Omaha daily bee., 1908-06-18
NEW YORK STOCKS AND BONDS
Narrow Dimensions Of Market It's
Most Striking Feature.
REACTION COMES BY MIDDAY
Reduction of Dividends by Bis FOur
and Lake Erie Causes Renewed
Apprehension AmOnE the
Traders.

NEW YORK, June 1T-The extremely
narrow dimensions OF the stock market
stu its most striking feature today.
Under the circumstances Of the dullness
and apathy Of the dealings the desultorY
price movements are now very significant
The upward movement OF yesterday evi-
IDENTITY lacked motive power for any Ions
continuance and the reaction came Dy
midday today.
the turn was the decision OF the directors
OF the Cleveland. Cincinnati, Chicago &
St Louis and Of the Lake Erie a. West
ern to pass dividends on the common
stock of the first company and on the
preferred stock OF the second While
these railroads are not in the first rank
control Of them lends some special senti-
mental Influence to the financial policy
pursued by their directors. The passing
Of these dividends follows a reduction de-
cided on in January from the rate which
had been paid for half q dozen years pre-
ceding The preceding reduction was
taken TO measure the extent Of the inn
pairment Of power to return profit which
was the first effect OF the financial crisis
that estimates made at that time OF tie
damage TO profits Of railroads have been
necessarily revised in the light OF later
developments. This inference accords too
well with the general tenor Of reports
Of railroad eurniRgs since the first of
the year to make the passing Of these
eyes Of security holders. Amongs the
industrials American Locomotive suffered
from apprehension of a similar policy in
contemplation. Increased attention was
paid today TO reports OF deterioration Of
the winter wheat crop from too mich
moisture. and the strength of that grains
price reinforced the Influence Of the re-
ports. A private experts report on the
cotton crop at the same time gave a very
favorable forecast for that crop. Flood
damage to southwestern railroad property
was considerable.
engagements Of gold for export tomor-
row proved Unexpectedly large, reaching
s., ESQ. 600. No fears are entertained Of the
effect on our money market of this outgo,
interest rates continuing to recede. The
motives for this continued withdrawal Of
gold in view Of the apparent repletion Of
foreign money centers is beginning to
arouse somewhat mystified conjectures In
international banking circles. The tone
Of the argument of the governments coun-
sci In the case against the anthracite rail-
roads to test the commodity clause of the
Hepburn act was made the occasion Of
some expressions Of uneasiness in stock
market quarters. Shifting views on the
prospect of the anti-intunction plank of
the Chicago platform were advanced as
ground for some Of the professional opera
tions In The days market. There were
considerable recOveries from the lowest
prices before the market closed.
Heavy dealings In Union Pacific refund
ing As. when issued, made up the bulk Of
the bond market again. The largest sales
were made at a shade below the sub
scription price. The tone OF the general
bond market was irregular. Total sales,
par value. Ss.44s, 900. United etates bonds
were unchanged on call.
Number OF sales and quotations on stocks
/ Uarn as fOTlnurrs