Omaha daily bee., 1908-08-25
NEW YORK STOCKS AND BONDS
Discussion Of Saturdays Sensational
Market Feature Of the Day.
EXCHANGE TO INVESTIGATE
Market Opens Lever, with weakness
ThrOushout Active List--SOuthera
Pacific Rallies Near Close, with
Others Generally Lower.

NEW YORK. Aug. 24-Discussion in the
financial district today had to do mainly
and announcement that the stock eX-
change had determined to take immcdI-
ate official cognizance of the episode was
received with general approval.
a closer study of the days business was
said to have heightened the impression
that in a very large part 1t represented
mate trading of any kind. 1t is the
ayowed purpose of the governing body
Of the exchange to probe the matter to
the bottom and preparations to that end
are already well under way. That trad
ers and the speculative faction as a whole
have taken warning was clearly evident
from the character OF today's operations.
BUSINESS during the early session was less
than one-fifth of that transacted in the
day the market had frequent periods OF
utter inertia. Reports dealing with gen.
eral business conditions we're rather con-
flicting. Railroad officials west of Chi
cago admitted that long-hsul traffic con-
tinued disappointing, with the grain move
ment much below. expectations. From the
southern mercantile centers came advices
Of slow recovery. The coal, lumber and
live stock movements are somewhat bSt-
ter, but still much below normal. Grain
receipts at Chicago last week were 750,-
600 bushels less than the previous week
and 1,057,00 bushels under the same week
last year. The same falling off applies
in greater or less degree to other food
stuffs. Other developments having direct
relation to the stock market were Candl-
heAN AoAA . BANhkt W al u ~
vision in the event of his election and
the inauguration of an action by the at
torney general of this state against the
various companies engaged In the trans
portation of hard coal within its bounda-
ries. The defendants to this action em-
roads, and they are charged with having
formed a monopoly of the business. There
was also thu news today that the Texas
legal authorities to institute proceedings
against the Rock Island and other lines
traversing the commonwealth.
Lower prices were recorded in the local
market at the opening, the greatest loss
being sustained by Northern Pacific. Gen
erai weakness was shown tne
resulting chiefly from the support &C
corded United States Steel and the Harri-
nTo1e issS WItb aSyot RGGn shg ho msTSst s sdT be-
low Saturdays. Last weeks pressure on
New York Central and the Rock Island
issues was renewed and had The ERECT
OF curtailing business elsewhere. The
strength of Southern Pacific was the
most conspicuous feature or the late trad
ing a weak undertone. From an authori-
tative source il was learned that several
Of the large commission houses recently
committed to the short side had, up to the
close today, failed to make delivery. of
all of the stocks sold by them last Satur-
Gallon cay; T af fi TaS n h0r e pnStrsn sa mt but
rather of an overtaxing of their clerical
forces resulting from the huge volume OF
business. London's business here was
small. moderate purchases of Steel COM
mon and Union Pacific being reported.
The market abroad was slightly affected
by our weakness, together with fears OF
Paris selling because of recent events in
Morocco. The Bank of Germany strength
ened it's position by a cash gain of over
S11, 900, 900. Further cash gains ana tine
resultant increase in surplus reported last
Saturday by our banks caused money to
work lower here today. Five and SIX
months loans were made at So per cent
and plenty of call money was Offered at
"A per cent. Chicago, contraiwise, re-
ported a hardening tendency, the mark1ng
up of rates suggesting a change IN the
monetary conditions there. Estimates of
interest and dividend disbursements for
September are placed at 373, 100000.
Bonds were irregular. Total sales, par
value, 8 1924, 900. United states IS ad-
vanced u per cent on CALI
Number OF sales and leading quotations