Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-22
Liquidation Began at the
Opening of Prices.
ACTIVE STOCKS DECLINE
Same characteristics of Past Few
Days Followed.
BETTER RALLYING POWER
Renewed Depression in Copper and
Steel Industries-Gossip
Over Dividends.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 22-In order to
obtain clear idea of the course of af
fairs in the stock market during the
space of one week let it be noted that as
recently as last Tuesday Southern Pacific
sold at no. Union Pacific at 1915. Read
ing at 1313s United States Steel. common.
at AZ. Amalgamated Copper at rs and
American Smelling at 92Ts. Some of
these stocks had attained even higher
levels than those cited on the general rise
in prices during the summer.
A glance at the table of comparative
price changes will show the extent of the
maximum declines which have occurred
since the middle of this month. Only the
most active stocks have been selected for
the purpose of Illustrating the great
shrinkage in market values that has oc-
CURED since the results of the state cleo
lions in Maine were announced.
In the meantime and excluding merely
technical market circumstances. although
the letter would, after all. afford the best
explanation of the course of prices no
other reasons for the serious fall n\the
market have been advanced than the' in
creaSng uneaSiness with regard to- the
outcome OF the presidential election. the
reaction in certain significant lines of in
0uStry and the approximations that a num-
Der OF important corporations would ere
long be compelled to reduce their rates of
dividends. The recurrence of anxiety as
to the out-turn of the years political cam
paign was naturally expedited by some
recent sufficiently familiar occurrences in
the field of politics.
Anxiety Over Dividends.
There was actually nothing novel in the
renewed depression in the copper and
steel industries and on the other hand.
reports upon the state of the country's
trade set forth substantial betterment in
other lines Anxiety with regard to the
maintenance of dividends upon certain
securities has been no better grounded
during the past ten days than previously.
In the meantime, the usual dividends
have been declared upon two stocks
which in Wall street judgment could be
placed upon the doubtful list, namely, the
New York Central and Great Northern
preferred. Announcement of the latter
declaration was made after the close of
business yesterday and it was a factor
of some influence in fairly general, al
though limited and irregular rally in
prices at the opening of business in this
mornings stock market.
Before the close of the first hour the
dealings developed the same Characters
tics which had been exhibited for a week
past Liquidation broke out in all quar-
demOraliZed condition of the market led
to maximum declines quite as extensive
and In some instances more so than were
shown on preceding days of similar tend
encies. Yet out of the turbulent pro-
ceed!ngs which were in progress it was
quite impossible TO elicit any satisfactory
reasons for the course of affairs other
than those already cited.
Volume of Local Dealings.
The latest Illumination from Oyster Bay
had been commonly looked for yesterday
and was a factor in the break in prices
at that time, so even the full publication
of the Presidents statement this morn
ing could scarcely be classed as a really
novel influence in the days dealings.
Operations here for foreign account,
while upon a large scale. were quite OBJ
ings. which attained a tremendous ag-
gregate. and, in fact passed yesterdays
total before the middle OF the afternoon.
1t appeared. however, and reasona bly,,
that the American department of the
London stock market was materially dis
turbed by the unsettlement of the New
York market, and operations here for
foreign account showed a considerable
excess of sales.
Notwithstanding the eravely unsettled
state OF the stock market, it might be
said that the latter showed upon occa-
SionS a better degree of rallying Dower
than has been exhibited for some DAYS
past. The foreign exchange market CON
tinued very firm, but little alteration ap-
peared IN the rates for money