Omaha daily bee., 1908-09-30
NEW YORK STOCKS AND BONDS
Tendency of Prices to Settle to Dead
Level Still More Manifest.
LEADERS OUT OF MARKET
Men Credited with Control of Situa-
ton Cease observation-disclosures
of Railway Earnings
Attract Attention.

NEW YORK. Sept. 29.-The tendency Of
prices to settle to a dead level was still
further manifest i'm the stock market to-
day. The professionals confined them
selves to what they call in and out OPP
erations. Trading became exceedingly
desultory as the swing of prices diminished
and offered lessening attraction for these
in and out dealings. There were intervals
of several minute during the afternoon.
when no transaction was reported from the
floor of the stock exchange; a condition OF
dizziness rarely seen.
The stagnant condition convinced the
doubtful ones that the wealthy capitalists,
who were Credited with responsibility for
the activity of the summer dealings, We're
obtaining from dealings in stocks for the
present. This fact constituted the news OF
the market. Nothing else received much
attention, nor was there anything, in tact,
which seemed To merit IL. Published re-
ports that l.. II. Hartman had been In
consultation with a medical specialist were
seized on by the room traders in an at
tempt to make food for a speculative move
ment. The small effect produced was eve
denCe OF the lack of basis for reports or
serious impairment of Mr.. Harriman's con
dition. That the sustaining force of the
stock market during much of the past
summer has centered in the power Of the
Hartman name there can be no doubt. So
much was this the case that disquletlnS
considerations of how much rested on the
welfare of one life often Crept into the
market discussion. The appearance I'm
succession of the annual reports Of the
kA''A hAAAA'1
Christening effect on over enthusiasm IN
the speculation. although they relate cir
cumstances thai now become past history,
As an example of the depths from which
complete recovery must be made, however,
these reports covering the late fiscal year
still have force. The progress of that re-
covery is illustrated i'm the August net
earnings returns, now coming to hand,
For instance, the Southern Railway Sys-
TEN, in spite of "A falling off of 1874 per
cent in gross earnings, compared with
August or last year. has established an
actual increase in the net revenues OF
no less than 1888 per cent. This re-
suit obtained by a drastic cut Of y
per cent in the operating cost. Sc
striking a contrast, even consider
ing the comparison with last year
period of enforced extravaganza I'm cost OF
traffic, does not escape criticism as re-
fleCting a possible starvation OF main
tenance expenditures. The case is shown
In magnified form in the Southern railway
/ report, but the tendency is fairly represeu'
tatiVe. Some repressive Influence on Tho
speculation was ascribable TO the prep.
aTation FOR the quarterly disbursement o
the first OF October, which are estimate
to require about Sl5O,OO0.OOO. Money rate.
were q shade firmer on this account, bu
no actual pressure on the stock marke
resulted, The surplus reserve OF the banks
remains Of such really unWieldy pro
portions as To leave no present room 70.
actual money market disturbances
The cool wave was still ignored il
the grain markets and so was withOu
effect on stocks. The break IN Westing
house Electric was due to the reservation
which stiIl obtrude on the proposed re
organization plan. Net prices changes a
shown at the end Of the day are Amos
negligible.