Omaha daily bee., 1908-10-07
NEW YORK STOCKS AND BONDS
Fitful and Irregular Fluctuations Fol-
low Each Other All Day.
RISE EARLY ON HEAvY BUYING
Adjournment Of Northern Faeific nj
reetOrs without Declaring Cash
Dividend Causes slump
in Prices.

NEW YORK, oct. 6.-Whether on Ac-
count Of tho Balkan war cloud or for some
other reason, there was much nervousness
manifest in today's stock market. Fitful
and irregular fluctuations Of prices fol-
lowed each other all day.
A vigorous show OF resistance to the pre-
vHiling depression of foreign markets was
made at the opening, when heavy buying
orders forced prices upwards with some
violence. The aggressive operations In
Union Pacific led to a supposition that the
leadership Of the market was being ress-
serted by the forces long supposed to be
in control. Buying to cover by the short
break yesterday was an element in the
squirt. The news arriving from abroad
by that time was also Of a reassuring
character and the report of the Turkish
sultan's intention to appeal to a conference
of the powers rather than to declare war
against Bulgaria was regarded as offering
a means OF peaceful solution Of the compli-
cation. The alignment of the powers on the
new situation presented is watched with
manifest anxiety and all indications that
serve to define their attitude are welcomed
on the financial markets. As much slgnifl-
cameo was attached to the action of the
foreign exchanges and the grain markets
as to that Of the stock market, as the in
fluence of other forces was manifest IN the
stock market. The adjournment of the
Northern Pacific directors. for Instance,
without declaring that large extra cash
dividend which was confidently predicted
yesterday, proved disconcerting to a con-
siderable speculative element which has
been operating confidently on the strength
OF these predictions. Northern Pacific
weakened materially after the adjournment
OF the directors meeting and carried the
list with II to a level below last night.
This was in spite Of the favorable showing
made by the outline of the annual report,
in which the depression of the last fiscal
year was seen to nave made but moderate
impression. The failure Of the Northern
Pacific rumors to come true cast a sus-
picion on a number of other rumors which
were effective In yesterdays speculation
and awakened a fear that they had been
prompted simply by a speculative manip-
ulation. The afternoon weakness was
traceable, In part. to the news Of the en-
barrassment of an important bond house,
having connections both in New York and
Boston. and to the knowledge of the meas
ures. which had TO be taken to conserve
the large resources involved. The decided
strength developed by the foreign exchange
had rathr an impressive effect. as implying
an e6fecSive foreign demand for With
drawal OF funds from New York. The de-
mand was associated with the war news
and was the occasion of some misgivinEs
as to the accuracy of the more superficial
indications. The wheat market. also,
strengthened In the latter part of the day
war prospects abroad. From this interim
OF weakness the market was lifted again
by the buoyant advance in Rock Island
preferred, which rose to fifty on transac-
lions In very large individual blocks. The
rise In that stock was explained by news
concerning the property and was regarded
as most important in it's indication of the
speculative opinion OF the financial group
controlling the property. The market ended
strong under the influence of the animated
dealings in Rock Island preferred.
Bonds were irregular. Total sales, par
value, S,290,000. United States bonds were
unchanged on call.
Following were the sales and range Of
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