Omaha daily bee., 1908-09-18
NEW YORK STOCKS AND BONDS
Early Movement Brings Out Flood Of
Liquidsting Orders.
RELAPSE /
VIOLENT
HoneycomBed with stop Loss
Orders and Bears OTer Prices
Down with Confidence
Bonds Easy.

NEW YOPV lept. ,17.-An upward re-
action in prizes of stocks i'm the early part
OF today served to demonstrate that large
speculative liquidation was awaiting to
take advantage Of the better prices. A
violent relapse from the advanced leve,
was the consequence.
The movement Of the early part Of the
day was greatly confused and baffled ef-
forts to decide whether support of the mar
ket to facilitate liquidation was designed
or whether attempts were making to ac-
.CunLlated stocks for a renewed upward
turn. II Is significant Of the ohscur.ty OF
speculative sentiment on the actual condi-
tons affecting values that the whole at
tentiOn of professional operators was given
to trying to detect the market position of
supposed speculative leaders. The evidence
of attempts to liquidate we're accepted as
convincing, and the professional bears
thereupon fell upon the market and Of
fered prices down Will confidence. The
market proved to be more honeycombed
with stop-loss orders than had been sup
posed and the bears had good success In un-
covering these and preCipitatng some dis
order In the efforts TO execute them. The
decline in prices was generally accepted
in the Wall street district as due to "a
political scare although that term was
somewhat variously defined. II was agreed,
however. that It emanated from the ex-
pressions of discomfort with political con-
dltions and with the apathetic spirit of the
campaign In the west which have been ut
tered for publication by various influential
financters, amongst whom h. H. Hartman
and James ]. Hin are conspicuous. The
opposing views of whether these express
slons represented real sollcitude over po-
litical prospects or a tactical maneuver to
dispel the apathy Of the campaign came
into agreement on the point of their purpose
TO check the speculative demand for stocks.
The supposition that these high financial
authorities were no longer TO
an opinion Of unmiNed confidence In the
speculative outlook is sufficient ground to
shake the speculative fabric, as they have
been credited with the largest part, both by
advice and by action. in lifting prices to
the level recently attained. Other than
political considerations were seen to enter
into this changed view. as shown by the
attention paid to the money situation as
affected by the turn in the currency move
ment towards the interior This develop
especially in view of the strong bank posi-
ton, cannot be neglected as a factor modi-
flying the late redundancy of the money
market. The tendency of the foreign ex-
change rate to -advanC to the gold export
level is believed to be affected by the
pressure Of homecoming American securi-
ties, and this is a lesson of the burden of
holding securities prices at a level which
proves attractive to this foreign liquida-
ton. The upward reaction early today was
due TO subsistence of yesterdays rumors OF
financial embarrassments, which had to do
with affairs local to the stock exchange.
Unfavorable dividend prospects continued
a staple OF discussion today and bore es-
pecially on the three great northwestern
systems which have made the largest eN'
pansion in their share capital In contrast
with heavy shrinkage in earnings since the
financial depression. Adyices from the iror
and steel trade emphasized the slowuess oI
the recovery and another reduction in the
price of opp at the New York Meta
exchange served as an admonition Of the
same effect. Selling from foreign source:
was influenced by the persistent friction
over the Moroccan question manifested be
tween France and Germany
Bonds were easy. Total sales, par value
$4,000 United States IS advanced u anC
the As Il per cent in the bid price on call
Closing quotations on stocks were as fol
lows: