Omaha daily bee., 1908-08-15
NEW YORK STOCKS AND BONDS
Prices Break Heavily on Largo
Volume Of Selling Orders
BULL SUPPORT IS WITHDRAWN
Issues HeraIded by Boston s~pecuIatoE
Are UnIOaded with UnconceRIed
PrecipItancy and All shrink
Several Points.

NEW YORK. Aug. 14-There was
heavy break In prices of stocks today ana
expanded materially. Misgivings have been
gathering force for several days over the
evidence OF excess IN tae m m0sSm specuISr
tive confidence and made 1t easier Tor the
bears to topple over prices. The bear ele-
credited with influential leadership OF a
kind which has been enlisted exclusively
on. the long side of the market up to very
There was no positive news development
to act for the reaction, but there were
finances Of constituent members OF the
Rock Island system. Yesterdays violent
outbreak in the Rock lsland collateral Ss,
Francisco common stock, was followed
today by a slump in the st. Louis g. San
Francisco ~refundlng ~ and by wholesale
unloading of Rock Island common stock.
AS Il was announced yesteTday that the
msPt1finRp had been extsnSeS FOR six months
and AS the $1,000, 900 note OF the st. Louis
& San Francisco next due does not mature
demonstration of the securities was not
clear. The inference was clear, however,
Of Dissatisfaction with, the outlook on the
ties. There was some disposition to assume
tina the break in the securities signalized
The collapse Of the Boston SPECTATORS
program was an unsettling Influence on
me whole list: stocks which had been
49, ~ ~
vance in the advertising campaign were .un-
loaded with unconeealed precipitation. 1t
Of the market had led to ho~neycombing
II with stop loss orders and this had the
effect Of Increasing the r%apidity % the
Imperative orders to sell very large
amounts Of stock when the price should
reach q certain point on the decline made
a position very vulnerable for bear attack,
the buying orders being grossly deficient
70 meet selling orders uncovered in this
| manner AnnnnTfinO nrnaTG uvhfnh Ia 20
been determinedIy followed up for some
time past as. a part of the program of
and prices were allowed to take their own
course.
While there was no striking new de-
Yelopments In the news, attention was
given to some phases Of the situation
which have come into notice during the
rate of improvement In the iron and steel
trade has been overestimated. The price
Of copper was marked down at the New
York Metal exchange again today and
copper warrants in London also declined.
This caused an apprehension that specula-
recent rise in the metals as Wen as in
the companies concerned in the industry.
silver also dropped back to a new low
record for an interval Of five years. bars
being quoted at SHc in New York.
Inc chorus Of opposition to proposed adj
vances In freight rates and expressions
from railroad officials indicating a com
pnance with these protests indicate that
nope or relief by that means will not be
forthcoming. 1t would be difficult to esti-
mate how much speculative confidence had
putt on the belief In such an increase In
Ireieht rates being accomplished. EST.
mates OF the currency movement show tina
rev YORK Is still gaining on balance from
tne interior and the sub-treasury opera.
Ions are. also adding a copious stream Il
new York bank holdings of cash. .
Ihere was an increase In the selIlns
pressure every. time prices rallied and they
we're FORCED down to the lowest of tht
DAY at the weak closing.
Bonds were irregular. Total salaa ma
value, 2.472 900. United States bonds were
unchanged on call.
NuinLSsr Of sales ana leading quotations