Show STOCK L PRICES RICES ON DOWN GRADE Rapid Decline in Southern Pa Pacific Pacific cub Following Announce Announcement Announcement Announcement ment of Latest Plan UNION PACIFIC AT THE TOP GENERAL SPECULATIVE SITUA SITUATION SITUATION TION CONSIDERED WEAK WEAKs york Turk June I The decisive down downard downward s New ward ird ard t turn rn tak by y the Oie puce price f r tock today lo ay inclined speculative sen en of or unfavorable in t take account a tors but there thre wa w little unfavorable wg W The Th rapid decline In Southern Pa P fc fr upon th III announcement t of oC the much raIdi pl to i retire the preferred oP ot ote object on tock was wa W aa 3 an he e INtent tn t which favorable develop rint int haw t dIscounted In the tM ut spee p TI r plan left the ther M n r hang ige of preferred and corn com cornmon stork tork tilt tID most attractive for or pre pro mon lOn 4 tok purposes t s and aDd made it high h C Kh that it would be followed flowed by bythe byI t I th the Such exchange It t taJ aJ d would leave leeve eve the company s pilton J where wb re it Is a ag ney sa say v tie on the th present nt charge wouw w depend 11 g n nth T the nf flew common stock being beI g kept pt on pH pcr i nt h 1 Kis compared with the 7 r r p IMM on nfl n th the preferred td t be re r ATI An increase in n the common ral t to 6 Per cent showed that on tork ok rk hao p at St the Price touched teu bed ye yea ril wIth was wall 15 IU It return would I ill 11 t be t less tess l ss than h n on Union Pacific at atal hat al price and Ami with the dividend dl already r on n 1 the present pr stock Mock It was w computation which Involved no new nth td that w Ii it Is responsible for foe the con conary tarV Tary ary movement in the Harriman stocks p n mOlt MASt n t shifting of holdings ring ft fr Ri m Southern Pacific into Union The Th large benefit to accrue to tonlon OP Pacific treasury from any In Inas Southern Pacific dividend as in the th tt a an fl additional Incentive to this op ration Quip Qui u f as a mn mu h influence was wac exerted on ons s ulal sentiment 1 by the departure r af f a Ii stock tock exchange member e 1 U woth an important share In the tra fl of the recent peat past in n the th Ih bull campaign as by actual in conditions bearing ring on val vals s Thi This departure was wu read as a a sign ut ial tt profits had been taken on a large valt In the lbs hull bull campaign with the con Ins Itten to follow of distribution of stocks pIn rt i hands and nd a growth of tech conditions of ll A distinctly bil was created c by the out ome me of ot the th New York City bond sale saler for w r which were less ieee than that nice 11 th amount offered The low price allied which reached only 71 on Uie Wu Hag wax ai as further cut out by sales HIes of the hOlds ft when hen issued on the stock exchange exchangers rs s low liw In as asTL T TL Ti e ll ht rise In th the call nil money monet rate rat K a it i to the applications for tor the theN N Nw rk Tk nty ity It bonds bandit mod Mate thoun t 10 nov io were fr ere n active demand has sprung p r for funds on Ime and rates are ad Rd DI also rose roae in London A 4 1 P today The general enal money sit ir n therefore Ih was 1111 shaping itself quite j finitely a away ay from WB ease H The L 1 rise in Pacific helped the late 0 to 0 fi lIn n of the price level and reduced jars days net changes h etI to small proper r nn 11 rp re eu Total sales per par iLp 3 Ool ltd States State bonds bon were w unchanged on taIl |