Omaha daily bee., 1908-07-25
NEW YORK STOCKS AND BONDS
Liquidation on Large Scale Breaks
Prices Badly.
NET LOSS ONE TO THREE POINTS
d 60 Press Motion for Retrial of
standard OIL Cases Motive for
Much of the SELF
ing.

NEW YORK. July A-Speculative liqui-
dalton on a large scale broke prices OF
stocks badly today. The fall was gradual
and restrained in the early stages, out be-
uncOvering stUp-loss orders. knowledge OF
the existence Of such orders emboldens the
professional operator to make short sales
and to offer concessions in prices IN max
ing these sales, thus forcing declines. Spec
ulative liquidation and short settings have
been in evidence before this week, but they
were overcome by the force Of the buying
demand. IL was in this respect that the
market showed a notable change today, the
buying orders, except at prices below the
opening level, showing a material shrink
eye.
The order from President Roosevelt to
push a retrial of the Standard OIL case
was a professed motive for much Of the
selling, especially amongst those who had
bought stocks largely on the ground OF the
decision in favor Of the Standard Oil COM
pany. The buying demand prompted by
that decision was led by realizing sales
yesterday and the day before by those who
had bought stocks at a lower level. The
posed to have been very large, and to rep
resent, moreover, the passing OF stocks
from the hands of the powerful groups
which have fostered the advance into those
OF scattered holders, much less wealthy and
much less skillful and practiced In the
conduct of speculative operations and man
ipulation. There was developed an element
in the speculation whereby dealings had
been largely reduced at a handsome profit,
and which was made Indifferent to further
maintenance or advance of prices and will
ing to see a substantial relief and an OPP
p%ortunity to get back stocks at an advan-
tage. That such technical consideration
were largely responsible for the turn in
the price movement there can be no doubt.
The extent and duration Of the advance
which had already occurred emphasized
this condition. The nature of the reports
put in circulation to sustain the upward
movement has pointed to the excess into
which 1t was running. Yesterdays reports,
for instance, that the United States Steel
subsidiary officials were meeting here to
concert measures for starting up the full
capacity OF the plants was met by the for
NAL statement of President Corey that the
present activity OF the plants represents so
per cent of its capacity. There has been
active speculation, also, based on an as
sumption of the favorable outcome of liti-
cation affecting various corporate interests
in a way, SUCH as the suits under the com
modities clause of the Hepburn act and
against fixing rates for gas. The influ-
ence OF the success of the Standard OIL
appeal against the fines levied upon 1t was
seen in the jump In prices of some of the
stocks affected most by this speculation
and in which realizing sales. in conse-
quence, have been unusually heavy. The
days news offered little change in general
conditions. The weeks currency movement
indicated another mug accession to the
cash holdings of the local banks, the sub,
treasury operations and the movement or
balance from the interior indicating an In
crease of about 100000 for the week. The
stock market was quiet in the latter par
of the day, but showed no effective recov
cry, the days losses running quite gener.
ally from one to three points.
the volume of the bond market and tn,
tone was easy. Total sales, par value
$4,000 % United States 2s, registered, de
clined one-eigth on the bid price.
Number of sales and leading quotations
on stocks were as follows"