Omaha daily bee., 1907-02-28
new YORK STOCKS ANDBONDS
Market Upset by Selling Of Varied and
Extensive Character
SPECTATORS FEAR NEW LEGISLATION
Market IL Unsupported and Prices Are
Materially Lower-CIose steady
without Important RE-
cOveries.

NEW YORK, Feb. H.--The stock mar
ket was upset TO-DAY by selling OF the
same extensive ana varied character as
that winch broke prices on MONDAY to new
low levels for the year. Yesterdays rally
mad given the impression that Monday
selling WAS largely for professional snort
account. Today's selling had much the
appearance OF liquidation and the market
was in the same unsupported condltlOn
as on Monday, a fact which accounted
largely tor the material inroads on prices
on comparatively light selling.
II waA generally neld that the develop
menS at the Interstate Commerce COM
mission inquiry were responsible for the
tone OF the speculation. 1t was not any
immediate item of information disclosed
that prompted the selling OF securities, but
the Tears of the ultimate consequences
growing out OF the investigation. Inc
recognized aim of the investigation Is 10
demonstrate the desirability or necessity
OF more stringent control over railroad
companies by the government, especially
In the matter of Issues of capital and pur-
chase of stocks in other properties, on
account OF the bearing on the freight rates
charged which these matters have. II is
believed that, so far as the impression on
the public mind Is concerned, the inquiry
Will have the effect of Strengthening the
and OF furthering the efforts to secure
legislation TO secure those aims Inc
acknowledged effect of the hearing on the
mind OF observers Is that OF an exercise
of individual power through the resources
of the great railroad companies that seems
invincible.
The showing is imposing. even to the
Wall street mind, which has some famtl-
iarity with the conditions and views them
with the spirit which custom breeds. a de-
cided growth In the agitation for rcstric-
ton and control OF corporate powers Is
expected. Some disturbance was caused TO
sentiment by supplementary rumOrs Of IN
terest felt on the part of stockholders OF
some of the great railroads In a move
ment parallel to that in the insurance COM
panies following the insurance investiga-
ton. These rumOrs were poorly DEFINED
and were given their principal influence by
associating some of the names presented
in the campaign against the old insurance
control In the alleged plan for the new
crusade of minority stockholders. Addi-
tlonal legal restraints upon the fiduciary
activities OF railroad directors and eXecu-
tive officials were the suggested method DIS
of procedure.
The news Of the passage by the senate OF
appointing effect on the market There
was monetary rise in the opening deal
with growing downward impetus The
average level at the lowest was rather
lower than was touched earlier in the
weakness in a few prominent stocks, nota-
bly, Reading, which was severely depressed
by continuous stream of selling. That
stock and Louisville d Nashville were sub
lects or recurring rumOrs of a forthcom-
ing note issue. There was some extensive
buying during the final hour. which seemed
10 be pront-taking by the bears. 1t had the
effect Of steadying the market but there
were no important recoveries
Bonds were heavy. Total sales, par value
Sl9D,OO0 United States bonds were un-
changed on call.
The following was the range Of prices on
the New York Stock exchange:
Sail Hob