Omaha daily bee., 1908-03-20
NEW YORK STOCKSANDBONDS
Price Movement is Uncertain and
Spectators, Are Confused.
MONEY RATES ARE DECLINING
Investors Seem Unwilling to Put
Money in New securities-LeEis-
lative Program IL Being
Closely watched.

NEW YORK, March i9.-The remarkable
feature of today's stock market was the
entire confusion and uncertainty OF It's
action, a reflection, to some extent at least
Of the doubts felt over the actual progress
which has made towards betterment In
affairs. The reduction yesterday in the
New York Central dividend rate served as
a warning that, II Improvement has set In
In the business affairs OF the country
there are consequences to stockholders Of
the business contraction which are yet to
be faced, 1t is not that dividend reduc-
tlons have not been expected, the course OF
prices showing clearly in many cases, that
reduced dividends were taken for granted.
Today much attention was paid to evil
eences of necessary cuts in the distribution
of profits. The most important instance
came from abroad, the Rio Tintos Mining
shillings, compared with a shillings 6
pence for the preceding distribution.
The response to the reduction in the Of
ficial discount rate Of the Bank of England
from 3ls to per cent was suggestive, also
OF uncertain speculative temper Coupled
with this prime index of declining money
rates and of growing accumulation of idle
money came the report from the London
market that half of the SiO0OO,OD0 issue of
Grand Trunk Pacific, debentures remained
on the hands Of the underwriters. Some light
Improvement in prices of seasoned high
grade investment securities comes from the
easing OF money rates, but capital still
hesitates to embark I'm new issues. This
same question lowered about the doors of
the conference of steel and iron men in
session today in New York Demand for
steel products from railroads halts disap-
pointingly, and the argument is heard
amongst steel men, against reduction of
prices that It would prove unavailing to
induce buying until the railroads find them
selves able TO float new securities and
find means for purchase. The prospect of
dividend reductions on railroad stocks
promises to affect resources Of other COM
panies, which hold those stocks in their
treasures. Union Paclfic's large holdings
OF stocks OF other railroads and its reliance
on dividends from them to pay part of the
dividend rate on it's own stock made It
conspicuous in the discussion of this matter.
Speculative sentiment is sensitive still to
the news from Washington of the efforts
to shape the legislative program for the
rest of the session of congress, especially
as to action on the Sherman antitrust law.
weakness In the London copper market
and rise here In the price of refined
sugar were incidents of the day. A fur
ther reduction on the number of freight cars
idle was noted with satisfaction as was
the reported good chance for avoiding a
strike In the soft coal mines. Prices of
stocks showed gains at the end Of the day,
put rise from the low point of the day
had occurred in the last half hour of the
Bonds were easy; total sales, par value.
N,aOOOO; United States Is registered de-
cIned u per cent on call
Number OF sales ana quotations on stocks
were as follows.