Omaha daily bee., 1908-11-10
NEW YORK STOCKS AND BONDS
Movement Of Prices Betrays Throes
of Process of Digestion.
LARGE SALES EARLY IN THE DAY
slump IL Followed by Reaction az
End of First Hour and Values
Again Move Upward--MOhey
L. Tighter.

NEW YORK. Nov. 9.-The movement of
prices today betrayed the throes of the
process of digestion to which the market
was subjected by reason Of the large
sales of stocks by the recent heavy buy
ers, as we'll as by the holders of longer
standing. Although the market stag
gered under this treatment, It. showed
strong ab~sorptive capacity and power of
resistance. This aetion served TO keep
up speculative confidence and to encour-
age the renewed operations on the long
side, which became conspicuous after the
reaction q. the first hour:
The skillful professional element of the
speculative operators in the market were
made wary by the character of the trading
Of the latter part of the week and were
of protit-taking sales which might sweep
upon the position unexpectedly, on any un.
toward hoping. The inevitable tendency
Of a promiscuous movement is for the
floating supply of stocks to pass from
the hands of the rich class of capitalists,
holdings and abundant experience of how
to do ii, into the hands of the numerous
widely-scattered and u~nconnected small
holders, most of them with small means,
operating on insufficient margin, and
likely, therefore, TO be forced to sell at a
sacrifice at a comparatively slight re-
action in the market.
Even so moderate a reaction as that of
the early part of today revealed the ex-
ders placed at limits below the prices of
Saturday, with the purpose of saving
profits. or stopping losses In case OF a
III IAANtEs IL mas b''h AliAo ~
ton, although In exaggerated form, which
has caused the worst decentralization in
stock markets of the past.
1t was feared for a time that the incl
dent which would topple over the specu-
lative fabric had been met in the de-
clsion on Saturday of the governments
suit against the American Tobacco COM
pany In favor of the governments con-
tention of the violation by this company
the decision seemed to some of those in
the financial district to open up such a
vulnerable position for practically all the
great corporate combinations of the mod
ern industrial structure that a wholesale
readjustment would be necessary. This
fear grew from the judicial assertion
panies complained of in the petition was
a contract and combination In restraint
of competition existing when IL was en-
tered into, and that is sufficient to bring
II within the ban Of this drastic statute
The assurances of the presidei Aelect or
lions which are within .iIe law and using
legal methods did not seem to cover the
widesreaching application thus implied
break in the American Tobacco securities
themselves, as well as a good part of the
ascribed to this influence. While 1t was
partly offset by the vigorous ~upbidding
of a few stocks, the disposition 20 real
lie speculative profits continued In evil
dence. A significant development of the
day was the decided Tightening of the
time money market, which was reported
ingly inclined to hold off for higher
rates. This is the natural Consequence of
the quickening of commercial and indus
I trial activity and the certainty of large
acquisitions for loans by corporations of
all classes TO prepare facilities for sup
plying the increased demand. The con-
siderations bearing on the technical spec
ulative position dominated the market to
the exclusion of facts bearing on actual
values.
Bonds. were irregular. Total sales. pal
value, 8 1882. 900. United States bonds
were unchanged on call.
| NLmber of sales and leading quotation!