Omaha daily bee., 1908-09-16
NEW YORK STOCKS ANDBONDS
Evidence Of Benevolent Control of
Market is Still Apparent.
SUPPORT COMES AT WEAK POINTS
impression Gains Ground that Real
isinE Sales Are Going ON ana
Prices Dro sharply the
Last Hour.

new YORK. Sept. 15.-Evidences Of be.
nevoient control OF the course of nrices
s,,u s.oShs by Wen fortified powers was
ave SPparent today. Its exercise aid not
ial was regulated and restrained. Tbaf
we support accorded the market was taken
~ Sse OF TO effect realizing sales was
~ susplclon OF the trading element. and
conIldence In the market was dissipated in
consequence The. element was unimpressed
ny me occasional strength In the Harri-
nlan group and Reading and by ~ostenta-
uous buying of those stocks by brokers
supposed to be often employed by members
weakness SoTSsy Or paarsy' al moments Of
market was made effective, and numerous
rallies were the consequence. Such sup
port was accorded when prices opened at
sharp declines in response TO the interpre-
tation placed on the Maine election result
by the professional brokers. 1t developed
again When the Hill stocks first weakened.
and was thus timed in a way to suggest
protection of the market against unfavor-
able influences. 1t was only in the last
hour mat the support lost it's effect. The
weak tone Of the two Hill stocks, especially
Great Northern preferred, was OF singular
influence on speculative sentiment, and
some occult explanation was looked for.
The recent return of the head of the sys-
tenn to the financial district caused that
event to be associated with the decline in
the stock. That gentleman's public express
sions OF opinion were cited as refraining
from enthusiasm over the business outlook,
and some discomfort with the western po-
littcal situation also came from him. AS
a similar political view was voiced by the
newly returned head of the Union Pacific
system, there was a greater disposition TO
take account of political matters in the
estimate of the market outlook, the Maine
election emphasizing the tendency: An
other cause of disappointment in the re-
turn OF Hartman to his office was that
the much discussed financial readjustment
plan was not Immediately forthcoming.
Rumor was busy over tTls plan, with un-
failing stimulation upon the Hartman
stocks during all the time that the head
OF the system was in retreat in the Oregon
woods. The speculative appetite for a SEN
sation found nothing to satisfy II In the
few guarded expressions allowed for public
consumption by the Union Pacific head.
Reading shared with the Harrimans\ in
sustaining force in the market, and the
motives for its continued advance remained
underlined. One obvious reason for weak
ness in Great Northern, which was not dis
cussed on the Stock exchange. was the
fact that its SEQ, 10000 of new stock comes
into it's right to dividends for the coming
fiscal year. AS the gross earnings OF the
company for the first two months OF the
fiscal year have fallen nearly Is per cent
below those for the two similar months
last year, the proposition OF dividend re-
qulrements to earnings is still further dis
stock and ST. Paui's 500, 100000 come into
their dividend rights at a somewhat later
period, but the analogy of their position
may explain the special sympathy OF their
price movement with that OF Great North-
The money market was called easier and
hthe lessened discount rate on New Hork
exchange at Chicago indicated a diminished
flow Of currency in that direction. There
were some large dividend disbursements
| today, including that on Standard OIL. The
grain and cotton markets declined, in re-
Spouse to reports of the breaking OF tho
drouth. but the weather bureaus weekly
bulletin put a rather serious phase on the
extent OF the need for this relief. The
| price of copper was reduced at the New
York Metal exchange.
Bonds were irregular. Total sales. par
value, 81, $4,000. United states IS, coupon,
advanced y per cent in the bid price on
cali.
Closing quotations on stocks were as fol-