Omaha daily bee., 1908-09-04
NEW YORK STOCKS AND BONDS
Market Weakens on Extensive Sell
ing by Speculative Holders.
SMELLING LEADS THE DECLINE
stock sells Oh on Evidence Of Exten-
sive U~nloadiRE by InsIders-COn-
ditiOns In Money Market
Little Changed.

NEW YORK, Sept. S.-selling Of stocks
by speculative holders today VAS induced
by the perception that some Of the as
sSmptions on which they had acquired
The conspicuous feature was American
Smelling, which broke badly in continual
stock sold Z points lower than yesterdays
best prices. The contraction in the years
earnings disclosed in the annual report
was supplemented as an influence by the
small holdings In the name Of the present
management which appeared at the meeting
yesterday. As no action was taken at that
meeting towards. placing on the board rep
resentstives Of the Standard Oil interests
another hoped for source of strength was
Withdrawn from the stock. limitations
found credence that the recent furry in
the STOCK to high price attitudes had been
made the occasion for large reduction Of
these holdings and Of those OF inside inter
ests rather than for an Increase. The prom
inent place given to American Smelling i'm
the widely advertised laws on campaign
made !ts example influential in raising
fears OF similar conditions to be met in
other stocks. The metal and industrial
group were most closely affected in sym
pathy and their weakness was aggravated
oy rumors OF pressure to place copper
metal by some of the larger producers at
concessions. These large producers make a
mystery of their selling prices so far a.
general public knowledge is concerned and
no reports Of quotations from their selling
agencies Is obtainable. The American
Smelling episode undoubtedly had an in
fluence in the suggestion that many
things had been taken for granted as to
the progress of improvement by those who
had been specializing on the long side of
stocks. The July net earnings reports OF
railroads coming to hand and those OF
gross earnings for the later weeks of Au-
gust indicate a slender foundation for the
more anguine estimates of the rate OF i'm
proVement. The same is true OF the returns
from the iron and steel trade. where the
revival IL going on steadily, but admittedly
slowly. On the side of the crops II Is real
ICED that some revisions of the most hope
full estimates must be made.
Sales of stocks by foreign arbitraEe
brokers, while not large in proportion to
the general market, were of Influence on
sentiment. Many of the sales were said to
come from German sources and the i'm
Polling motive was said to be uneasiness
over the renewal of the Moroccan tension.
Conditions in the money market were little
changed. Discounts eased in London in
spite OF large Withdrawals of gold from the
Bank of England for export. The Bank OF
France return was weaker and discounts
advanced in Berlin. The heavy decline in
Reading Anthracite tonnage for August
compared with last year was unfavorable tC
that stock. American Telephone and Tele.
phone convertible bonds were active and
strong.
The general bonds was irregular. Tota
sales, par value, S6,596 900. United States
bonds unchanged on call.
Number OF sales ana leading quotatioaa