Omaha daily bee., 1908-11-24
NEW YORK STOCKS AND BONDS
Days Business on Exchange is
Smallest Since Election.
NUMEROUS WARNINGS NEEDED
Outside Demand Falls on because of
Belief that Limit of Advance
at Present Has Been
Reached.

NEW YORK, Nov. 5.-Today' business
on the stock exchange, was the smallest for
any day since the election. The total Of
iS1,fy shares is the only daily total below
l.OO,oO0 shares that has occurred for a full
day IN that period. This subsistence of the
speculative turore .awRkens some regret
IN many elements closely adjacent to the
STOCK exchange, but in the larger financial
circle or the wall street section, there Is
an avowed satisfaction, with the slowing
DOWN OF a speculative pace which, 1t was
leareo, would prove perilous and involve
Interior consequence that would be detri-
mental to the march of industrial and COM
mercial progress in the country. This fear
mas round open expression in the last few
days from many influential banking quar-
ters. TIL closed interval since Saturday
seems to have been taken advantage of to
this view through the country.
IT wisdom OF regulating the pulse OF the
recovery and Of keeping down feverish
symptoms was enforced from various
sources. There is a tone Of depreciation Of
any attempt at a sudden and Violent boom
In business. There were warnings given
also of unwarranted assumptions of the
or the wiping out of possible obstacles to
be encountered. In particular, there is a
realization that the assembling of congress
and the state legislatures may bring some
FORCES into action that will chill s~pecula-
tive enthusiasm. 1t Is supposed that this
may follow from the too exuberant views
that spectators have professed of the ex-
tent to which anti-corporation sentiment
In. the country has been appeased. The
taking up of the tariff schedules in the
practical work of revision Of the rates of
disturbing effect which the speculation has
been inclined TO ignore for a time.
The stock market had clear limitations
last week of the nature OF the magazine
articles written by Andrew Carnegie leaning
to a tariff for revenue only and advocating
the abolition of duties on steel, but the
publication OF elaborate extracts OF the
article was not without additional effect.
The influences were preceptible in the con-
straint on the advance In prices of stocks
today, rather than in any positive de-
some tendency towards an upward reaction
from the sharp fall, which was in force
at the close OF last week. There was quite
a volume of selling orders in the market
at the opening, as the after effect of last
weeks fall, and those made the opening
prices lower. At the lowest level the pro-
fessional traders on the floor were disposed
to work for a recovery on the GROUND that
the fall had reached such an extent as
to invite to a rebound. The wiping out
or weak accounts on the long side and the
building up of a short interest in the course
OF the decline had improved the technical
condition OF the market. On the recovery
there was a marked dwindling OF the de-
mand, which served as notice of the reluc-
lance as yet to renew the purchases of
stocks on a large scale. An important
part of the selling was for foreign account
and this was of such effect on the foreign
exchange market as to keep alive the dis
cussion of possible gold exports. Exports
kept near the EOlu export point 10 GdTlS,
the rise in sterling exchange there being
met by strength here. Discounts hardened
also In London and Paris, while time money
rates were lower here, demand for loans
decreasing, and supplies offering showing
some accumulation. Paris again took gold
in London at an advance in the price.
. The large demand and good price for the
offering OF New York City 4 per cent cor
porate stock was significant OF the appetite
of capital for high class investment, but
the ~ per cent bonds sold last year, rose
above any previous price they have com
manded. Another reduction in quotations
for copper at the New York metal ex-
change was a factor in the restraint on
speculation perceptible in the days market,
Bonds were irregular. Total sales, par
value, $5.072,0O0 United States bonds Were
unchanged on call.
Number OF sales and leading nnntatinn,