Omaha daily bee., 1906-10-04
NEW YORESTOCESAND BONDS
Speculation is Heavy, but the Movement is
Constantly Shifting,
MANIPULATION IS PURELY PROFESSIONAL
Atehison Declines in Face of Increase
in Dividend aud Market Turns
weak, with Close mt
Lowest.

NEW YORK, oct. s-There was a large
speculation in stocks again today, but the
movement was constantly shiftinS. IRIS
was a palpable effort to divert the specula-
ton to some of the low priced railroad
stocks and some Of them responded win
a show of strength. The movement, now
ever, lacked spontanetty and was clearly
due to professional iniative based on techni-
cal considerations other than on actual ue
velopments regarding these properties ~
was plausibly argued. however, that inns
class of securities has never advanced IN
proportion to the wide advances in the nigh
priced stocks, in spite of the share OF these
companies in the increased earnings
common to the railroad systems OF the
whole country. Market operators are at
tracted by the argument also that carrying
charges on the low priced stocks are less,
owing to the smaller sums to be borrowed
in taking on the stocks. This argument
has special force during a period of tight,
ness of money and particularly at period
when customers of brokerage houses are
receiving statements of accounts for SEQ
TENDER with charges to interest account,
owing to the high money rates which MAKE
a notable impairment of profits on a move
ment of prices. This factor is believed ~
prompt some of the recent pressure upon
the market, in spite of the Improvement In
the immediate money outlook. A glance
at the sales list reveals, however the con-
tinued preponderance Of speculative taNOi
toward high priced railroad stocks and even
in the disproportion congestion IN a smsu
number of them.
the days dealings and suffered severely
from the resolution of the doubts over thf
dividend question by the declaration OF .
2b per cent semi-annual DIVIDEND. Inc
weakness of stocks in face of an increase
from to a per cent dividend basis was
accepted as a striking lesson of the spec'l'
latiVe disposition to excessive anticlpatlons
of favorable events. There have been Vocn'
erous assurances about the Stock exchange
for many days that per cent rate nae
been definitely determined on Mholesal,
speculative liquidation was the CONSEQUENCE
when the dividend action became known own
The still undisclosed details of the ore deal
of Southern Pacific's alleged control 81
St Paul and of the new holding company
| for the coal properties proved their superior
efficacy again today in the strength OF the
stocks concerned. Canadian Pacthc 5 gumI
on the extra dividend out of proceeds ~
| land sales was not well maintained, specu
| lative proft-taking also making It's eHec
/ felt. >.
distinctly brighter The subsistence
of the import movement OF gold Is ret e
| be due to the present satisfaction OF re
| quirements. II was reported from Londoi
| Bank of England for New York accoun
| had been cancelled This caused a revision
1 of Yesterdays views of the certainty OF az
| advance in the Bank of England rate TO
! morrow and discounts were easier In Lon
| don today, though still ruling wen aDoN
| the banks official rate. San Francisco mao
large remttances here ere through a tns S
through that medium to New Orleans,
| The market did not fully recover at an
time from the break in Atchison, wh ISi
| dropped from 10SSs in the morning to lG3E
closing at a net loss of 3%. When READING
| ran off to 1509s in the late dealings, afte
| having sold at 154h In the morning, IN
closing of the market became weak al
Bonds were irregular. Total sales, pa
value 50, $4,000. United States bonds wer
unchanged on call. 49,
prices on the Stock Exchange: