Omaha daily bee., 1908-08-22
NEW YORK STOCKS AND BONDS
Price Movement is %UnimpOrtant, with
General Trend Downward.
ROCK ISLAND ISSUES WEAK
Market Rises Daring Noon Hour, bat
Trading Soon Becomes DesuI-
tory and Close is
Heavy.

NEW YORK. Aug. I-Price movements
IN tue stock market today we're ~unimport-
ant for the most part, with the trend to-
wards a lower level. AS on the previous
day of the week. trading was in moderate
proportions and largely restricted to the
speculative element That faction appears
to be puzzled by existing conditions. but
its more venturesome members are arrayed
on the bear side. The boldness OF the
shorts has been eomeWhat arrested blythe
collapse OF the cotton pool, which Is SAID
10 have depleted the paper fortunes Of
several we'll known operators in stocks.
Political conditions are playing a more
important part in the financial situation
just now By reason OF the reported turn
OF events in this state and the effect this
change may have on the presidential cam
paign. The most favorable news was the
publication Of a canvass by a Leading fl
nanCial Institution OF The middle west,
whose 1000 correspondents with few eXcep-
tons reported the general outlook as highly
Encouraging. Several important railroad re-
turns we're issued, that OF the Reading com
pany for the eleven months ended May 81.
last. showing earnings Of 81 per cent ap-
plicable to the common stock. Louisville
and Nashville for its fiscal year reported
a decrease in net income OF S,o2o.O00. while
the Pittsburs, Cincinnati. Chicago and ST.
Louis for the seven months ended July u.
reported a decrease in operating revenue OF
about $4,000 and a reduction Of S-7l5,ocJ
in expenses and taxes.
With few exceptions, the most noticeable
being Southern Pacific. which made another
new high record, touching l00A. the local
market OpeEed lower. the bears renewing
their attacks along the line, Especial points
OF weakness were Rock Island preferred
and st. Louis and San Francisco second
preferred, both of which declined 3 points;
Reading. American Smelling, Great North
err preferred and AtchisOn The break in
Rock Island and Frisco securities widened
later and was attended by a recurrence OF
gossip concerning the complicated financial
condition OF those properties. TIL market
moved up during the noon hour under
heavy short covering, q factor in the ad-
vance being the lending of call money at
= per cent. Trading in the late session
became desultory, with sone disposition
in the direction of higher quotations, but
the increased weakness in Rock Island had
a demoraliZinR effect. resulting In a heavy
close. with Southern Pacific gain cancelled.
Americans were irregular abroad, with
late firmness In the HarTimans or the
proholiday covering. Trading here for Lon
don was again nominal. Estimates as to
the weeks cash gains vary from 100000
to $4,000, practically all of which is
derived from operations with the subtreas-
ury. Gold to the amount of S,lO0.oO was
forwarded to CaTada, but otherwise there
is no check in the inflow OF cash. lnterna-
tional conditions are making for greater
ease I'm the local money situation.
Bond market was irregular today. with
governments unchanged. Total sales, par
value, 100000.
Number OF sales ann leading quotations