Omaha daily bee., 1908-11-20
NEW YORK STOCKS AND BONDS
Constant Fluctuation Of Prices Fea.
ture Of the Session.
VOLUME OF DEALINGS FALLS OFF
General Feeling That stocks That
Were Bought in anticipation of
P-Ost-EIection Rise Are
UnlOaded.


NEW YORK, Nov. ia constant fluc-
tuation OF prices on the market was the
principal feature of the dealings in stocks
today. The fluctuations were narrower
than has been the rule Of late and the
volume OF dealings, also, was smaller, the
days sales falling TO nearer the million
share limit than since the presidential cleo
ton. That the general demand for stocks
has been satisfied to some extent is indi-
Gated by the diminished activity. 1t was
assumed also that there was a material
decrease In more professional operations
today, While the operations Of this char
actcr have been the subject of some sus-
pfcion and of allegations of manipulativc
intent to further the DISTRIBUTION Of hold
lngs their decrease has a rather ominous
ettect on speculative sentiment.
These dealings have been attributed to
the inactivity of the large capital interests
VINO We're accredited with accumulatinG
STOCKS as far back as last July I'm anticipn-
uon Of the growing demand which mas
since developed. While a degree of artifi-
Clality was recognized in these m%anipula-
tive operations, they were accepted never
tnoless as evidence of the continued interest
IN the market of the capitalists and institu-
lions or nrst-class resources. This was
regarded as Insurance of continued protec-
uon OF prices by supporting orders when
any weakness developed, and Of fostering
measures for extending the advance in
which speculative followers might hope TO
Dereflt. The reduction of this kind of
activity leaves an apprehension that the
large operators have practically completed
their speculative campaign by the distribu-
lion of such part of their holdings as they
oN9a W l6dllht on. IL Is ledIGu lllal tue
market will be left vulnerable. therefore,
to organized professional attacks. There
were signs that support of prices had not
been abandoned today, but 1t was less
aggressive than the recent rule and was
facilitated by the covering Of shorts put
out on the decline yesterday The occa-
sional rallies in the market were noticeably
checked on the approach of prices to the
level at which they closed yesterday. TIL
pseyaarIs w aPPerentiy ceased TO- buy al thai
side, while the feeding out of stocks tc
realize turned the scale of the price move
ment downward again. General selling al
the last was the outgrowth of the feeling
OF suspicion.
The days news offered no explanation Of
traders laid some stress on the announce,
ment OF an issue of $780, 900, zoe of Panama
canal bonds as a possible ground for tn,
selling OF stocks. That transaction in itsel
Is not calculated to disturb either money
or securities. It Is likely, however, tina.
the large aggregate of requirements foI
new capital which are shortly to bo me
may prompt a transfer of capital from
present stockholdlngs into the newly OF
iered securities. Such a movement occurred
highly successful f~lotation of a $40 900. 90
Corean loan, under Japanese auspices. Tn
panks expect that the growth Of deman,
tor capital in the more fluid form Of com
merclal employment will affect the suppl
avallable for speculative purposes in time
also; me immediate state of the none,
market continues easy. Time loans shoV
a yielding tendency again today. In addi
tiOi. " LHeSt COnSlueIdtCnS tnere is apatn
IN the speculation which holds the conviC
tlon that the upward movement in stock
: mas oVerrun the movement in general con
ditions at present i'm sight. Another re
auction in the price of copper at tn
local metal exchange was an incident q
ne kind dwelt upon by this party. Up t
thls time there has not appeared any az
gresslve operation in the market from sue
a party, which has confined itself to
3 conservative attitude of refraining fror
4 extension on the long side and to realizin
7 sales on all advances. Renewed uneasines
: foreign selling of stocks.
. Bonds We're heavy. Total sales, par valu,
T Sh14.W0 United States bonds were ur
Z changed on call. -
. Number OF sales and leading quotation