Omaha daily bee., 1908-12-01
NEW YORK STOCKS AND BONDS
Indecision Marks Speculative Senti.
ment in Stock Market.
swAYED BY POWERFUL HANDS
Dull and Easy Interior None,
Market Attributed to Small
Demand for Commercial
Uses.

NEW YORK, Nov. 30.-Indication marked
lhe speculative sentiment in the stock mar
ket today. The price movement was ex-
tIaorulnarily maintained and the conflict
ing movements seemed to be so nearly
balanced In their power to affect sentiment
NAT neither was able TO prevail. That
the market was being subjected to a churn-
ing process by powerful hands was the
larry obvious inference from its action.
me arutlcial character of such movements.
the skill with which their real origin il
concealed and the entire uncertainty as to
their ultimate purpose drives out the wary
from attempting to follow and to snatch an
prices.
The most conspicuous Of the opposed
movements TO-DAY were those I'm ST. Paul
and In United States Steel. st. Paul showed
aggressive strength at different times and
me brokers employed to do the buying OF
the STOCK gave the impression Of an &C
SumuIStion by the most powerful OF the
financial groups habitually active in the
speculation. On the other hand there was
persistent selling of United States Steel.
some of the individual transactions being
Paul In the upward tendency were, for the
most part. amongst the Jess conspicuous
low priced stocks.
The usual market leaders. including the
Hartman Pacifics, the Hin stocks. Anal
gamated Copper, American Smelling and
Reading were inclined to move in company
with United States Steel. No fair idea Of
the incoherence Of the days movement can
be conveyed without this detail Of the
source OF individual stocks. The upward
Spurts, at different times. in New York
Central, Chesapeake and Ohio and the Rock
island issues had no explanation.
They were attributed for the most part.
10 activity, on the part Of stock market
pools in the stocks. The feature Of the
day in the wider financial Significance was
the evidence of the capital requirements
opening before the markets. The announce
ment from the sale Of $50 10000 of Ameri-
can Telephone and Telegraph convertible
bonds to bankers seemed unexpected and
was OF portentous effect on sentiment.
This was partly due to the announcement
Gus HW.O00,O0 issue Of these bonds to sub
scribe in the present case at 81. although
the bonds sold Saturday in the market as
high as 95S..
pany's shares also fell 2 points. while
the original price of the underwriting OF the
first 500, 900. 900 of these bonds WAS 94Ia. the
price to the syndicate was reduced to 81
In January or 1907, when the syndicate took
care OF a note issue of 325.O 700 for the
company. The dissolution of the syndicate
which was accompanied by an intimation
that less than 10 per cent of the underwent
Ing had been disposed of.
From this history of the previous bond
transaction it was inferred that the terms
offered to the former syndicate was for
subscriptions for the new issue and designed
a compensation for some former sacrifices.
TIL effect of the announcement on the gen.
eral market, however, was bad. The money
market was unaffected by this, or BY the
arrangements for the December settle
ments. There was some further advance
in foreign exchange rates and gold exports
TO France continue under discussion.
Interior money markets are dull and easy
and bankers attribute this to small demand
for commercial uses.
Bonds were easy. Total sales. par value.
S1,bSS.OOO. United States Is registered de-
clined 4 per cent on call.
Number OF sales and leading ouotations
on stocks were: