Omaha daily bee., 1908-06-23
NEW YORK STOCKS AND BONDS
Tone Of Market Is Weak and Values
Are Lower.
ROCK ISLAND LEADS DECLINE
Active De-ire TO Unload Stock, Due to
No Specific News, sends II DowR-
TFamc Outlook is Appar
entity Better.

NEW YORK, June 2-The weakness OF
stocks today gave an Impression OF less
pa%ssiveness than the occasional droop with
Intervals Of recovery last week. There was
only small expansion in the volume of the
dealings to account for this appearance.
The active desire shown to get out OF
acc suitable for the changed tone Of the
dealings. Rock Island securities were the
conspicuous sample, in continuance OF a
sudden decline which commenced In the
closing dealings on Saturday and which had
an Influence in unsettling the market. tn
rumors circulated today In connection with
the break In Rock Island seemed TO be
more in the nature OF surmise, prompted
more by the movement Of stocks than by
any informed opinion. The movement gave
rise to some fears of financial embar-
rassment facing the company Of some ono
Of its related companies in the complicated
series OF subsidiaries which distinguishes
this enterprise. More than once during the
last few months II has been reported that a
comprehensive reorganization OF the plan
was in contemplation. Today's rumors
limited at a coming bond issue and even at
a receivership. but these rumors were dis
credited In official quarters. Another sup
position was Of heavy losses from flood
damage to the company's property, but this
was denied by officials OF the company.
The weakness of the Rock Island company
was OF a sympathetic effect on the whole
stock market. There was nothing in the
general news to prompt selling Of stocks.
The accumulation of banking reserves Is
reaching a point that seems TO necessitate
ACTIVE measures 10 Una eulPiOghenl lOT
these great sums. Paris took gold from
London today and the unsatisfied appetite
OF that center and Of Berlin for the precious
metal constitutes the only ripple In the
money. market. Reports of the placing of
part Of the new bond issue of the National
Railroad of Mexico with Paris bankers
were believed to explain the decline IN
foreign exchange. Traffic officials of the
great railroad systems spoke In a tone Of
some encouragement OF the business out
look, although having small actual increase
m tonnage to report. Such an increase was
inferable from the statistics OF surplus idle
freight cars on June 10, given out by the
American Railway association, the total at
that time having fallen to 349, 94, a de-
crease Of $3.50 cars since May q. Some
part of this showing is referred to the In
crease In cars in bad condition which are
sent to the shops, but without figuring In
the total OF surplus idle cars. The show
ing, nevertheless, Is considered an impor-
tant index of improving commercial condi'
tions. Weather In the winter wheat region
was reported ideal for harvesting and this
correots a condition regarding which grow
Ing anxiety was beginning to be felt. The
effect Of this news was partly neutralized
by the strength In the grain markets. The
closing tone was weak.
A further break in the Rock Island coll
lateral bonds and another fractional shading
the new Union Pacific As were features
OF the bond market, which was heavy.
Total sales, par value, 2,S6,0W. United
States bonds unchanged on call.
Following were the range Of prices on
| the Stock exchange TODAY.