Omaha daily bee., 1908-10-14
NEW YORK STOCKS AND BONDS
Marking Up of Prices is Designed to
meite Public Following.
MINOR RAILROADS PROMINENT
Movement is Open to suspicion and
Tendency il Toward Reaction In
Issues Usually Active--Bonds
Are Irregular.

NEW YORK. OCT. 1s.-There appeared 10
be some conflict Of purpose between at
least two strong parties I'm the speculation
TO some mutual advantage. In the one case
the support Of prices against pressure
without any attempt TO BRING aoout an 80
vance, seemed to meet the desired object.
In the other case there was an aggressive
marking up OF prices which seemed TO IN
cite a public following in the market.
The lifting process was almost wholly
confined to groups Of low priced railroad
and Industrial stocks, in many OF which
there are important or dominant holdings
by identical interests. The minor railroads
brought into this are believed
to be held in a large proportion of the total
capital by the controlling interests or by
organized stock market pools for the pur-
pose of controlling its disposition in the
market. Wide price movements are thus
made easy of accomplishment with a small
amount of stock actually changing hands.
II is. this facility of manipulation which
lays open to suspicion the movements in
such stocks, especially when the concert Of
movement finds no other explanation than
the common generalshlp or property inter-
est, without any explanation in develop
ments affecting the properties. Such was
the effect of the action of these stocks
today. Their starting upwards served as a
check, rather than a stimulation 10 a
show of strength in the general market.
The usual leaders of the market showed
resistance to the reaction, but seemed to
balk at attempts for an active advance.
attitude Of reserve thus indicated to-
wards present active speculation was as
- lAiAa VI aHhA Is ~
garding the political outlook In Europe, to
some contraction in the money market sup
piles, and to purpose to await the passing
OF the coming election. A show of
strength in the wheat market was helped
by cables from Liverpool regarding the
political prospect The lower range of
prices In London which were encountered
when the local market opened had an eff
feet Of admOnition OF dormant fears OF the
situation felt there. Money on call com
manded a maximum rate higher than at
any time last week. while bank loans were
in process OF rapid expansion to take up
foreign sales Of securities. The more con-
serVatiVe attitude Of lenders Is based partly
on the possibility of renewed sales of stocks
for foreign account, or of an outgo Of
gold, partly on the outflow of currency to
the interior and partly to preparation for
%curities, especially OF bonds on attractive
terms. The public offering of the South
bankers, served as an example. Definite in
formation is lacaing of the requirement
yet to be met in the foreign exchange mar
ket for the remittances to meet the ma
turity of New York City bonds in London
on, November 1. and that may decide the
question OF gold exports.
Foreign operations in the stock market
were not important today. either on the
buying or the selling side. but It is felt
that the pushing of prices to attractive
heights would be to invite renewal of for
eign l~iquidation, quite aside from the poll
teal Influence. 1t Is the custom of the great
foreign money markets to meet promptly
a balance against them on merchandise
accounts of sales of securities. There was
an easing of discount rates today i'm Lon
don and Paris. The threatened re-opening
of the labor dispute In the English. cotton
mills was an unsatisfactory development
and caused a decline in the price of cotton.
The hesitating tone of stocks persisted
throughout.
Bonds were irregular: total sales. par
value, s~6,S30,OOO. United States bonds were
unchanged on call.
Following were the sales and range Of