New-York tribune., 1908-05-24
FINANCIAL AFFAIRS
HEAVY BREAK IN STOCKS.
Losses of from 9 to 5 Points Record
ed-BuH Cam paign Collapses.

H,ayy losses We're recorded in the leading
issues In the two hours of trading yesterday
while In all parts of the list the geheral ten
dency was in the direction of lower QuolatiohS'
the movement being the consequence OF the re-
cent extrayasant speculation for higher prices
Though there were number OF factors WHICH
traders advanced as explanation Tor the hed'y
selling, people at all conversant Win the couiSe
of speculation in the last few weeks reaIzeu
that outside conditions had little bearing on the
decline except in so far they were used by
lear operators TO accelerate the retreat OF inc
bulI forces The action of the government
against the New York New Haven & Hartford
Railroad, for instance, was put forth as rea-
sonably good argument for the sale OF STOCKS,
and then the advocates Of the decline anhouhceu
they were considerably troubled over the possl-
bility of decision against the American 10
bacco Company in the suit just conciuueu
AGAINST II by the United States Attorney Cen
erai Favorable features In the SITUATION sum
a the reported decrease in the numper Oh luie
cars received little consideration, the collapse oL
the bull campaign which began early IN the
week overshadowing the bright spots IN the
business world, SO far speculative Wali street
was concerned The decline naturally WAS az
companied by crop Of brand new pear ruiiioi''
one of which in effect that the Hartman
ord Rockefeller interests had disagreed on varl-
ous frnportant matters and that the STANDARD
Oil people selling out on the Harrltlaii
crowd
Prices declined more violently than at any
time since the panic. AT tiHies tiieio va" 10
the slightest evidence Of effective support "iliie
for a brief period the market was seriously ue-
| morazed The Hartman shares Readihs ana
/ ST Paul were the worst sufferers, Union IA
cffc brea king points. Southern Pacific T. Read
ing 4 and ST Paul o7s Great Northern ana
! Northern Pacific also were especially weak Ieat-
! ures. Heavy covering of shorts falled 10 cileck
| the downward movement, stock coming so easily
| that traders who covered in the early dealings
uut ont new lines before the close Commission
| houses were active sellers of long stock. much
/ OF II representing purchases made last fall. and
the operation rejecting the belief on the part or
| holders that the bull side Of the market was no
| longer attractive. There also was active nqui-
| dation of long accounts established when prices
| were around the high points of the year. the
| saler showing substantial losses to the opera
| tors who thought the advance would run on IN
! definitely Stop loss orders caught
! throughout the list. Final prices were some
what above the lowest of the day. with the
! heaviest net declines in Union Pacific. St Paul,
! Reading Consolidated Gas, Northern Pacific,
| Missouri Pacific. Great Northern and Southern
! Pacific. More than 100000 shares were dealt in
| of which 605 900 shares were supplied by nine
stocks.
The statement Of averages OF the Clearing
| House banks showed large expansion in loans
| a substantial loss in cash and decrease in the
reserve above legal requirements of SS,12l 80,
| bringing that item to SOC 4S5315 which COM
mares with S15 56SS.SI5 in the week last
wear and Sc .tj94. 80 in 1906. The actual condi
tion of the banks Friday presented a smaller
increase in loans than in the average statement,
| and larger decrease in cash. The loss in cash
WAS far under the amount of gold exported in
! the week showing that large sums of currency
| continued TO be received from the interior
| Further enRaeements of gold for export were
| made YESTERDAY and additional amounts will be
! taken tomorrow.