OCR Text |
Show Decline in Prices Since Monday Estimated at Move Than ' $200,000,000. MARKET JS LEFT IN DEMORALIZED CONDITION Speculators Taking Slap at Administration Ad-ministration for Its Attitude Toward Railroads. BY EALPH EMERSON. By Leased Wire to The Tribune. NEW YORK. June 4. Tlie stock market mar-ket is completely demoralized. Stocks of all kinds, standard, manipulative and inactive, in-active, havo been raided to tho extent of over 8200,000,000 since last Monday. Mainly it is a slap at tho national administration ad-ministration for the present policy against tho railroads, but It has been assisted somewhat by the withdrawal of investors inves-tors who. withdraw Involuntarily they were wiped out. livery day tins week noted a. steady decline in the market. Selling orders have been tumbling in on the brokers rrom every direction. Tho entire list has been, and still is, under fire. But, as 1 say, It is only temporary, and many a fortune is going lo be made by those who aro cleverly buying on the slump. Union Pacific, United States Steel, Reading Pennsylvania they all led in the grand tumble which swept down merrily, wipping out account after account ac-count and leaving stranded thoso small ones who will insist, in the face of all advice, to attempt a brokerage account upon a slender margin. The kings of finance have been administering admin-istering a rebuke. They have been showing show-ing President Taft and Attorney Genoral Wlckersham what they can do when aroused. Roughly estimated, In four days prices were shaded off as follows: Central Leather lost 21; Chicago Si Northwestern. 4: Delaware & Hudson, 7; Great Northern, 7, Louisville & Nashville. Nash-ville. S; Missouri Pacific, 81; Norfolk & Western, 0; Reading. 1; Southern Pacific. 9: Texas Land Trust certificates, Gi Union Pacific. 7; United States Steel common. G; Chesapeake & Ohio. 4; Denver Den-ver Si Rio Grande, 51. These are merely a few of the prominent shares which suffered. In tho money market mar-ket there is not much chunge. In the week's currency operations, New York banks mado a net gain of approximately $2,745,000. From the interior there was taken in on balance, S3.3S8.000. that amount being less than tho weekly receipts re-ceipts recently reported. Offsetting this gain was the payment of $643,000 to the United Stales subtreasury on the week's account. The interior movement was smaller than usual and the gain was drawn down by gold shipments into Canada early in the week. Approximately Approximate-ly 0,133.000 was received from the interior, in-terior, while 52,745.000 was shipped direct to the Interior from this center. The receipts re-ceipts of new gold wore $1,070,000. The total gain from the interior and on now gold was nominally less than on last week. A bond Issue by the United States treasury boforo congress convenes next December seems inevitable. This situation situa-tion is created by the fact that the supreme su-preme court, instead of deciding the corporation cor-poration tax cases, restored them to the calendar for a rehearing. The government had confidently expected ex-pected the cases to bo decided In favor of the federal powers so that bond provisions pro-visions must be made now lo care for the expense of tho government, which othenvise would havo been mot by the corporation tax receipts However, this Issuo would not have been of sufficient Importance lo cause much of a flurry in the bond market. Tills big item this week was, of course, the action of Attorney General Wlckor-sham Wlckor-sham Jn securing a federal injunction restraining re-straining the western railroads from Increasing In-creasing rates. This is not a development develop-ment which affects any one system alone. The railroad and industrial Institutions the nation over have taken it upon themselves them-selves to feel offended at the presumption presump-tion of federal powers. Treading closely on the heels of this development come roporta from the oast, west, south and north that this company com-pany and that one would cancel Its orders or-ders for equipment qx account of tho government's action. The rumors wero put Into circulation very cleverly. No railroad men of responsibility stood sponsor spon-sor for them. Vice President Gordon of the New York Central, on the contrary, said "Tho report that we have canceled $G.OOP.OOO worth of equipment orders Is absolutely false. It is a lie, pure and simple." .However, a delegation of railroad men will call upon President Taft next week as representatives of the big systems of North America, and they will try to convince con-vince him of a course and try to tell him of whjit may happen "In the future. There were some optimistic bits of news from the railroad fields during tho past week. Missouri, Kansas & Texas will soon put out $125,000,000 worth of 5 per cent mortgago bonds, the acemment of which will be used" In extensions. This issue will bo ratified at a special meeting meet-ing of the stockholders lalo in July. Missouri Pacific Is earning at the present pres-ent time 3.78 per cent on Its capital LIVESTOCK QUOTATIONS. Chicago. By Associated Press. CHICAGO, June 4. Cattle RecoSptB estimated es-timated at 500; market steady; beeves, ?n,708.35; Texas steers, 35.257.10; western steers, S5.35g7.65; stockers and feeders, 54.000.40; cows and heifers, $2.S57.00; calve3, 56.008.50. Hogs Receipts estimated at 9000; market mar-ket steady to shade off; light, $9.1Ga.35; mixed, $9.15(0.373: heavy, $9.100.35; rough, S9.109.20; good to choice heavy. 59.20(09.3fi; pigs, $9. 0009. 35; bulk of sales, $.25g9.35. Sheep Receipts estimated at 1500; market mar-ket steady; nativo, 53.25S.40; western, $3.505.35; yearlings, $G.00(fi7 35; lambs, native, JaOS.uO; western, 55.508.40. Kansas City. By Associated Press". KANSAS CITY, June 4. Cattle Receipts, Re-ceipts, 400; market steady; nativo steers, $iS.fi0g8.2ii; cows and hclfero, $3.05(0)7.15; Blockers and feeders, $ 4.00fJ6.25; bulls, $3.755.75; calves, 5.o0fj8.00; western steers, $5.257.7i5; western cows, $3.50 COO. Hogs Receipts, 1500; market 5c lowor; bulk 'of sales. $S.209.2n; heavy, J9. 20 9.25; packers and butchers. $9,209.25; light. $9.10(0)9,25; pigs, ?S.75tfi9.00. Sheep Receipts, nono; market steady; muttons, $i.00(ip5.50; lambs, $7. 25(3)9. 00: fed wethers and yearlings. $3.00g)G.50; fed western owes, $4.003G.00. Omaha. By Associated Press. OMAHA, Juno 4. Cattle Receipts, 300; market unchanged; native steers, $4.IiO(fi) 5. CO; cows and heifers. 53.505.G0; western west-ern steers, $3.76o.t35; cows and heifers, heif-ers, $2,7535.S3; canncrs, $2.50074.25; stockers and feeders, ?3.n0(j)G.25; calves, $4.007.50; bulls, stags, etc.. $3.755.7o. Hogs Receipts. 4200; mnrket 5c lowor; heavy, $S.90tf9.05; mixed, ?9.00r09.05; light. J9.00(g)9.10; pigs, $8.00(5)9.00; bulk of sales, S9.OOCiJ9.05. Sheep Receipts, 100; market steady; yearlings. So. 506.25; wethers, ?I.S5tfi 5.85; ewes. $4.GO(55.30; lambs. ?6.7G8.25. Troasury statomcnt. By Associated Press. WASHINGTON, June 4. The condition of the treasury at tho beginning of business busi-ness today was as follows: Trust funds Gold coin .3837.221,800 Silver dollars 489,141.000 Silver dollars of 1390 3.705.000 Silver certificates outstanding. 189,141,000 General fund Standard sliver dollars In general gen-eral fund 2,917.950 Current liabilities 00,082,550 Working balance in treasury offices 19,S65,ir2 In banks to credit of treasurer treas-urer of tho United States... 3S,-li7,S12 Subsidiary silver coin 21. 155.409 Minor coin 1,224,871 Total balance in general fund. S3.3G3,05i |