The Washington herald., 1908-02-02
WALL STREET NOTES
Prices Forced to Low Level
by Selling Movement.
ROCK ISLAND TAKES THE LEAD
Western Influences said 10 Have
Been Responsible for the Down
ward Trend of the Market-NO I'm
easIness Felt About the Proposed
shipment of Gold TO Paris.

New York. Feb. i.--To-day there was Il
selling movement that carried the prices
OF all the active stocks down 10 a level
we'll below the average for the week.
First the stocks OF one company went
and then the decline became general, the
activity increasing as the prices reCeded.
This increase OF activity on the down.
grade OF prices was one Of the most dis
couraging features Of the market. for It
showed that the holders or stock had the
courage to hold on with the tenacity dis
played earlier in the week. and it was,
Of course, impossible to estimate how far
their fears might be excited.
The Rock Island issues were the first
to attract attention by their weakness.
Even these, until about the end of the
when they started on the downward turn
they kept to that course for the remain
der Of the session. Except that it was
said the selling came from the West, the
orders having been put In early, but de-
layed on account OF the interruption Of
telegraphic service due to the storm. there
was no explanation Of the pressure
against these issues, The fact was re
called. however, that during the greater
part of January, even when the general
market was quite strong. the Rock Island
securities had been heavy on what looked
like liquidation Of a large account great
pains being taken 90 disguise the source
Of the selling. The plan Of concealment
followed was for the sellers to borrow
stock for delivery using comparatively
small houses TO make the arrangements
In the loan crowd so that the identity of
neither brokers vino actually handled the
sales nor of those whom they represented
was disclosed.
For the first time this year the volum
Of business in the first hour fell below
the 10000 share mark. Few OF the traders
were on the floor, and the attendance in
the brokers Offices was quite small on
/ account Of the storm and the short ses.
sion.
II was rumored that exports Of gold
would soon be made to Paris, but In
view OF the favorable money situation
as disclosed by the bank statement and
continued flow Of funds toward this cen
ter. banking interests said that even II
the metal should be sent abroad In fair
quantity il should cause no uneasiness
since New York is well prepared for such
possible contingency.
As on other occasions during the week
| Reading contributed nearly one-third Of
the total Of transactions. and Union Pa
cihc ranked next Pennsylvania, how
ever, elbowlng Steel out Of the third
place Rather more than three-fourths
Of the total volume Of transactions was
made up Of eight issues-the four named
and AmRlgam8ted Copper. American
Smelling and Refining. Brooklyn Rapid
/ Transit, and Northern Pacific. The heav
/ lest drains, however. were not in these
as a whole, but IN the inactive issues
! The London market was heavy, fol
/ British investors did not like Mr.. Roose
velts message any more than it was
/ liked by investors here Abroad the
Presidents recommendation not onlJ
/ had the effect Of depressing the American
| department but OF affecting other secuTi
( ties as we'll by serving reminder tha
| sOcIalistic tendencies are also found il
/ the governments of the other great Eng
/ Nsh-speaking nations.