Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1908-10-12
WEEKlN WALLSTREET
Operators Working 70 - nee Meet
Serious ob't,
HEAVY SELLING FRO Z ROAD
Flood Of Offerings from EuI - eat
Down Values.
LOCAL NEWS IS IGNORED
Developments at Home Generally
Favorable to Values.
RAILROAD TRAFFIC GROWING
Percentage OF Idle Cars is Deeseasinz =
ana Present Rate VIII DevelOp
shortage By First Week
In November.
IGNORED

NEW YORK Oct 1.-THE speculative
element which has been holding prices OF
American securities at an advanced price
level In the professed confidence In an
early restoration OF prosperity met a seri-
ous obstacle in the flood of iiuuidaton
OF foreign holdings OF these securities,
which was let loose by the eatnering Of
the war cloud in eastern Europe The
foreign news was re, eiyed with Jaunty as
surance early in the week and there were
frequent and effective rebounds in prices
each day when the days business for
foreign account had been concluded.
There are no American railroad lines
running through Bulgaria." observed the
conf dent brokers as they bought ilrge lines
of stocks on the declines. The cable lines
however, continued to bring orders TO sell
thousands of shares of American stocks
and the active demand in the exchange
market to effect remittances in payment
testified to the reality of the selling and
the Necessity OF finding funds to pay for
the sales thus accepted. The unprofit-
able nature of the attempt to hold up
pr ees merely to uphold profit for these
foreign sellers made growing impressions
the week progressed and the selling
pressure became more acute, until arti-
fical support was practically abandoned
Various factors combined. therefore, to
make the effect Of Europe's political
tr)ubts rather more acute in the New
rs stock market than on the foreign
bourses themselves
Grain Markets Stronger.
The weakness of stocks in the New York
market was sscribed quite universally to
the technical disadvantage Of It's position
and was not regarded as a reflection Of
any likely impairment OF Inherent values
Of American securities even in the event
OF an European war The strength in the
grain markets was evidence of the in
creased demand at least for a portion OF
this countrys commodities. Foreign de-
nand for some other lines would. Of course
be curtailed. On the side of the securities
market there IL the likelihood that apart
from the early liquidation from foreign
banking ard financial sources to supply
yar fapds, ,there would be Some flow OF
'fUrSfgn investment capital into American
securities after being displaced from for
eign enterprises Immediately threatened
with the damage from an outbreak of the
war; The effect to be expected from with
drawals OF gold from the New York market
is more abscure, The great present ease
OF the New York market and the prospect
quirements seem TO promise a minimum Of
disturbance from any inroad upon gold
holdings that would seem probable.
Affairs at Home Ignored.
The course OF affairs at home was al
most ignored In the dominating Influence
OF the. foreign situation. There remained
however. a strong undercurrent of conf
derre in the progress of Improvement in
business and in the prospect of its acceler-
alton after the election Many Industrial
lines report a holding back of intended or
ders pending the elections Railroads show
growing advantage In the comparisons with
last years showing. Idle freight cars corr
tinue TO decrease and the chairman Of the
car efficiency committee of the American
Railway association asserts that the pres
ent rate OF traffic increase would bring an
actual chortage OF freight cars by the first
week in December. Orders for finished
products Of steel are still moderate. but
the rate OF iron production on October /
had been restored to two-thlrds of the
actual output for tho banner north of Oc-
tober last year The months government
crop reports are accepted as showing
abundant grain crops already harvested
and the definite insurance OF a plentiful
cotton crop with markets for all at profit
able figures.