposits and loans each decreased a little more
than s6,000,o00 and the surplus reserve de-
creased 74.100-being now s52,S73.60o The
actual" statement, giving the banks condition
at the close of business Friday, showed a de-
crease in the loan item Of only S2,548,500, the
wide variance from the average" loan reduction
representing the renewed advance of the stock
market toward the close of the week.