Omaha daily bee., 1908-11-13
new YORK STOCKS AND BONDS
Movement Of Values is wavering and
Uncertain ALI Day.
MARKET IS sPoTTY AND UNEVEN
volume of Business IL Much Smaller
and Professionals Are Pushed
New High Record for
steel Common.

NEW YORK. Nov. 12.-Transactions in
stocks underwent a decided shrinkage from
the recent activity today. Accompanying
this shrinkage in business was a waverins
and uncertain movement in prices. The
endency was at all times hesitatfng and
the market movements were exceedingly
The professional operators found them
selves much puzzled to read the signifi-
s stsnt sbit thOse o mi1 opsra afG,Usu Su t hsu room com
traders reflected this mood. The ~specula-
tive element was disposed TO work for q
reaction in the morning when 1t seemed
that large additional sales to realize had
been ATTRACTED by yesterdays signs OF
recovery, when the realizing seemed to be
completed. This effort was furthered by
the marking up Of special stocks. The
demonstration in special stocks proved un-
satisfactory and led to renewed doubts
stock on the list which has more sym
pathetic Influence ordinarily on the whole
market than United States Steel. Its rise
today to S6%, eclipsing. by more than a
point any price ever before touched In
the history of the corporation, was a re-
markabie demonstration. The preferred
stock at ia sold at a record price. The
moderate response elsewhere was, there
fore. the more noticeable. Outside of
Northern Pacific the show Of strength to-
day was largely confined to stocks of
the lower grade and smaller prices, the
prominence Of which Is accounted a sign
usually OF the passing. Of a speculative
movement into It's declining stages. The
lack OF special news to account for the
heavy demand for United States Steel gave
rise to a surmise that a large and OBJ
%stinate short interest in the stock was
being driven to cover. on such distressing
terms as may be imagined from the excess
/ Of the price paid over that at which any
previous sales could have been effected.
while detailing the many evidences OF in
creased activity in that industry and of
widespread receipt of new orders, expressed
a warning against what the Iron Age
called the absurd exaggeratlon' of many
statements current in regard to the i'm
provement that has taken place and the
prospects for the winter. A violent slump
In the price of copper warrants in London.
which amounted to Ell Is Cd per ton, gave
ulation Of the market for that metal on IT,
recent advance. Prices of copper locally
were, not affected. but a falling off in de-
mand was reported, indicating that the
immediate needs of consumers have been
provided for. The copper industrials were
not conspicuous here for a price move
nent in either direction, although in Lon
don they were actually depressed in SYM
patty with the action of the metal. The
Bank OF England and the Bank of France
both made strong weekly returns and the
discount rate at Berlin declined.
The sales of $50, 900 of a new issue of
Illinois Central bonds and the immediate
closing of applications for the issue by
the purchasing bankers was regarded as
a proof Of the healthy investment demand
and OF the good promise of provision OF
facilities for the railroads in entering on
new work. The reports of orders for new
cars was In the same sense. The declara-
ton of an initial dividend on Colorado &,
Southern stock was an Illustration of the
priced railroad stocks from the coming
prosperity which is counted upon, although
the earnings of that particular railroad
even through the period of depression have
marked 1t apart. The days net changes
show some striking gains, but the restraint
on the movement of such prime speculative
favorttes as Union Pacific, Southern Pa
cific,. st. Paul. Amalgamated Copper,
Reading and American Smelling. made
4 ltGalf fell" In the fOna ~ fha arI
Bonds were irregular. Total sales, PAL
value, A,S26, 900. United States bonds were
unchanged on call.
Number OF sales and leading quotations
on New York stooka. - ~