The San Francisco call., 1909-10-07
WHOLE MARKET
TAKES SLUM MP

NEW YORK. Oct. 6.-There was further
heavy speculative liquidation in all depart
ments of the stock list today and material
inroads on prices resulted. United States
steel was. at one time, 2ssc lower than last
nights closing price and 79sc below the
TOP record price touched on Monday of this
week.
The extent TO which this decline affects
the speculative world is best judged by
the volume of the dealings, which are
eloquent Of the widespread consequences Of
the fall on the pockets of spectators.
Probably the violent relapse in United
States steel is of most effect on the tone
of the whole market in its purely senti-
mental aspect. The marvellous upward
course of the stock has impressed the spec
ulative imagination as few things of late
years have done.
powerful stock market pool embracing
the most influential bankers in the country
was credited with determined aecumula-
tion and support of the stock. This i'm
preston was fostered in every possible
way In the same way points of value
in the stock were urged in an attractive
way.
Foreign speculative holders especially
have grown restive under the unsubstantial
material on which their hopes were being
fed and suspicious that they were follow
ing an ordinary stock market maneuver
instead of the weighty projects OF con-
trolling financial authorities.
The suspicion was aggravated b. the
signs of pressure TO liquidate, which sug-
rested that leaders and conductors of the
campaign were striving to get out of their
holdings.
The market lost It's mainstay with the
failure to sustain United States steel and
was especially vulnerable TO the effect of
closing of loans by the banks.
There was less evidence Of calling loans
BY the banks today.
As a consequence yesterdays shorts
were disposed to cover at the early decsne
and prices enjoyed a first effective recov-
ery. The reception accorded the increase
in the Atchison dividend was the fresh
disooncerting influence. That stock started
upward, but stopped nearly two points
short of its high price on the movement
inaugurated in expectation Of the dividend
increase.
At the same time heavy selling OF
United States steel was renewed TO take
advantage of the effect of the strength IN
Atchison. The inference was so plain OF
further holdings of that stock seeking a
market that sales were renewed IN all
parts of the room and no effective rally
was induced until the bears set about tax
ing their profits again by buying to cover.
Call Money went no higher than 5lz per
cent, compared with the per cent max
imum yesterday.
more important development was the
material decline in foreign exchange rates.
As foreigners were large sellers of stocks
in this market, the fall in exchange was
traced TO renewed borrowing operations
abroad for New York account. Imme-
diateIy discussion was started of possible
gold imports. and the prospect of relief
by this means for the money market was
main factor in the late effective rally
in prices The net results in the way
Of price changes turned out to be small
in spite of wide fuetuation.
Bonds were easy. Total sales, par value,
SIS, ,ose, 600.
United States bonds were unchanged on
call.