The Washington times., 1908-05-26
NEW YORK STOCKS
IN A BAD DECLINE
Closing Attended With De-
clines of | to 3 Points in
All Rails.

NEW YORK. May 26.-After making
headWay here and there throughout the
list. while there We're reactions of mod
crate proportions elsewhere, The mark ct
gradually eased OF toward the noon
hour and gave every indication OF a
duI day during the rest OF the session,
ana some concessions in prices The
weak spots were in the faVorites, the
stocks that have heretofore led the big
advance movements, St. Paul, Union
Pacific, Southern Pacific, and Reading.
But leaders cannot go down without
taxing the rest of the market with
nSm. ana this is just what happened.
alnOugh the declines in the leaders
were much more severe than in the
minor stocks. The whole list as Il en-
tered the noon hour was on the down
sr6de run. Busiress showed a material
ldHlng or In orders both from room
traders and the public
Last weeks turn FOR the worse was
very serious as in one week the de-
=. e5 As, IN lA values Of the list amounted
% SIS5,VJ1cO0, II being the ursL serious
setback Moreover, the loss OF this
enormous amount resulted from be-
tween May is and o.
Inc prospects Tor "A currency law are
considered good; in fact. the edict has
gone Iortn that law must come forth.
Inc trouble Is IN making the exposition
IN me House and Senate swallow the
nave passed both houses Of Congress.
st Paul lost points. Union Pacific
point, Southern Pacific and Pennsyl-
Ndhla Il 10 ! point Great Northern and
1HlnolS Central held their own I'm the
morning, making some advances, as did
other stocks in the first hour, but the
gains ala not last. Northern Pacific
lost point; Chesapeake and Ohio,
canadian Pacific. ard other shares in
OF a
steel preferred was y OF. Amalga,
mated Copper =, Anaconda IL, and
smelling was steady. Lead actually
gained ~ points
AS the session advanced the leaders
began TO show some little recovery, be
ing Influenced by the covering of room
traders who had shOrted the leaders and
also by the prospects for a currency
Dill The earnestness with which the
lawmakers are going after this ques-
ton IN an effort 10 enact, inspires hope
mat they viii succeed
The improved tone was not followed
Dy much more activity, but the market
with its dullness became more steady
ana promising. After losing points
-. Paul recovered half OF its loss.
Union Pacific recovered lss of its decline.
Northern Pacific and Reading were "a
s on. Lead set the industrial pace with
S3s advance Shelter steady.
In the closing hour of the afternoon
the stock market went 10 pieces and
the declines became quite serious espe-
cIally IN the market leaders, st. Paul
Union Pacific, and Reading Just what
tie reason was. could not be located
unless it was a case Of timidity on the
part Of holders, followers Of the lead
ers on the upgrade or else a distri-
button OF stock by Rockefeller HaTri-
man, with the chances in favor OF the
former theory.
In any event the irregular market for
the day is sufficient 10 cause cOnserVa-
tive traders 10 let IL severely alone.
St Paul dropped 37k and rallied 4,
Union Pacific was of Us. Southern
Pacific, .; New York Central. Ia; North
eTn Pacific, !: Reading. 25s; Great
Northern, l9s, Baltimore and Ohio, IA
and the same on Chesapeake and Ohio,
Louisville and Nashville pa and Steel
q point, while the preferred was but
= on Missouri Pacific points lower
General Electric, Sugar. and natural
y enough, Ice made good gains.