The Washington times., 1908-05-23
SEVERE DECLINES IN
NEW YORK STOCKS
LoSSeSAverage Nearly Three
PointS-Proit-T aking
in Evidence.

NEW YORK. May 23-There was but
one side to the stock market today, the
fading away Of prices in the two hours
session being quite serious, and due
largely 10 a desire on the part Of trad
ers 70 take profits and at the same time
q rest. Primarily the action OF the
Government in bringing suit under the
sherman act against the New York.
New Haven and Hartford Company to
prevent the merger with the Boston ana
Maine was the cause OF the break, and
II was helped along by the enormous
line OF long stock being thrown on the
market ''at the market" Profits were
wanted. The TIDE had seemingly turned,
as everyone has expected that it would,
and turned with considerable speed.
The maniDulators did not understake to
stem the decline, and not once was
there the slightest check.
The bears. who have received but lit
tie comfort for many moons. considered
II a proper time to make a little easy
money and they Joined in selling stocks.
The committee on car efficiency OF the
American Railroad Association reports
that there were 4O4. $40 idle cars on the
tracks OF the various companies, on
May 18 This is a decrease Of about
5000 cars since April J.
There are some reports that indicate
better commercial conditions; bank
Clearings reflect an increased volume
- business. the cotton mills are book
ing more orders and the steel mills re-
port an increase In trade.
Reading earnings are very unfavOr-
able, the first two weeks in May show
ing loss Of 21-8 per cent, as compared
with loss OF i per cent IN the first
Two weeks In April The Presidential
conventions come on apace and before
long the country viii be in the thFOes
OF heated political battle with pos
slbultless at least, unsettling IN their
effect.
That the present range Of prices can
be maintained is scarcely within the
possibilities. II is generally admitted
mat the big bull movement OF the last
six weeks has been a clean case OF
financial musCle-SandOWs OF finance
holding Il like Atlas in his famous strong
man act That the market, If left 10
Its own feeble strength would have been
on a twenty-five points lower basis,
would probably be admitted by ninety
nine out Of every hundred men who
have made money on the up-turn, but
the manipulation has been 50 above
board that IL would have been foolish
not 10 nave Joined the procession and
picked up some OF the loose dolla 3.
II is within the possibilities that some
Of the bulls have OVerstayed the market
luCy nave not lost anything as VET
nor has the time come when the man.
ipulatOrs could not push stocks back
again 10 the prices OF Fridays top. but
il is a dangerous market-in a danger
Gus pOsition-and staying too long would
be disastrous. Prices are better banked
than on paper or in your mind.
Serious Losses.
St. Paul lost 55s points, Southern Pa
cihc, 81; Union Pacific, SIS; Missouri
Pacific. 3ls; Northern Pacific. 81; uli-
nois Central 3; Reading, as; North
western, 4; Great Northern. 2% Atchi-
son, Baltimore and Ohio, Canadian Pa
cine. Chesapeake and Ohio. and Brook
lyn Rapid Transit. 1ssal&; Louisville
and Nashville. 8; Steels. rs. and the
list, from y TO ~ points. Realty made
a gain.
In the last few minutes OF the session
there were some slight reCOveries that
were due entirely to the covering OF
shorts, satisfied with their profits. but
the advance on this buying was neon
siderable.
The close was grinding on the bottom.