Omaha daily bee., 1908-09-17
YORK STOCKS ANDBONDS
Harriman's Statement No Changes Are
Imminent Causes Drop.
WITHOUT SUPPORT
speculstOrs Who Fear they Have
Been Pursuing Phantoms Seek
ts selI-CIosinE Prices
Lowest.

NEW YORK, Sept. 16.-All that E. II.
rarIlmsn had TO impart concerning the
properties IN which ne is interested fell far
suort OF what the speculative Imagination
pad been led to expect during weeks Of
buying OF the stocks at steadily Advancing
prices II was disappointment on this score
mat caused the crumbling OF prices today
more than any other factor. Mr.. Harri-
mans terse reason for the great strength
~ the stocks Of his railroads was that It
WAS because they were too weak before. >"
The weakness today might be explained
win equal Justice as due to stocks having
become too strong.
Union Pacific holding company and dis
tribution OF treasury assets, no Immediate
valuable rights on Southern Pacific in con-
hectlon with new financing, no extra dis
pursement on Northern Pacific and, I'm fact.
no actually on which TO base numerous
0ther runners which have kept alive specu-
iaIiVe enthusiasm for some time past. left
hoIders OF stocks with the dread that they
had been pursuing %phantoms and OVERRIDING
tne speculation. The action of the market
gave warning also that measures Of con-
Irol and support for prices were not TO be
enforced with the same determination as
,aIely. me vigorous resistance shown by
prices TO selling pressure for some time
past has quieted all apprehension which
might arise on the part of purchasers of
thus ,os a1r an ~adVanee The conviction
ton OF capitalists, equipped with hundreds
or millions OF dollars In loans on call had
S themselves to hold and advance prices,
"a - VI hAoAA
OF holdings whenever the market was
strong enough TO absorb them.
Reading served as the instrument for
support OF the market. as was the case
yesterday. The stock was about the only
one 10 show positive strength at any time.
New York Central advanced a point tenn
porarlly when It became known that the
regular dividend had been declared. The
relief from fears of a reduction In that
ulVldend did not avail to reassure mis-
givings over dividend maintenance at other
points. The continued shrinkage in rail-
Ioad earnings, coupled with the heavy ad-
uitions 10 snare capital, which Is to divide
claims TO earnings hereafter, made the
transeontinenta lines vulnerable to this
Northern Pacific, ST. Paul and Canadian
bacitlc all were acutely affected. That
lquldation was sought for substantial
speculative lines of stocks was considered
certain from the action of the market.
Inc motives prompting the liquidation were
not 80 commonly agreed upon. Political
scare was one motive advanced by some
ri ~ tne most demonstrative of the sellers.
Inc course of the market was not an entire
surprise 10 observers less closely concerned
IN the speculation. The extent of the rise
IN USER has suggested the approach of a
reaction. The moderate pace Of the hI,si-
ness Improvement had Indicated the over
9~Iscountlng or this In the securities market.
me reliance placed on the plethoric money
market to continue the movement loses
or depletion of central reserves arrived
even though the rate of depletion is nm,
usually belated and slow this year. The ef-
dorI az LIQUIDATION finds little absorptive
nemahd TO meet II, as the general pub ie
INTEREST In the speculation has been at no
time great. The active selling nrsss,,ro
up to the close, which was weak
at the lowest prices.
Bonds were heavy. Total sales nsr
saIue, SS,ES6,ON. United States As. coupon
DECLINED y per cent in the bid nrice
lows. quotations on stocks were as fol-