New-York tribune., 1908-09-22
FINANCIAL AFFAIRS
STOCK VALUES DOWN.
Professional Traders Hammer Prices
on So-CaIIed Election Scare
Money Rates Easy.

Stocks were weak in the greater part Of the
five hours of business, with heavy losses in all
the active issues in the last hour of trading, the
final selling representing the liquidation Of ac-
counts on which stop loss orders had been
placed and aggressive pressure by the profes-
sional element Room traders were sellers
throughout the day. basing their operations on
the absence Of public buying and the apparent
,1nvflngness of the banking interests to sup
port values advancing however their argu-
ment for lower prices. election uncertainties.
The BRYAN scare, so-called for market purposes,
is under full headway in the Street, but specu-
lators alone are selling securities. Investors
are not parting with their holdings, while the
capitalists are showing their contempt for talk
of Bryan success by gathering in all the offer
ings of frightened holders.
There is question that there has been
heavy liquidation by weak speculative operators
in the last ten days. but the sales Of this ele-
ment have not upset the position of investments.
except to offer to investors stocks at attractive
prices Stocks have been sold in heavy volume
and they have been purchased by people of
means. The present speculative position of the
market. as a matter of fact, is based on techni
cal conditions than on politics. the political
argument having been brought in at an oppor-
tune time for the traders who at the moment
are speculative bears. The course of trading
yesterday was nothing more than bull run
that IS q frightened retreat by the weak fol-
lowers Of the recent bull market. 1t is under
stood that the Hartman Morgan interests are
Of recent preceding days, the theory that too
much bad company had connected itself with
the bull side OF trading. At the close prices
were down from l TO points from Saturdays
final figures In the leading active issues. the
Union Pacific Southern Pacific, Reading, Great
Northern, ST. Paul, Northern Pacific and Aneri-
can Smeters shares being the heaviest losers.
The decrease in bank reserves as shown in
Saturdays statement Of the Clearing House in
stitutions was relatively small. and unless in
he of naYt few
be material increase in loans and a substan
tial falling off in cash there will be important
advance in money rates in October The pros
poets of continued ease in money, Of course.
should be taken into active consideration in con-
nection with the immediate future of the stock
market, especially as in the last fortnight there
have been heavy declines in prices. which have
eliminated many weak spots in the market and
have added to the holdings Of men who have
extensive financial backing At the moment the
larger interests apparently not disposed to
make aggressive efforts to bring about higher
quotations, but there is little in the attitude of
the real forces behind the market which sug
gestS that anything approaching wholesale dis
tribution Of stocks on their part is contemplated
at present. On the decline of recent days in
vestors have been buyers both of stocks and
bonds. good sized blocks Of Union Pacific. St.
Paul, Southern Pacific United States Steel pre-
ferred and Great Northern preferred having
gone into investors boxes the last named issue
being in demand notwithstanding the Wall
Street rumors that its dividend would be
duced. Just now one outside Of the men who
control Great Northern speak with authority
regarding the next dividend payment, but in the
best informed and most conservative quarters
of the financial community the opinion is held
that the regular rate will be declared
Good stocks and bonds that returning
more than 4 or per cent in demand
throughout the representative Wall Street
houses, but there is nothing in the outlook that
should discourage buying of this character.
Speculative buying, however should be
Quoted with the utmost caution. despite the fact
that the leading active railroad issues show an
average decline from the high prices of the year
OF about points, and the industrials an average
decline Of about points. This decline is in
significant in comparison with the advance that
has taken place from the low prices of the panic
Of 1907 Undoubtedly many of the big floor
room traders viii hammer stocks 10 their own
advantage in the next few weeks the theory
that prices are too high. but such operations will
not signify any intrinsic weakness in the real
value OF securities.