Omaha daily bee., 1908-12-22
NETWORK STOCKS AND BONDS
Market Bears Evidence of Important
Speculative Liquidation.
PARTIAL RECOVERY LATE IN DAY
RumOr of Illness of 4. II. Hartman,
Although Omcinlly Denied, Has
sinister Encct ON NaIucs.-The
Close II Irregular.

NEW YORK, Dec. 2i.-Todays stock
market bore on the face Of II evidence
or important speculative LIQUIDATION. Con
lecture was a good deal divided as to the
course Of this liquidation, but there was
no difference OF opinion as to the fact. The
apparent disregard of the effect on prices
OF the selling lent plausibility to a favorite
suppOsitiOu that the holdings that were be
Ing sold out had been acquired at an early
period OF the advance In prices. The fOrma-
ton OF a powerful stock market pool was
ruinored at an early period in the summer.
having among its several purposes to
demonstrate "A return Of confidence in the
financial and industrial outlook with the
object OF Cultivating the conditions which
should bring success In the financial flota-
lions and In a general way to give a start
TO the restoration Of conditions which had
been impaired by the financial upheavHl
Of last year. The stock market has given
almost constant indication, ever since that
period. of fostering protection against any
factors Of depression and of encourage
ment and Indictment for buying and ad-
vlnCing prices. The exact meaning of the
present liquidation Is difficult to determine.
That it is prompted by fears of any eff
fective backset in the progress of improve
ment in general business is not believed.
IL Is attributed rather to a recognition that
the advance in prices had been carried be-
You'd a point warranted by progress In
rcCuperation of business even in its most
favorable aspect, as this point has been
dwelt upon with increasing urgency by the
financial world. Every substantial appetite
Of capital for investment which Is a present
feature Of the situation ~testifies to the
completion Of the work of restoring conf
denCe. The rise in money rates has done
away with the urgency Of bankers to lend
money, which was a positive force for a
long time in injecting resources into the
stock market.
Rumors of the illness Of +. II. Hartman.
although denied, had some sinister effect
on values, which seems unavoidable in view
of the almost fantastic extent to which Mr.,
HRrriman's alleged single activities have
influenced the rise I'm almost every depart
ment of the list. The nature of Andrew
CarneEie's testimony in the tariff hearings
at Washington served to emphasize the
feeling that the proposed tariff change Is
widening in It's scope and in its expected
effect. The confirmation Of the purchase
of the Colorado Il Southern by the Bur
lington seemed to hurt the Hill stocks,
which would presumably be the benefict-
aries from a favorable result of this pro-
teCt. The money market showed no further
advance in rates, but the subtreasury con
tinues to withdraw sums from the money
market and foreign exchange rose to d
point which enabled bankers to engage
gold for shipment to Paris on Wednesday
The extensive short interest built up IN
the course of the days selling made me
basis for the partial recovery, which much
lessened the extreme losses. The closing
tone, however, was irregular.
Total sales, par value. S,262,ONO. Unlteo
States bonds were unchanged on call.
Number Of sales and leading quotation:
on stocks were: