Omaha daily bee., 1908-12-02
NEW YORK STOCKS AND BONDS
Spectators Make Their Influence
Felt on Stock Market.
TARIFF REDUCTION FEARED
DEFINITE Arrangements h. Interna-
tionRI Banking House TO ship
Gold 60 Paris Thurs
day,

NEW YORK, Dec. 1.-The professional
operators In stocks did most Of the busi-
tons were in the class of securities desis-
mated specialties. most part, market pools,
making their influence felt in more than
one case In moving prices much at will.
Yesterdays heavy fall in the price OF
United states Steel shares was folio wed to-
day by further free offerings of that stock.
Dealings in II were on a scale unusually
even In so unwialdy a market medium as
TINS security is by reason Of the huge bulk
OF its capital. A single transaction of 10000
shares OF steel was made on the. floor dur
Ing the day, the block being taken by one
purchaser, although several sellers con-
tributed to the trade. The selling Of this
stock Is regarded as being prompted TO
some extent at least by the growing prob
ability OF more radical action on the tariff
than has been the expectation in financial
quarters. The movement of-United states
steel are Of such impressive effect on spec
ulattve sentiment towards the whole mar
ket that It is difficult to overcome it By
contrary movements In other stocks.
Another development of the day was the
definite arrangement by international bank
ing houses to ship gold to Paris on Thurs
day. Another rise in the foreign exchange
rate today wiped out the margin separating
shipments. II was denied that allowance
OF interest on the shipment while In transit
by the Bank Of France figured in the tran
%saCtion.
Bankers estimate that the movement may
run to 100000 or $12, 100000. TIL e insati-
able demands of the Bank OF France FOR
gold IN race or an unprecedented volume
of holdings arouse no little wonder amongst
bankers. 1t is believed that uninterrupted
selling Of American securities by foreigners
is the dominating cause of the movement
The call loan rate was affected today, al
though In slight degree. Subtreasury opera
lions took 81, 634,O 300 from the banks on ac-
count of a return of government deposits
called for last week by the secretary. Yes
terady's announcement of the sale of $780,
600, 900 of American Telephone bonds was
supplemented by the report of the coming
issue Of $40, O00,0 600 United States Rubber
bonds. Next Saturday bids are to be sub
mitted for the $50. 10000 Panama canal
bonds. Some impression was made by the
reports Of growing rRncor in a dispute be-
tween the Pennsylvania railroad and Its
locomotive engineers, especially a statement
put out yesterday indicating a mood OF
preparation on the part of the anthracite
interests for trouble with the expiration of
the present wage agreement next April.
The irregular liquidation, which has been
In progress for several days past, probably
was prompted in varying degree by all OF
these motives. 1t proceeded to an extent
that brought relief during the course OF
the days dealings and opened the way Tor
a considerable recovery.
The cessation of the pressure of the
United States Steel and on some other
prominent stocks was OF more Influence In
bringing this about than the more sensa-
tional advances in a group OF specialties
Rock Island preferred was conspicuous In
this class, its volatile rise being unexplained
by any news bearing on the property. The
2A per cent for call loans touched today
has not been equaled since the second week
in September, when the sharp break In
prizes of stocks caused a furry in rates.
The market closed in considerable un,
settlement. Bonds were irregular. Tota
sales, par value, $,722,OO0. United States
bonds were unchanged on call.
Number of sales and leading quotations
| on gtOpkg WpTa.