The sun., 1908-02-09
AND COMMERCIAL.
SIruRnAY. Feb. q.

oAlVhDAht RbD. o.
In response to no other impulse, lppar-
emily, than 20 a vague but very general
impression which steadily gained ground
yesterday that a good deal OF liquidation,
forced and otherwise, was overhanging
the security market prices of stocks to-day
declined more violently than on any pre-
vous day during the week. and indeed it
did seem as it much OF the selling Of stocks
was in the nature OF rea! liquidation rather
than % mere speculation for the fail. Large
sales OF Reading common stock Oonsti-
tuted a feature OF the opening dealings, ana
after this time and continuously up to the
end Of business there were further notable
declines in the Union PaOinc. Northern
Pacific. Baltimore and Ohio. Missouri Pa
cific and in all the leading railroad and in
dustrtal shares. Closing prices we're gen.
orally at or but very little above the lowest
figures Of the day and the net declines
varied from pa. 21s and 2H points in the
Reading. American Smelling and Refining
and Brooklyn Rapid Transit stocks to be-
tween one and two points in other active
and standard shares. while there were
the usual larger rsoessl0ns in oeheI quart ers
where inactivity and wide variations in
quotations il the accustomed rule. To-
day, as was the case yesterday and the day
before, a reactiOnary movement seemed
10 pervade all the worlds financial mar
kets without any definite or striking cause
therefor In banking circles no reason
for the decline was generally ascribed
than that a certain indefinite quantity OF
stocks were being sold for the account Of
individuals who had been helped through
last years troubles and that the bear party
among the Stock Exchange spectators
seeing this condition Of affairs and the
current tOrpor of the investment market
were assisting the decline in the traditional
fashion. Although more or less curiosity
was manifested to-day regarding the fig
ures of the weekly bank and trust company
statements, which for the first time in the
history of Wall Street were TO be colated
and published simultaneously. this matter
cut very Ettle 4 any figure in the stock
markets actual openiton. and as It was
realized that the local trust companies
had been drawing money heavily from
the banks during the week in order to
fortify their reserves against the time of
exhibit and furthermore that the absence
OF past showings of this kind left no basis
for a comparison the statements when
they were published, late in the afternoon.
were not regarded az being particularly
then remaining in their business Offices,
Owing to the influences described the aver
age statement Of the banks to-day, COM
piled after the former fashion. reported a
decrease in cash OF $40. .973, 500 and a de-
crease in surplus reserve Of SIO.804 $50.
These figures differed very little from tho
return printed for the first time OF the ao-
tual figures at the close of business on
Friday of the Clearing House banks. Bank
reserves were in each instance nearly 2s
per cent. very high rate for this time OF
the year. The statement of the trust COM
panies and State banks exhibited surplus
reserves of 25.2 per cent, or nearly 10 per
cent. more than the legal minimum.
The week in Wall Street has been dull
and listless. to-day's deCiiDe in prices form
ing the only movement in the stock market
worthy OF the name. There were few i'm
n ortant developments in the business
world. Spectators for the fall, OF course
asserted that the absence Of any strong
indications Of Improvement in business
was an unfavorable sign, while those taking
q calrner and more conservative view
oR the situation maintained with justice
that the similar absence of any proof that
business was declining afforded reason
able ground for a hopeful prospect con-
corning the future. II il undoubtedly
fact that a general feeling in banking
circles that the fall in money rates had
gone about az far as it was likely to had
something TO do with the stock markets
weakness, although il is TO be- noticed
here that the decline in rates that has been
witnessed has not progressed NJ to. the
present time as far az it did on correspond
ing occasions in the past More talk was
board during the week than has been at
any time in the year thus far about possible
reductions in railway dividend distributions
that we're precedent to a general and ad-
mittedly needed reduction in railway pay
schedules. Political matters too exercised
a definitely adverse effect upon the market.
There was no further disturbing outgiving
from the Chief Executive AZ Washington,
but Mr.. Bryan made number of speeches
locally that were not helpful 20 security
values. Conversely the Supreme Court
Of the United States handed down another
decision. making the third recent utter
ance from tho highest judicial body Of the
land, that cannot fail to clarity existing
ideas concerning the present Sherman
ANTITRUST act and 70 bring proof, if such
proof were lacking, that the act in its
present shape is a sword that cuts more
than one way.
Nevx York stock Exchange sales Feb. ~