The Washington times., 1908-08-20
NEW YORK STOCKS REACH LOWEST
POINT SINCE THE RECENT
REACTION BEGAN.

NEW YORK, Aug 2J.-The stock mar
lLet today shows a continuation OF the
downward movement, with just erCtSh
support 10 hold prices from a disastrous
break. The explanation Of the situation
this morning was that some of the big
houses have been unloading long stock
with the idea Of getting IL hack at low
er figures. II was said that 4 great
part OF the selling sOr the last two
days by one of the leading bear houses
has been long stock furnished by big
spectators right here in New York.
The opening today vas weak, the only
advance recorded in the first run OF
quotations being that Of Il in Smelt-
ing. A number OF issues were un-
changed, including Erie, Reading, Penn
sylvania, Anaconda, Brooklyn Rapid
Transit. Kansas and Texas preferred.
The largest decline was IN Great North
ern preferred. "a Copper opened IS
lower, Lead, Northern Pacific. and 81.
Paul we're down K. and Southern Pa
cific shaded 70 =. Union Pacific opened
unchanged.
Working for Reaction.
The most important speculative inter
ests believe the advance has terminated
and they are now working for a sub
stantial reaction There is evidence
that the Hartman and Morgan people
have turned loose large quantities OF
stock which they propose TO get back
at lower prices. The collapse of the
freight raising movement has cast
suspicion on the alleged boom In busi-
ness.
The liquidation of steel by directors
OF the trust and by executive officers
Of independent steel companies is be-
ginning 10 worry the professional trad
ers.
Continued heaviness Of New York
Central is causing some apprehension,
and dividend reduction IS generally
expected. Hartman is said 10 be shift
ing his speculative line from the Hill
Morgan stocks into Southern Pacific
ana Union Pacific.
The copper metal situation is attract
ing careful attention once more. The
situation in that direction IS so highly
speculative that no one would be sur
prised to see a sharp break In the metal
stock, especially in those that cannot
produce metal under 100 pounds.
Cotton Breaks Badly.
October cotton broke $1.25 a bale in
the first few minutes OF trading. Bad
reports from the cotton belts are re-
spOnsible FOR il. Grain was not mater
tally changed in the early trading
Prices IN London were nominal. there
being no material movements Of prices
in either direction.
After midday the market was much
depressed and weaker than it has been
since the reaction began. Southern
Pacific showed the best support but
even this was tested by short sales,
brokers arguing that the stock must
be widely distributed, and that long
accounts with narrow margins would
be uncovered in a short time.
The uptown element in New York
IS much at sea in its opinion Of prices,
but lncllnes to the bear side. Ii will
probably be satisfied with small
profits, having faith that the market
IS due for a turn Upward not far away.
Another disturbing feature of the sit
uauOn Is that prominent houses
change their position from day to day.
Business is in narrow volume and
there Is no wide diStTi button of stocks.
Trading is entirely professional and
the market in the hands of the ma
ulpulatOrs.
In the late trading fair support was
given TO New York Central Southern
Pacific. Union Pacific. Great Northern
and Shelters. These were the chief
points at which Jha bear attack was
resisted. Reading was weak and many
other stocks showed no tendency to re-
cover from the early break. The sue
cess of the bears today was the chief
topic of comment at the close.