Omaha daily bee., 1908-09-22
NEW YORK STOCKS AND BONDS
Market Opens Weak on Heavy Selling
from Outside.
SHARP DROP IN VALUES RNsUE
H-arrimsns, HnI., 81. Paul, ReadInu
AID Leaders sell OFF
from Three TO Five
Points.

YORK, Sept. 21.-Active selling Of
stocEs and acute weakness carried up to
me very close Of last week, it was a natter
81 course that outside selling orders should
oe IN considerable volume when operations
began on the Stock exchange today. From
me standpoint Of speculative sentiment
atone, very pessimistic Views OF the out
look for value went out in weekly market
TO clients.
The active speculative position was on
the selling side Of the market. The passive
position was on the same side. perforce.
Urgent calls for additional margins went
ana failure to respond to these was fol-
lowed by selling out of accounts. The OPEN
ins decline In prices also broke through
lle limits Of additional stop loss orders.
ana precipitated fresh liquidation on the
market from this cause. The task of sup
porting the market. therefore, proved diff
CUT ana II was some time in fact before
inc support became effective. with specula-
1--WE liquidation on an enormous scale.
STOCKS which were supposed to he the ia
V"rlte medium of speculative operations by
lHe Ctandard OIL group of capitalists were
notably affected by the weakness. st. Paul
was a conspicuous example. The copper
lndustrials were affected by this supposed
relationship. This special weakness had its
origin In the exposure of the last few DAYS
OF former Standard oil activities to inflll-
ence political and legislative action. Re
ports were current in the financial district
or plans for renewed attacks on the Stan
dard OIL organization from government
sources. The effect OF the exposures, il
was felt, would be to invite renewed hos
Lllty to corporations In general and to the
standard Oil in particular and to shape the
political campaign more definitely In that
direction. One of the strong factors in the
late speculation for the rise in the stock
market had been an assumption that agi-
tatlon through the country on these lines
was losing its force and venom. The cpl
sode of the publication of the ArChbold For
aker correspondence has caused some revi-
sion OF this view in the financial district.
A similar process of revision OF earlier
views OF the business revival finds its place
as an Influence on the reactionary tone of
the securities market.
Talk regarding the copper trade. as it
was heard In the neighboThood of the Stock
eNchang today, was not hopeful. Another
marking down on prices of copper at the
metal exchanges and Of copper in the Lon
don market gave a point to the talk. There
were reports Of efforts to sell copper by
consumers who had become overstocked.
Officials Of steel companies showed some
thing like Impotence over reports of large
assumptions by steel mills in immediate
prospects and took pains to assert the mod
crate rate Of the Improvement. The effect
or these on the stock market
was seen in the dislnclinaion of buyers o
follow prices on any considerable recovery.
he downward plungegdeo eshrdlu ccccmmff
The feeling of uneasiness gathered force,
and the downward plunge of the day was
the consequence. From one to five points
measures the range Of the days losses,
and In the Harrimans, Hills, st. Paul and
Reading the damage runs from three to
four and three-fourths points.
Bonds were weak. Total sales, par value,
S,5Ss,OO0. United States bonds were UNI