Omaha daily bee., 1908-09-11
NEW YORK STOCKS AND BONDS
Days Developments Have Effect Of
Unsettling Wales.
SHARP BREAK AT THE CLOSE
Eject of setting Aside Commodities
Clause OF Hepburn Act Had AL
ready Been Discounted
by speculatOrs.

NEW YORK, Sept 10-There were de-
velopments with real and important bear.
ing on values today, compared with the
which have made up the influences in the
stock market for some time past. The
effect was to throw the market into a
state OF seeming unsettlement, reflected
In constant and feverish fluctuations and
a final sharp break in prices. Feeding
ite medium Of speonlstors durinS much Of
the recent rise, was clearly perceptible as
shown by the constant range below last
nights level Of the Harrimans and trans
continental stocks and Erie. Even the eX-
cited movement in Reading was not able to
detach Erie from the prevailing tendency
In the Hartman group, although Balti-
more & Ohio got the benefit Of this dt-
version. Illinois Central also moved in
apart from the other Harrimsns,
The most Influential incidents of the day
were the decision of a United states cir
the commodities clause of the Hepburn law,
the passing of the American Locomotive
dividend and a rise in call money rates to
a higher figure than had been touched
since early in March. Az a speculative
factor the Hepburn law decision has been
the active factor in the Reading specula-
ton during all that time. Its delivery to-
day was earlier than Wall street informa-
ton had given reason to expect but its
tenor was in accord with expectations.
The Importance to the anthracite carriers
of relief from the provisions of this en-
of the advantage of centering control of
anthracite production in the railroad car
riers would be added the embarrassment
of disassociating the companies owning the
large issues of capital secured in common
by mortgages on the railroad and coal
properties. The speculative contingent drew
large differences also Of the bearing of the
decision on possible checks by the courts
on the attempts to control and punish cor
porations. Whatever the bearing on values
of this decision, the disposition to realize
speculative profits today in the stock mar
/ II q ~ NO nNH that aHaA hna 80 III
counted. The American Locomotive divi-
dend omission or possible reduction was
stock showed, however, that the financial
exhibition of the company which neces-
Stated this action was worse Titan. eX-
pected. or even more effect on sentiment
was the rather gloomy forecast by the
corporations president of prospects for re-
sumption of demand for the company's out
put. This incident was unfavorable in its
effect on speculation, based as 1t is on
confident assumptions of an early return
to normal business activity,
The sharp upturn in call loan rates can
hardly be attributed to near approach OF
exhaustion of loanable funds, considering
the banking surplus of nearly $60,00O,O00 in
last Saturdays statement of condition. The
STOCK market requirements due to the
feverish price movements of the day may
nave induced some precipitate bidding for
funds. Foreign exchange dealers were in
clined to allege some manipulation of the
money rate with the purpose of checking
the rise In foreign exchange rates, which
reached near the gold export point. Re-
mlttances Tor redemption OF New York
revenue bonds falling due in London on
November ! were a factor in the strength
of foreign exchanges. There was some
renewal of discussion abroad of the Moroc-
can tension and preparations seem to be
uncompleted for the forthcoming Russian
loan. Foreign holdings of American Sc.
curities are coming home to market at the
recently attractive level of prices. These
are contributory, II not main causes, of the
sustained strength Of the foreign exchange
market. Copper was lower in London
again.
Bonds were irregular. Total sales, pan
value, "a, 772,00O. United States bonds were
unchanged on call. .Hr
Closing quotations on stocks were as fol.
lows: -