Omaha daily bee., 1908-09-26
NEW YORK STOCKS AND BONDS
Spectators Attempt to Follow Move.
ment Of Standard Oil Crowd.
CAUSES IRREGULAR MARKET
Brisk Early Advance Followed by
Heavy Offerings OF Harrimans
and ResdinE, and Prices
Break.

NEW YORK. Sept. 2s-Professlona, oper-
ators In the stock market have come to
prsctLcal agreement in calling IL a stand
ara OIL market. The attention Of this
speculative element was wholly centered to-
cay on efforts to determine what Standard
Oll brokers' were doing. This was because
OF the conviction that the market is under
me control of a combination of capitalists
having Affiliations with the Standard OIL
company. The followers of the speculation
had to be nimble TO keep track OF the con-
Trajectory evidence, of what these million
are operators might be doing. The most
simple method was to follow the move,
men OF Union Pacific. Until that stock
advanced purchases were made of either
observation Of the operations Of members
OF the firms supposed to be employed in the
interest of the dominant group.
The difficulties OF following this rough
method OF deduction is obvious. AS a mat
Ter OF fact the market was In a constant
state OF hesitation and unsettlement
f~nroushout the session. Open selling Of
ing by the houses which were largest buy
ers yesterday broke prices from the brisk
early ADVANCE. The openness of this swing
lnen came under suspicion and the market
fluctuated under this doubt. There were
diversions from time to time into other
STOCKS, but without conclusive effect on
the market. The Hill stocks made an
aggressive advance without any news to
account for 1t. Reports unconfirmed said
that Rock Island had secured needed sup
piltb VI capital IneTe WAS movement In
the metal market and mining stocks in con-
cert. The marking up of the price Of copper
at the Metal exchange had some bearing
on this movement. Indeed. the whole mar
ket was affected by this incident, owing to
the close. correspondence there has been
between the speculative movement of stocks
and the price OF copper for some time past,
Copper warrants were higher in London
also. westinghouse Electric had the bene-
mt of the report that reorganization would
be erected without resort to the bankruptcy
court.
Little impression was made by the esti-
mates of a considerable decline In bank
cash for the week. When the stock mar
ket was disturbed early in the week, New
York exchange at Chicago rose sharply,
supposed TO be caused by remittances from
that center due to stock market contingent
cies. The banks appear TO have lost a con
siderable amount, however, from excess OF
over receipts on the interior cur.
rency movement. The subtreasury opera
tons have absorbed some S1,1l6.00 o in cash
A $2,OOO,OO shipment of gold to canada Ii
to be included in the estimate and a 1000.
600 shipment made last Saturday did not
figure In last Saturdays statement of the
Clearing house institutions. A decline OF
over 100000 in the cash item, therefore
would not surprise the banking world. Tn
weeks liquidation at the Stock exchange
should operate to reduce the loan item
The selling OF stocks, however, was
matched by the buying and these cross cur.
rents always make the effect on the loar
Item confusing. The rise in the exports OF
wheat and flour for the week to the largest
total for the season confirmed earlier re.
ports of the effect of the Russian cholers
situation. There were supplementary re.
ports OF further heavy buying for export
today. The effect OF this on the exchange
market is modified by the influence OIL
the English cotton mill shutdown on the
supply of cotton bills. Notwithstandlnr
strong demonstrations at new points in the
market, the uncertain sentiment remained
unaltered at the closing.
Bonds were firm. Total sales, par value
$3T2000. United States bonds were un
changed on call.
The following shows the range OF price,
on the Stock exchange today.