Omaha daily bee., 1908-05-21
NEW YORK STOCKS AND BONDS
Feverish Action Of Market Causes
Smaller Operators to Hesitate.
! SHARP REACTION AT MIDDAY
Heavy selling to stop Losses Further
URsettIe TradiBE-wCIOse f. strong,
but Loss f. Not All
ReEained.

NEW YORK, May 0.-The feverish ac-
tions of todays stock market served TO
confirm greatly the views Of the specula-
tive element and IN consequence served TO
intimidate the less powerful class Of oper-
ators who saw prices moving IN mereurisl
forces whose action could not be followed
and whose motives could not be fsthomed.
That operators OF powerful resources were
using violent manipulative measures to ef-
feet the wide and sudden fluctuations in
prices was patent even to superficial OBJ
The constant contrast In these movements
might leave open hypothesis of arti-
ficial support for the purpose to realize
and forcing back Of prices to shake off the
weak following which has trailed onto the
speculative movement Of the more power
ful bull party. With growing interest OF
the outside speculative element, made up Of
individuals OF smaller resources than those
who undertake to inaugurate a speculative
campaign, the bull position has grown in
ereasingly. The number of buyers on mar
gin unable to hold any considerable de-
cline has grown. Moreover, the extent of
the advance mas begotten a spirit OF eau
ton which makes the holder of stocks on
margin quickly retreat and throw over
his holdings on any sign of weakness. AS
a safeguard of their position Spectators
have been placing stop loss orders to sell
az certain price slightly below the mar
ket. With the market honeycombed with
such orders, such sudden relapses as those
late yesterday and midway of today's ses-
sion become likely. The early part Of the
process Of the inroads on prices effected
yesterday and early today.
The sensational advance IN Missouri Pa
cific and the response by sympathy of the
whole Gould group was the effective me-
dium for supporting prices during this at
tempt toward a rally, Mysterious illusions
to the Gould railroad enterprises involving
financial support from the wealthiest in
dividual capitalist made up the motive
power Of this movement. Efforts to secure
authentic confirmation or denial Of these
rumors were fruitless during the stock
market session and they were left in the
realm Of conjecture. The news to account
for the break in prices was OF a similarly
shadowy kind. The usual whispers Of
trouble circulated on the floor of the Stock
exchange, which are an inevitable compile
ment OF any severe decline in the prices
there. The particular weakness OF Ameri-
can Smelling was due to implied doubts
OF the maintenance of the dividend on the
stock. While prices were breaking, senti-
ment showed some sensitiveness TO reports
OF another cut in cotton goods prices, by
western interests, which have moved ag-
gressively towards concessions from manu-
facturers ever since the business reaction
set In. Additional engagements of gold for
export indicated the unimpared force of the
demand on New York for the metal. The
New York banks also are preparing to
meet the call for repayment OF s25, 900
of government deposits, which falls due on
Saturday. The money market was not
perceptibly affected by these developments
and nothing in that department explained
Last prices were generally below those of
last night but the closing tone was strong
and at substantial recoveries from the
lowest prices of the day.
Bonds were easy. Total sales, par value,
g. 10000. United States bonds were un-
changed on call
Following were the sales and range of
prices on the Stock exchange: