New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-20
FINANCIAL AFFAIRS
STOCK PRICES DECLINE.
Distributing Increment in Securities
COntinues-MOney Rates Easy.

rrrro,,gbout the five hours Of trading in yes
terday's stock market further heavy olslrlDu'-
ing sales were reported for the account Vi III
terests who conduct their transactions through
the leading Wall Street houses. but II was not
until the last hour that selling Of TINS SORT ma
terially affected values. The closing was act
I've and weak the final transactions pelng ac-
COMMANDED by aggressive operations TOT lo"tI
o,,otations by the professional element Whlch
carried prices for Union Pacific and numDer
ne other leading issues under the lowest hgureS
reached in the current reactionary movement
The DAVIS operations reflected the presence III
the market Of a strong bear party, and no OPP
portunitv was lost by this element TO hammer
values especially In the prominent Ehares-
Tr,are was large volume OF real liquidation
and 2 general readiustment OF speculative posi-
lions but there was nothing in the way OF oe-
n1oraIization among commission house accounts,
while there genuine satisfaction III pulI
quarters over the way the market absorbed
e.oo,-s IN view of the great advance that has
taken place in quotations in recent weeks yes
terday's decline and the decline OF the pre-
ceding day are considered trivial by careful
followers of the market. who believe that
eventually quotations for ell securities VIII sen
at q level well in advance Of the best so far
racorded Union Pacific after selling at 1925,
ended the day at 1915. a net loss Of =; South
ern Pacific lost the day / Is; Northern Pa
cifc Ia: Great Northern. IA, and st. PAU, Is.
the last named being well taken on the decilne
and IN the early dealings making d he" hiSih
record for the wear Consolidated Gas gained
points the buying being based on the bener
that the Supreme Court Will decide IN 1aVor
Of the company in the So-cent gas matter MOST
or the inactive shares that advanced IN the
morning maintained their improvement at the
close
If the railroads Of this country are successful
in esta blishing freight rates a higher level.
labor and capitaI will he benefited by the in
creased expenditures which the transportation
companies will make equipment and better
rnents and for general construction purposes
Advances so far suggested are not unreason-
able The railroads nave been compelled to pay
higher prices for supplies and materials and
higher prices for labor. yet their rates nave
been kept at q relatively low level, and no"
average per mile a figure entirely OUT or pro
norton to the cost Of operating. Compared
with ten years ago there has been an increase
in the rate Of pay Of railroad employees of more
than 20 per cent. and according to the reports
OF the various companies, the higher compen-
sation has not been accompanied by an increase
in the effectiveness of labor, a reflection OF
which is presented in the fact that the labor
cost to produce 81 600 gross earnings in 1907
was SAG. against S415 III 1897. The railroad
companies in the United States have expended
a vast amount OF money in manner that has
reduced the cost OF transportation, and in the
last eight months of falling earnings they have
Dractised severe economies without reducing
this time they have not been able to charge
more for transporting the companys products,
while in many instances they have been forced
through state legislation to place passenger
rates on lower basis The railroads are not
planning any drastic. advance In rates. They
believe they are entitled to higher carrying
charges. and If their ideas carried out on
the proposed lines burden will Ge imposed
upon the shipper. The railroads have been and
will continue TO be among the greatest factors
IN the development OF the resources Of this coun-
try. and the fact that in the last calendar year
the railway companies reporting show employees
to the number Of 1,6I50pO and q payroll OF
81 90 100000 ought to be a strong argument
against the restrictive railroad legislation that
popular with certain state legislatures
last year
Time money is quiet the only activity in the
local money market being in the call depart
ment. where almost any amount of funds can
be had for q per cent Bankers do not expect
a heavy demand for time accommodation until
after the turn Of the year. when they believe
an active inquiry will develop. accompanied by
better rates for contracts for long and short
maturities Money in London was somewhat
firmer yesterday, but the Bank OF England
made no change In its minimum rate OF dis
count the institutions weekly return showing,
a proportion Of reserve to liability only a trife
lower than week ago alnd higher than In any