Omaha daily bee., 1908-06-26
new YORK STOCKS AND BONDS
Shifting fluctuations Mark Lack Of
Speculative Conviction.
ALMOST sTAGNANT
American Locomotive Rises rive
Points on Declaration Of Reg
ulRr Dividend and Traders
Are Caught short.

NEW YORK. June 25.-The shifting fluc-
~tuations in prices today marked the lack OF
speculative conviction on the present small
operators who made up the market. Part
OF the tdleness and Indifference of the trad
lng Is a~ttrlbutable TO the seasonabie dlsln-
olination to efforts and the desire for va
cation leisure. Demand for securities is
almost stagnant. The professional traders
who would be disposed to operate on the
bear side OF the market under these cir
Cumstances are tiimid about making COM
mittments owing to the small floating sup
s~tration OF the extent to which unfavorable
factors have been discounted in the price
level.
The action of American Locomotive today
served as an object lesson to bear traders
who did not observe sufficient caution In
selling stocks short. The declaration of
the usual quarterly dividend on that stock
proved an agreeable surprise to some hold
ers and q corresponding unpleasant shock
TO the bears who have assumed with great
confidence that the dividend was to be re-
deuced or even passed. The basis for this
In traffic OF the railroads, their forced re-
sort TO economies and their selection for
first observation of these economics Of the
usual expenditures for new equipment. Not
only have the railroad equipment COM
panies suffered from curtailment OF out
lay for new expenditures, but the financial
disturbance last fall threw into arrears
large amounts of payments for equipment
already delivered. The success OF the new
bond flotations by many Of the railroads
recently has served to relieve somewhat
the latter phase OF the troubles of the COM
panies dealing in equipment. Now the con-
sideration of these facts that had driven
\ American Locomotive down TO a price out
Of line with a 5 per cent dividend stock.
The price was run up over 5 points today
when the regular dividend was declared.
The strength Of American Car was partly
IN sympathy, Notwithstanding the different
4 policy already pursued by that company
In a reduction of the dividend rate. The
financial strength of the company revealed
by the annual report also helped the cal
company. The sustaining Influence of these
and a few other advances was offset at one
time during the day by the renewed unset
cement In the Rock Island and subsidiary
securities and in some of the Gould group
There was nothing new to explain the
weakness of the Rock Island securities
but 1t gave color to reported rumors OF q
reorganization of the company's finances
in prospect. Reports of crop news carried
during the day allegations OF extensive
damage to winter wheat had some influ'
ence In the stock market at one time
These reports were denied and tn weak
ness OF the wheat market in response Il
the denials gave them force. ]. p. Morgan
was reported, on the eve of his return Z
Europe, as declaring himself optimistic
over the financial outlook, and this utter
ance was OF effect in the late firmness o
the market, which was held until the clos
ing. The days gains were small, as
rule. but last prices generally were tn
best.
Bonds were irregular. Total sales. pa
value, S1,43S, 900. United States bonds. 2
and 3s, declined 3 per cent on call.
Following were the range OF prices oil
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