Omaha daily bee., 1908-08-19
NEW YORK STOCKS AND BONDS
Market Largely in Hands Of PROBES.
SIGNALS and Movement Irregular.
EARLY DRIVE AGAINST HILLS
Rumor ~ mness OF HEAD Of system
and Decrease In dividends the
Cause-Harrimans Rise
Near the Close.

NEW YORK Aus Sin its essential
features today,s stock market vas largely
a Repetition OF yesterdays Prices moved
selling representing for the most part the
operations Of the professional element. Trad
Volume tfan on the previous day. but later
became listless and devoid OF significance
There was an early drive against Great
Northern and Northern Pacific. based on
rumOrs Of the serious illness OF James J.
Hill Although these reports we're soon au-
thoritatively denied. those stock held heavy
throughout. Part OF the days board room
gossip dealt with the possibility OF a reduc-
ton in the Great Northern and Northern
Pacific dividends. Inasmuch as action on
these dividends is still some two months
off, such talk was not taken seriously.
There is doubtless some justification for
the belief that the showing OF the Hill lines
has been Disappointing, and this, together
with the discouragins utterances OF the
utular head OF those properties. has served
TO subject them to unusual pressure. There
was marked weaknes also in St Louis &
San Francisco second preferred, and New
York Central dropped abruptly under short
selling. which was attended BY rumors OF
some more financing in the interest OF that
property In the industrial group American
Smelling and Amalgamated Copper both
were active and strong, in spite Of the be
lief that conditions in the metal trade are
less favorable than they were a fortnight
back.
The days budget Of news included the ae-
| Ceptance speech Of the republican candidate
for vice president, which excited little IN
terest; further efforts TO settle the labor
| QlITerenCes on the LhGkaWhuUh lues ltsS
likelihood OF a strike by the Indiana BIZ
luminous coal miners; reports that charges
are to be preferred against the AtChisOn
and Southern Pacific roads for increasing
freight rates. and the publication Of our
July foreign trade report. The latter eN-
! hibit was interesting chiefly In showing
that our exports have fallen off over rs
10000 compared with the same month last
year. while imports have declined over KS
10000. An unofficial cotton report pub
lished during the day fixed the average
condition as 81. against So a month ago
and I5.S last year. This estimate, based on
an acreage Of 5000 600 acres. forecasts a
yield of 100000 bales.
In the final hour today shorts were heavily
driven to cover by a sharp upward move
in Southern Pacific and Union Pacific, to-
gether with adviCes from the west OF fur
Their crop improvements. The tenor OF
these reports was hat the southwest has
greatly benefited by last weeks heavy
rains and that returns are likely to ex-
coed the most sanguine expectations. Trad
ing diminished somewhat before the close.
but material gains were registered by a
number OF issues. After buying moderately,
London turned seller in this market, dis
posing Of moderate amounts OF Union Pa
cific. Steel common and Reading The at
titude Of the continent towards this market
seems to be one OF mild suspicion. and
every sign Of fresh liquidation OF reaction
here serves TO check buying for foreign &C
some OF the leading financial institutions
reporting a heavy inflow from the middle
and states. Demand for money
Is very light, all call loans recorded today
being made at 1 per cent.
Bonds were irregular. Total sales, PAL
value. 6,4T2,OOo. United States registered Is
advanced y per cent. and the coupon =, IS
and Is, registered. advanced 4 per cent on
call.
Number OF sales and leading quotations
~ stooLs a. NoI1cua