Omaha daily bee., 1908-11-19
NEW YORK STOCKS AND BONDS
Market Shows Warning influence Of
Bull Factors in News.
OUTSIDE ORDERS FALLING OFF
Influential Issues Rise sharply, while
Balance OF List shows saEEing
neutrality-suspicious. Are
Irregular.

NEW YORK, Nov. 1S.-There was no
new incident today which acted as a de-
termining factor on the movement OF prices
of stocks. although the operators in the
board room and at stock quotation tickers
We're alert, as usual. in ranging the world
Ior signs OF such news. In its absence
the market showed the waning influence Of
some or the older factors which have been
active for some time past, notably since
election. There came into consideration
again a Wall street aphorism which says
that prices cannot move In one direction
all the time This altruism is lost sight
OF In periods OF speculative excitement and
the iact OF its coming into view Is In itself
testimony to the subsistence of excitement
of the less seasoned kind, such as there
was evidence of on the most active days
or last week. The decrease of activity IN
the market Is evidence in the same direc-
tlon' Commission houses report that the
volume OF orders from clients in scattered
localities has fallen off in the last few
Gays. Whether from the fact that exist
ing demand has been filled or the dearness
OF prices has lessened the attraction of
stocks or suspicion has been aroused Of
an element OF manipulation in the market
which precludes a possible reaction. the
decrease in the buying OF stocks Is obvious.
Some OF the commission houses make a
point of the existence of buying orders on
their books conditioned on a decline from
present prices. Last week the bulk of buy
ing orders was "at the market" 1t is such
orders that enable the well informed room
traders TO cause volatile upshoots in prices
by bidding up quotations while the buying
orders are being executed. The task OF
supporting the market grows more diff
cult when price limits are placed on the
buving orders.
The growing difficulty of the task was
manifest today with the Indifference shown
to the striking advances in a number Of
STOCKS that have been the most influential
leaders Of the market sentiment for months
past. The rise in Southern Pacific to above
~ established a new record for that stock,
and Union Pacific, st. Paul and Northern
Pacific sold at the highest prices of the
present year, There were other strong
points scattered through the list Of Sc
curltles and embracing some of the lowest
grade OF stocks on which dividends have
never been paid and for which earnings
show nothing available for dividends. The
awakening OF the activity OF this class of
stocks has had a bad effect on speculative
sentiment, as a stirring up of the dregs of
me market with the expectation of posi-
blhties In stocks of a more substantial
class. Stocks which rose did so in success
sion and there was no uniform upward
movement at any time. The tendency of
prices to sag while such influential stocks
proof OF the strain to which the support of
the market was being subjected. The feel
ing OF dlstTust gathered force and issued in
the general decline In the latter part of the
day. st. Paul was affected by a report
or an Intended bond issue to be secured
tny It's Pacific coast lines now building and
u was on the official denial of these re-
ports that the stock rose to $50. N otIve
power Tor the movement In the Harrimans
was supplied by reiteration of rumors of a
financial plan involving a "melon-cuttinF"
the details of which were vaguely pre-
scented. Northern Pacific was bought on
me that the deduction from
the price tomorrow of the 81. 26 extra divi-
dend would make the stock look cheap and
would lead to some recovery of the amount
or the dividend. With the reactionary ten
dency OF prices established, there grew nm
discussion OF the possibility of some set
PACK in business and industry from the
first pace having been too rapid. The
1ailure OF copper to hold its advanced
price furnishes a text for such discussion
,The professional element has been watch
ing Tor a reaction based on technical
grounds for DAYS and their rush to follow
the movement helped materially to extend
the reaction late today.
Bonds were irregular. Total sales. mar
unchanged on call.
Number Of sales and leading quotations