Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-09-22
SENSATIONAL.
BREAK IN STOCKS.
Came After Halt Hour Of Very
Uncertain and Irregular
Fluctuations.
BEARS WERE IN EVIDENCE.
BEARS WERE IN EVIDENCE.
Transactions in Blocks of Several
Thousand shares-NIarket lSN-
element.

New York. Sept. 22.--Stocks had anotii-s
Ell sensational break today after an
hour OF uncertain and irregular fluctua-
tiuns. On the decline such influential
stocks as Union Pacific, Southern Pacliic
anu 4imalgamated Copper broke half q
point between sales OF small blocks III
some cases only 100 shares. Al Intervals
there were transactions in blotns oI&ssh
eral Thousand shares. Professional opera
lions on the bear side were evident not
only in The matter OF the decllnc but IN
the quick rallies on short covering. piio
bulls made no effective opposition, how
ever, iii tte Iorm of supporting orders.
Brokers on the floor of the stock eN-
cnai:ae reported the market mere bare OF
buying orders. The violent break came,
however, after some show of recovery
and OF positive strength in a lew stocks,
Inc fall over night reached 35a i'll Della
Ware ~ HUDSON, 5A in Louisville ~
Nashville, 3 in Union Pacific and ILL
nois Central. 2.s in Anaconda, in
Northern Pacific, Great Northern Ore
Certincatess and Amalgamated Copper and
In i'll southern Pacific ana United
States Steel.
Apart 1om political considerations and
ruinors that the federal authorities were
about TO institute proceedings against
some of the large Industrial corpora
tions, including the electrical companies,
there was no news TO account for. the
break Just before noon the market was
a its weakest.
The rapid fall in prices and the wlpins
out Of margins created uneasiness aEu
added to the heavy selling. Union Pa
cilic broke through $50 and there We're
similar declines OF 3 to points In Read
ing. Amalgamated Copper. Illinois Cen
Pacific ana others.
The excitement in the stock marNet
found little reflection in The banks and
trust companies OF the nnanclal district.
hut Is,t
ests have been borrowing very little
money for several months past. In the
banking circles there Is a disposition TO
attribute the break to Il reversal Of mar
lleLe solitude by some very rich indiVid-
uals whose affairs have recently been
injected into the political situation.
The. tone of the opening stock market
today was extremely Irregular but the
not wide except in a few Instances. Great
Northern preferred was lifted y and
american Smelling IS. Amalgamatcd
Gopher ran OFF rapidly H..
Fl After some further unsettlement the
market developed general weakness
which was heightened by liquidation in
Northern Pacific, New York Central and
Anaconda. Support was extended TO some
of the prominent stocks when they had
Greceded to about yesterdays closing or
slightly below Around IL o'clock the
market was rising brisltly again. Ma
stiona Lead had risen anew TO 1884; or
=
point
THE rally PIT an end to buying ana Ein-
3vited renewed attack by the bears a sud-
den outpouring of stocks followed IN
which there We're sensational breaks OF
II to q point between sales of. the most
active stocks. Union Pacific dropped 80
below last night. Reading 5. Louisville
X Nashville 4. Westinghouse Electric
Z az. Illinois Central 3, Southern Pacific
2 Il Northern Pacific, United States
Steel, ANAL gamated Copper and General
Electric and st. Paul 1&
Bonds We're weak.
Stocks were bought actively at the
low prices current around noon, large
iNsto cover shorts and there were rail-
lies of i to 2 points with Reading anu
Union Pacific leading. Another drive
against Reading, which broke II 6 points
5ina4all, started renewed liquidation of
other stocks and some of them dropped
back to the lowest. Some of the notable
declines at the low.leve1 were Delaware
& Hudson. louisville, e Nashville ard
Consolidated Gas az Atlantic Coast
Line. General Electric and Republic
Steel preferred 3, United States Steel pre-
ferred Us Baltimore & Ohio Chesapeake
q Ohio and Rock Island preferred 2.
The market closed feyerfsh and ex-
cited.
4 shorts covered and rallied prices 2 to.
3 Dpints for active stocks. When the de-
imand from shorts subsidized there was u
rapid decline again. Union Pacific drop
ter stocks showed resistance to the de-
cline and after n sharp reaction there
was a quick rebound, There was another
rush to cover by the shorts and gains
over last night were established In some,
of these active stocks.