Omaha daily bee., 1908-12-03
NEW YORK STOCKS AND BONDS
Speculative Movement in Rock Island
Securities Marks Early Dealings.
THROWS MARKET INTO TURMOIL
Excitement Ends when Authorized
Statements Are Made OF Financial
Operations About which
Speculation Conferred.

NEW YORK. Dec. THE violent specu-
IatlNe movement in the Rock Island Sc
euritles' which broke out yesterday, con-
tinued IN the early dealings today and
threw the market into some turmoil.
Ihere was notable subsistence OF the ex-
cltement when the authorized statements
were made OF the financial operations about
winch the speculation centered. followed
bE a violent break in prices at the end
The comparison Of these official state
ments, with the rumors which had pro-
ceeded them, disclosed so much Of exag-
g%eration and distortion OF the rumors that
mere was a disposition to hesitate about
toHowing the leadership in the market
founded on such motives.
Inc tone OF the market thereupon fell
into unsettlement and there was a notable
contraction in the dealings.
assertions were published over night
that the 81. Louis & San Francisco bonds
Hau Deen sold to an amount Of 5000 .OOJ,
sutticient to provide for all maturing obli-
cations OF the company falling due this
year ana next and to furnish resources
besides for extensive projects in conternpia-
ton. These reports pointed to the banking
house which usually acts for the Hartman
interests as the source of this financial
assistance and the inference was broadly
conveyed that association for mutual ad-
vantage between the Hartman and Rock
island systems was to be assumed as a
consequence.
Speculative enthusiasm. after rushing into
the market during the first hour, was some
what dampened by the formal statement
"a MUM. LDtD q Co., the union Pacific
bankers, that they had Withdrawn from
the st. Louis q San francisco financing,
winch had been taken over by Speyer q
Co, who have acted in Rock Island finan-
eng on previous occasions. The incident
was regarded as involving some show Of
friction rather than an Impeachment Of
the financial groups concerned.
The secondary effect on speculative sertl-
ment was harmful rather than beneficial
ttumors were also circulated Of a project
Tor the formation Of a holding company
10 nT1nR the va riAr1g Could nr,y.r4g,a y,4,
closer relations. These also met with dis
Chalmers from authoritative sources. The
statements OF October earnings Of the
Hartman Paclfics were relied upon to give
fresh stimulation to the market, but their
publication failed to bring any response.
thelr favorable character having been over
The comparisons with the corresponding
month of last year in these statements
were. in fact, less favorable than were con-
tained in the September statements. A
contributory cause to the later reactionary
tendency was the continuance of sitter
rates in the call money market. The en-
gagement Of gold for export was an in
fluence on this, the S1,5OO,O00 to be for.
Harded to Paris tomorrow being already
assured of a supplement in a LATER non,,a-
ment.
The rate at which new bonds are coming
on the market and the evidence OF this In
today's news Is calculated to make an
Impression on the money market with the
fate OF absorption Of available capital thus
indicated. The time money market was
atected to some extent and the tone was
called firmer. Reports Of a decided lull
IN the iron and steel trade had an effect
m Keeping United States Steel heavy. and
the tone became weak when advance sheets
OF the Iron Ages weekly review Of trade
conditions appeared in the street.
This and the disappointment overthe nom
erect OF the Hartman earnings statements
IN reviving demand decided the late ten
dency of the market downward.
Bonds were irregular. Total sales nar
value. Sn5N,00. United States bonds were
unchanged on call.
on stocks were. HNO'o'ioAs