Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-05
NEW YORK STOCKS ANDBONDS
Wholesale Liquidation Causes Violent
Break in Values in Nearly All Issues
HILLS AND HARRlnANs LEAD DROP
Attack of Organized Bear Party and
Decrease fin Railroad Earnings
aud High Rates for New Cap
itaI Supposed Cause.


NEW YORK, March 4.-Prices broke with
violence in the later dealings in the stock
market today and the market gave every
appearance of wholesale liquidation being
In force. The early action of the market
gave an impression of bear attack. There
was moment of strength in q few issues
at the opening and there were points of
resistance in the early decline, but the
whole list was swept into the downward
movement and the decline gained impetus
as the futility Of efforts at support was
perceived ana stop-loss orders were
covered on the decline.
The supposltion gained ground quickly
that there was some large liquidation of
what are called investment holdings going
on. These reports caused gloomy feeling
over the whole Industrial and business out
look. They were accompanied by some
rumors calculated to deepen the gloomy
feeling, but which were without contirma-
ton For instance, Il was affirmed that
efforts were being made to secure the can
collation. OF some Of the orders on The
books of the United States Steel corpora
ton for future delivery owing to disn-
clination of the contractors to accept the
deliveries. 1t was asserted also that the
pennsylvania railroad was seeking to abro-
gate some of its orders for freight cars,
prompted by revised view of the outlook
for traffic These reports were without
confirmation upon inquiry In official quar-
ters. II was heralded abroad on the other
hand that powerful bear party had been
formed in the speculation, made up of
men previously influential In the steel and
allied industries. The supposition of this
leadership induced some large following on
I
nounced weakness was In the Hill stocks,
with the Hartman stocks in company. The
rapid downWard course OF these stocks
man holdings of the Hill stocks and of
market reprisatls for grievances believed to
grow out of the Hartman investigation or
OF some of the information furnished for
the purposes of that investigation. An-
other source of weakness was the alleged
needs OF various corporations for new capt.
tai and the high rates they would be OBJ
iiged to pay for 1t; Reports of net earn
ings of railroads for January coming to
| hand showed the inroads resulting from
| the increases in wages that went into eff
| feet on January l. This fact of the grow
| Ing cost OF operations of railroads and the
difficulty of securing capital for the better
ments which alone would avail to increas-
ing cost brought into consideration natu-
| rally the integrity of dividends. A number
/ of preferred stocks on which the dividends
| have comparatively narrow surplus of
| clines on comparatively light dealings The
cumulative effect of these considerations
and the growing weakness had democrat
izing effect on the market and the fall be-
| came rapid. The early resistance was In
the department of specialties for the most
= part amongst the industrials. Reading was
strong and seemed to be accumulated with
| persistence into the afternoon. The Cop
| pers and United States Steel also were late
London sent higher prices at the opening,
| prompted by a favorable view OF the pass
age sos 81 the he Ad 1b0 Srf S 6 a
| Large coming shipments of gold from the
! Bank of England to Brazil were reported.
! Some uneasiness over the industrial outlook
was reported from Berlin. Money here
| drew easier on call with the progress of
the liquidation, but time loans were strongly
| held. The Saturday bank statement was
believed to indicate a shift in the currency
| movement in favor of the interior The
| closing tone was feverish and unsettled and
the rally. due TO covering of shorts, was
poorly held.
Bonds were weak. Total sales, par value
H.T4000. United States bonds were un-
| changed on call.
| The following was the range of prices on
the New York Stock exchange: