Omaha daily bee., 1908-11-17
NEW YORK STOCKS AND7BONDS
Market is Lower on Selling Orders
from Outside.
TRADERS BECOME CONSERVATIVE
Feeling f. CROWNS that situation
las Seen Overplayed ana that
values Are Too High
Bonds Are Irregular.

NEW YORK, Now 1s.-Mixed views over
the speculative outlook found their retlec-
ton In the spotty and somewhat irregular
tone Of the stock market today. The con-
tents of letters and circulars from stock
commission houses show the growth OF con-
~seryatism In that element, due to the extent
and the rapidity Of the advance in prices
which has occurred since the election. Point
was given to this advice by the r~eactiOnary
tone Of the market at the close Of last
week. The result was the receipt OF a
fair volume of selling orders from outside
sources with the opening of the week.
These selling orders came from abroad as
well.
The origin of a good part of the foreign
orders was ascribed to Germany, where
the agitation over the Kaiser's course was
said to be a disturbing factor. The early
decline which these selling orders caused
gave place to recovery later. The up
ward movement was constrained and Ian
guild by comparison with last weeks Wig
orous movements, and the prominence OF
stocks of a minor grade in the rise left II
with less convincing power on sentiment
toward the market, even when 1t was
sought to remedy this by bringing forward
again the high grade railroad stocks it was
evident that they were not so readily moved
as was the case last week.
Specific reasons for the check to the
speculative accumulation were not clear. 1t
was based apparently more on the general
consideration of the extent to which dis
tributions had been going on at the high
level OF prices and the suspicion that with
such distribution affected the market would
enjoy less fostering care from the power
ful interests, which have had it in con-
troll all through the summer and up to the
time of the election. Attention reverted
also, to some Of the Incidents of last week,
which were ignored or overcome by the
vailing.
The court decision that the American
Tooacco company is in violation of the
sherman antitrust law is receiving closer
attention. and the further study of its con-
rents intensified the impression of it's wide
scope and the sweeping application It must
nave to all the great corporate formations
More attention was also given to the ques-
ton of tariff revision and its probable
bearing on business activity on special in
terests. News of the government suit to
collect back taxes from the American
Sugar Refining company weakened that
STOCK. A decline In General Electric was
traceable to reports for orders received
anu the volume of sales of the company
lor the third quarter Of the year, showing
so large a decline from the corresponding
quarter for recent years as to dampen
Ehtnuslasm. This report, also, was pub
ilsned last week. but without effect until
today. United States Steel continued To
struggle against the consideration of the
rapid rate at which it has already risen
ana the statement Of its president that the
present rate OF activity had grown oniy 70
% per cent of capacity. Another reduction
~ the quotations for copper at the New
10TH Metal exchange and a severe decline
IN the price OF London copper warrants
were accompanied by admissions from
some or the large interests in trade of a
suh IN demand from domestic consumers.
Inc fact Of this admission, as much as
mat or the decline itself, inspired the feel
ing that the large interests back of tie
STOCK marker were prepared to countenance
a reaction. Railroad traffic officials gave
some varying accounts of the rate of i'm
provements in freight carrying. The for
elgn sales OF stocks stiffened the foreign
exchange market, but the money market
was little changed. Heavy deposits for re-
oetnptlon or bank notes at Washington
against the treasury certificates which ma.
lure on November 90. will be retired for
the most part, instead of being kept out
NIT. "O"u per
Bonds were irregular. Total sales. mar
u per cent on call.
on S stnns OF sales and leading Quotations