Omaha daily bee., 1909-02-19
NEW YORK STOCKS AND BONDS
Active Selling Movement Starts with
No Counterbalancing Demand.
GENERAL LIST SELLS OFF
Market Movement Hinges on Pro-
posed Cut I'm Prices OF steel
and Illness Of
r.. n. Hartman.

NEW YORK, Feb. 1s.-The ~stagnation
that has prevailed In the stock market was
ehansed today into an active selling move
to meet It, A severe inroad on prices was
the consequence.
The whole market hinged on the develop
ment in the steel trade. While no formal
announcement was made during the session
Of the Stock exchange 1t was generally
among officials of the United states Steel
corporation which was likely 20 issue
changes In the schedule OF prices when mac
The notable effect on sentiment produced
by this development owed It's depth TO Its
SI,Tui re We fSs from sae sJ ~ hold TO lis
former policy. Reports that the independ-
ent steel companies were making conces-
dome were S~T ~ met BY sda eprecstory comments
on the small proportions Of such business
as to the capacity of the trade at large and
It's lack OF significance as a reflection OF
trade conditions. A different view OF the
situation seems TO have been adopted some
time yesterday. The stock market promptly
took up the burden of this reversal Of pol
icy and began to discount an expected cut
in steel prices. The position was compli-
the stock OF the United States Steel cor
p%oratlon had been held by main force
as well as the prices of its product, Since
the common stock was allotted TO the cor
poration's employees at 80 there has been
widespread assumption that adequate sup
port would be given the market to prevent
49, IAANN Min ~ kAaN KENh-
ton OF the stock discouraged bear selling
and prompted covering of shorts as often
as that account grew to anything like I'M
wieldy proportions. The belief that the po-
stitch so long maintained by the leading
steel interests was about to be abandoned
undermined the whole market. 1t was sup
plemented as a factor by the fears that the
state Of e. II. Harriman's health was not
such as to enable him to carry out the
projects which have been a main incentive
to speculative confidence on the part OF a
large element in the market. This feeling
seemed to have taken hold of foreign mar
kets as we'll as this and London sent i'm
portant selling orders In the Hartman
stocks to New York for execution. 1t was
a notable fact at the same time that other
stocks included in Mr.. H~arriman's sup
posed plans were amongst those which
showed some degree OF resistance to the
prevailing depression. There was a show
Of firn1ness also amongst the opp min
ing and refining shares In spite.of a further
marking down in the price of copper metal
In New York and London. The progress of
the dispute over freight differences between
Boston and se8board trunk line terminals
10. the. south had some disturbing effect.
Additional gold engagements for shipment
to South America had no influence on the
money market on call, loan rates showing
clines invited some large buying around the
low levels by the bears in the taking of
their profits on the short side, This raj
lied prices and considerably reduced the
extreme declines, but the course was down
ward again at the close.
Bonds were easy. Total sales. par value,
A,496.00. United States bonds were un-
changed on call. tfac-
Number of safes ana principal quotations
m GfnnLe m 4Ollnnuas