Omaha daily bee., 1908-11-03
NEW YORK STOCKS AND BONDS
Prices Are Quietly and Pefsistently
Lifted During Entire Session.
UNION PACIFIC LEADS RISE
Number OF Leading Issues Reach New
High Levels for the Year
Bond Market is
Irregulsr.

NEW YORK, Nov. 1.-The tone of the
stock market today was reflective OF the
determination to meet the situation after
the election from the greatest possible van
tage point. Prices were quietly and per-
sistently lifted during the session, some OF
the leading stocks selling at the high level
for the year and the average level OF the
active list coming to the election period
not far below that. Union Pacific rose
above ia compared with .17SB on Friday,
when the extraordinary net earnings Tor
September were made public.
The clearing up Of speculative accounts
on the part of operators. timid
which was in evidence on Friday and sat
urday, seemed to be completed and the
way was opened to an easy advance IN
prices. 1t appeared that some of the sell
ing late last week was on the short side
in pursuit of the prevailing tendency Of
the market. These uncovered accounts, IN
turn, were closed up today and helped on
the rise in prices. The professional element
about the stock exchange Is confident that
a further demonstration for higher prices
would be made after the election as an
attraction to an outside speculation, and
also for the advantage of the Ahtgher range
for the purpose of realizing. The comment
of those operating on the market concerned
itself with conditions of this kind. Develop
ments concerning values and the progress
of affairs received little attention. The
Union Pacific's September earnings was
made the nominal reason for the recover
In that stock to the highest price of the
year. There was more or less discussion,
however y lAt tAlbGN VI AhiG abAb
showing of the plans of the railroads to
effect an advance In freight rates after
election. There was percepttble in the
weekly interviews with railroad traffic Off
cials a stress laid on the Importance OF
higher freight rates to insure the emerg-
ence of the railroads from their depression,
which was, however, to be prompted by the
public impression produced by the favor
able net earnings reported by the two
Hartman Pacific railroads. Further re-
ports coming TO hand, of railroad earnings
for September, showed gains in gross earn
inRs by the western grain carriers in con-
sonance with the Hartman showing. The
heavy and early grain movements was
given credit for this showing. The case
OF the great eastern trunk lines was DIFF
ferent, The Pennsylvania and the New
York Central statements for September
were both given out today and both showed
heavy declines in gross earnings and the
cut in operating cost sufficient only partly
to offset this loss. The same thing was APP
parent In less degree with the minor trunk
lines, Erie. Norfolk. and Western and
Chesapeake & Ohio being amongst those re-
porting today.
Money on call held at the firmer rates
established last week In connection with
the November settlements. The program OF
the government finances was cleared up
by the intimation from Washington OF a
coming issue of $4,000, 900 of Panama canal
bonds, the proceeds of which will be used
to reimburse the treasury for expenditures
already made on that work. This will pro-
vide funds for meeting the maturity of the
81, 100000 Of treasury notes on November y
and Will ODVlate the necessity lot any Gail
on the depository banks for return of gov
eminent deposits. This government Dor
owing and that already intimated on be-
half OF the New York City government will
be supplemented by large corporation re-
quirements. Copper rose again at the loca
metal exchange. A stock market holiday
abroad substracted something from the
days dealings.
Bonds were irregular. Total sales, pal
value, A,714,000. United States bonds were
unchanged on call.
Number of sales and leading quotation;
on the New York Stock exchange: