Omaha daily bee., 1908-11-18
new YORK STOCKS AND BONDS
Market Spotty and Irregular Owing
to Confusing Reports.
MOVEMENT is NOT CONSISTENT
Successive Advances I'm Some Issues
Are ~ncurr wIth SagsihE
Tendency In Others
Bonds Are Strong.

NEW YORK, Nov. 1.-THE character OF
today's stock market was much the same
as that OF yesterday. The, spotty ana IT.
fusion Of mind on the part Of those who
were attempting to discern the significance
OF the conflicting action Of different stocks
at the same time.
The current of the price movement was
not consistent at any time during the day.
able, was made up of successive advances
OF individual stocks or groups of stocks.
concurrent with a sagging tendency in other
stocks, some of them stocks which had
been con~splcuously strong earlier in the
day. A market Of this kind suggests arti-
ficial support at some points to facilitate
selling at other points There was a further
decline also in the rate Of activity from
yesterday, although yesterdays transac-
lions were smaller than any day last week.
News was not forthcoming for the move
mcnt of special stocks in either direction.
The decreased animation of the s~pecula-
ton was attributed In a general way TO
an excess Of caution, 70 the extensive rise
already achieved. which has reduced the
rate OF the income yield on everything
traded in. In some cases II Is obvious that
the advance has carried prices to a level
that would limit to a moderate rate OF re-
turn even on increases In dividend rates to
the maximum to be expected. The stocks
however, were amongst those which have
suffered from fears Of dividend reductions
In the past and which are now responding
apparently to increased confidence IN the
maintenance Of present dividend rates. New
York Central and Baltimore s. Ohio are
in this class. The eastern railroads are
still suffering heavier reductions In gross
earnings from last years rate than are
the western grain and cotton carriers. as
shown by the October earnings of the Bal
timore & Ohio published today. That state
ment also shows the success OF the COM
pany in cutting down expenses to meet me
lessened earnings. Conferences. OF trattlc
officials to discuss, proposed freight al
vances also affected these stocks. Another
group that was affected as a class today
was that of low-priced railroads, especially
those in the hands of receivers. rms move
ment followed the sharp advance or the
last few days in the much involved New
York fractions. and is apparently ROUNDED
on similar hopes OF advantage from early
reorganization. A movement or more gen
eral Influence was that in the Hartman
and Hill groups of stocks. Union Pacitlc:
as usual, absorbed a large. proportion OF
the days total dealings. Its rise TO 1879
carried II through the highest price toucneu
during 1907. which was 1888 in January. To-
days price has been equalled only IN the
excited speculation in the stock. toLowlhg
the advance in its dividend rate IroW Q
to 10 per cent. which carried the quotation
to 1854 on September 4 1906. It's rise today
i'm which Southern Pacific kept IL company
| was accompanied by revived rumors OF a
pending financial plan involving dlstrlDu-
ton of assets or increased dividends, Inc
executiye committees of the two roads met
during the day, hut adjourned with an an
nouncement of only routine pusine aarnate
periods OF heaviness and stSength, inns
was. in fact, the situation OF the entlre
list, but with extreme regularity throuBnce
out the entire day. Considerable buying OF
stocks was ascribed to foreign accounts,
! but foreign exchange. rates advanced 10
points, Money rates were called easier
both on call and on time; ar ,al,e
S. 9SS, eco. United States bonds were uh-
Number Of sales and leading quotations