Omaha daily bee., 1908-11-23
Prices Have Been Advanced I
Than Situation Warrants. y
DEMAND
OUTSIDE
Stocks Bought Before Election Have
Been Distributed.
MANY NEW BOND ISSUES COMING
Opportunity for Profitable Investment
ia These Securities Furnishes
Reasen for selling
stocks.

AEN YORK. Nov. 22.-Dealings in
stocks last week contracted to a daily
average Of but little more than 100000
shares at the New York stock exchange.
compared with the average of upwards
of 100000 shares day for the week
preceding Coupled with this dimnution
in the activity of the market there grew
up a degree of uncertainty In the price
movement in contrast with the uniformly
strong upward movement which had pre-
vailed since the presidential elections.
These facts registered the soberer view
OF the prospect for enhancement of
values growing out of the Improvement
In business and financial conditions and
the apprehension that the speculative
pace had been overrunning itself. There
is no trace perceptible here of any fears
for the ultimate prospect for increase
OF prosperous conditions. The convlc-
tlon remains unaltered that the situation
is adjusted to a, steady resumption of
business and industrial activity in all
lines II is believed that in the dis
counting the expected improvement in
the stock market speculation and In the
weakening OF the technical position Of
the stock market by that process that
the sources of dstrust have been found.
In ore CT two fields OF industry there
enthusiasm was outrunning the present
condition also.
Curb TO Overspec uaation.
The substantial financial elements
amongst the bankers and large capital
lists were inclined TO voice a warning
against this tendency and 70 deprecate
an attempt to enter upon sudden boom
OF industry and business and threaten
ing unhealthy accompaniments which
might endanger the permanence of tho
betterment 1t was the well-informed
assumption In the financial district thai
Il was from such sources that the sup
ply OF securities Tor sale came whicf
put check on the advancing course OF
prices and led to the later reduction. Ac
cumulation of stocks by interests with
extensive Information and habits of lead
ership In affairs began early in the sum
mer in anticipation OF the coming re-
vival. The restoration of general con
fidence which followed the elections
brought into the market a miscellaneou'
kemand which afforded a medium TO
distribution OF these accumulations a
large profits. The process was pursued
with skill and caution and undoubtedly
with manipulative accompaniment In tn
stock market. Another incentive TO con
version of stock holdings into cash is tn
preparation for large issues OF new cdP'
tai which are coming out The Panam
canal bond Issue OF the United state
government the New York City bon
issue. corean-Japsnese loan and
Indian loan in London are cases in poin
Many bond Issues Coming.
The Illinois Central bond issue and
Philippine railroad issue in New York al
tho preliminaries to a long line OF IN
portant applications for new capital trol
railroads which are looked for in the Ne
York market. These issues are apple
for with avidity as they are offered an
this evidence of the large supply Of capit
available makes one OF the most importal
facsors toward the revival of the situatio
The transfer of capital out OF holdings
older securities at the present high pric
.intc the newer issues at more attracu'
prices Is, however. inevitable.
New capital issues and Increased nee
OF a commercial activity are expected
absorb added amounts of money al
creCiss The money arket itself h
shown bu; slight effect from these
licences. The previous weeks hardenll
of time money rates has given place
come reaction.