Omaha daily bee., 1910-06-05
Manipulators, in Order to Take Slap
at Administration, Said to Have
Made the Raid.
DECLINE CONTINUES ALL WEEK
Entire Wall Street List Hit Hard and
Under Fire.
SMALL FRY LEFT HIGH AND DRY
Il
Margins Wiped Out and Many of
Them Left Stranded.
SMALL FRY LEFT HIGH AND DRY
RAILROAD MEN TO CALL ON TAFT
Hends OF Transportation Companies
May Try to Convince the Presi-
dent of Course ana TeII
what May Happen.

NEW YORK, June 4.--tSpecial Telesram)
The stock market is completely demoral-
lied. Stocks of all kinds standard. manip-
ulative and inactive, have been raided TO
the extent of S2OO,OOOOO0 since last Monday.
Mainly 1t is slap at the national admin
istration for the present policy against the
railroads, but it has been assisted some
what in the withdrawal of investors who
withdrew involuntarily--they were wiped
out
Every day this week noted a steady de-
cline in the market. Selling orders have
come tumbling in upon the brokers from
every direction. The entire list has been
and is still under fire But, it is only tenn
porary and many fortunes are going to be
made by those who are cleverly buying
upon the present slump.
Union Pacific, United States steel, Read
ing. Pennsylvania, all led in the grand
tumble which swept down merrily, wiping
out account after account and leaving
stranded those small fry who will insist, in
the face of all advice, to attempt a broker
age account upon slender margin.
Work of Kings of Finance.
The kings Of finance have been admin
istering rebuke. They have been showing
President Taft and Attorney General Wick
ersham what they can do when aroused.
Roughly estimated in four days trading
prices were shaded off as follows:
Central Leather lost 2h; Chicago &
Northwestern, &; Delaware g. Hudson Z;
Great Northern preferred, Z; Louisville &
Nashville, Z; Norfolk & Western, 6; Read
ing Il; Southern Pacific, 8; Missouri Pa
cific 51a; Texas Land, 6; Union Pacific, :; ;
Steel, common, 6; Chesapeake & Ohio, 4;
Denver q Rio Granda bIL nnipts
These are merely a few of the more
prominent shares which suffered.
In the money market there is not much
change. On the weeks currency opera
tions New York banks made net gain of
approximately s2,745O0O, rFom the interior
there was taken in on balance So, ,3SS, COO
that amount being less than the weekly
receipts recently reported. Offsetting this
gain was the payment of s64S,000 to the
United States subtreasury on the week s
account. The interior movement was
smaller than usual and the gain was drawn
by gold shipments into Canada early in
the week.
Approximately S. lS3, 900 was received from
the Interior while s2,745,OO0 was shipped di-
rect to the interior from this center. The
receipts for new gold were ST. 900. The
total gain from the interior and on new
gold was nominally less than last week
The summer Outlook.
With the advent of summer the money
market is naturally more OF less concerned
with the prospective demands from the in
terror, necessary for the movement OF
crops. For the last two years this has not
been so important an operation as this
year. From the present indications there
is going to. be tightness in money in the
late summer and fall.
bond issue by the United tSates treas.
ury before congress convenes next De-
! cember seems inevitable. This situation I.
created by the fact that the supreme court
instead OF deciding the corporation tar
! cases, restored them to the calendar for 6
rehearing. The government had confidently
expected that the cases would be decided
| in favor Of the federal powers so that bont
provisions must be made now to care fo
! the demand. which, otherwise, would hav,
been met by the tax receipts However
| this issue would not be OF sufficient import
ance to cause much of a furry in the bono
market
All Feel Offended.
The big item this week was. of course
! the action OF Attorney General Wickershan
in securing a federal injunction restralnini
the western railroads from increasing rates
This is not development which affect,
any one system of lines. The railroad an,
/ Industrial institutions the nation over hav,
taken ii upon themselves to feel offended a.
the presumption of federal powers Tread
ing closely upon the heels OF this develop
ment came reports from the east west
| south and north that this company ant
that one would cancel its orders for euuip
ment on account of the government action
These rumors were put into action yer!
cleverly. No railroad man of responsibIlit,
stood sponsor for them Vice Presiden
Gordon. of the New York Central. on tn
contrary, said
The report that We have caneeIIe,
100000 worth Of equipment orders Is alb
solutely false. 1t is lie, pure and simple
However a delegation of railroad mel
viii call upon President Taft next week
as representatives of IRE big systems o
North America, and they will try 10 con
vince him of a course and tell him wha
may happen In the future
At Least one Bright spot.
There were some optimistic bits Of new
from the railroad field during the las
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