Omaha daily bee., 1908-10-09
NEW YORK STOCKS AND BONDS
Values Adversely Affected by Heavy
Sales from Abroad.
ARTIFICIAL SUPPORT WITHDRAWN
Northern Paciac Melon Cutting IL
Postponed, but stock Is Not as
weak as some other Hish
Railroad stocks.

NEW YORK, oct. s.-Arhitrage sales Of
stocks for London account on the local
stock exchange today were estimated at
much as the total sold previously since the
war scare developed in Europe at the be-
t tlnmlns 0 Dat tn ne,v week &c IhIs ibe,IIdhs vas az o Srr
securities, but to indirect pressure through
London from continental centers. Large
amounts of United States Steel and Rock
Island preferred were sold on what was be-
lleved to be orders from Holland. In a
market as narrow as that prevailing at
portion of the total dealings in the mar
ket Moreover, i Is genuine hquidati0n and
has to be paid for. compared, with the
balancing OF buying and selling orders
which makes up much OF the usual specu-
lative manipulation IN the market. It was,
element IN the speculation found the sup
port Of the market a discouraging opening.
Values, in fact, were seriously impaired, as
round the low levels. Artificial support OF
prices which simply affords a profit to this
flood Of foreign liquidation has few at
to practice It today. IL the foreigners were
bent on selling II was thought as well to
take their offerings at concessions rather
than hold up the market for them.
The high level at which prices of Ameri-
can securities are now held constitutes the
inducement for this foreign selling and not
any doubts of inherent value. With the
prospect of pressure to secure funds for
filling war chests and the inducement to
INV alitE III Gdhls the SlIOnkG6l
market is resorted to for that purpose. The
relative strength of the New York securi-
Ties market for that purpose is beyond dis
pute. Hence the stream OF stocks poured
into 1t for foreign account today. Tn eff
feet was seen In the rapid rise in foreign
exhange where demand was active for re-
mittance to pay for these Homecoming
American securities. The advance carried
demand sterling to a point where small
in the way of interest allowance in gold
IN transit would start an outward move
ment Of gold from New York. The weekly
statement of the Bank OF France showed
an increase Of gold holdings for the week
change rate advanced at Paris. The Bank
OF England, in fact, made a very weak re-
turn with a loss of $5,3S6,O0O in bullion
vanced In London. Exchange in New York
on Paris and Berlin was lower In contrast
with the strength of Sterling exchange.
Money rates here were not appreciably af-
feoted, but the tone of the time money
market was called firmer.
Wheat prices ended today Tk62c a bushel
higher than last Ugh 1t is not necessary
TO so over the details of the confused re-
ports OF the days occurrences in the Bal
kans and in the European capitals to read
a serious opinion of the outlook in these
various financial signs. eakne in Brit
ish consols and French rentes was not ac-
ute, but was distinct and bore out the tes-
practically ignored. Northern Pacific got
only the customary ia per cent dividend
without tho hoped-for appearance of the
melon cutting but Il was not as weak as
some other high railroad stocks. It calls fol
q record, hf wever, that business contracted
materially as the hour approached for the
base ball game. which was the only riva
in interest among the brokers, to the neal
eastern question. g.
Bonds were irregular. Total sales, pa
value. S,2lS0O0. United States bonds wer'
Following were the sales and range O
prices on the Stock exchange today;