Omaha daily bee., 1909-10-07
new YORK STOCKS AND BONDS
Violent Drop in Steel Disturbs Entire
List.
HOLDERS BECOME SUSPICIOUS
Many Reports that Have Caused Rise
seem to Have NO Real FoundR-
tIon and shares Are Throws
on the Market.

NEw YORK, Oct. 6.-There was further
heavy speculative liquidation In all de-
partments OF the stock list today and ma
terial inroads on prices resulted. United
States steel was at one time 2s lower than
last nights closing price and ~ below the
top record price touched on Monday of this
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 it's purely senti-
mental aspect. The marvellous upward
course of the stock has impressed the spec
ulative Imagination as a few things of late
A powerful stock market pool embracing
the most influential bankers i'm the country
was credited with determined accumulation
and support OF the stock. This impression
was fostered in every possible way. In the
same way points of value In the stock
were urged in an attractive way, beginning
with the substantial ground of expanding
earnings and business and the great value
put back into the property by reinvestment
OF earnings In improvements, but running
IN the later stages of the campaign into
vague hints of some wonderful development
to come which was known, as yet, only to
insiders. Foreign speculative holders espe-
cially have grown FESTIVE under the UNI
substantial material on which their hopes
were being fed and suspicious that they
were following an ordinary stock market
maneuver instead of the weighty projects
of controlling financial authorities.
ne LldGhtL lObI us HlhllSlay with the
failure to sustain United States Steel and
especially vulnerable to the effect of call
ing off loans by the banks. There was less
evidence Of calling of loans by the banks
today. AS a consequence yesterdays shorts
were disposed to cover at the early decline
and prices enjoyed a first effective re-
covery, The reception accorded the increase
In the Atchison dividend was the fresh dis
concerning influence. That stock started
upwards, 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
AXE advantage of the effect Of the strength
In Atchison. Call money went no higher
than 81 per cent, compared with the 6 pei
cent maximum yesterday.
A more important development was the
material decline in foreign exchange rates
As foreigners were large sellers of stocks
In this market, the fan in exchange was
traced to renewed borrowing operations
abroad for New York account. Immediately
discussion was started of possible gold i'm.
ports, and the prospect of relief by this
means for the money market was a main
factor In the last effective rally in prices
The net results in the way of price changes
turned out to be small in spite of the wide
fluctuations.
Bonds were easy. Total sales, par value.
S,O36OW. United States bonds were un.
changed on call.
Number of sales and leading onotatIons