Omaha daily bee., 1903-01-10
NEW YORK STOCKS AND BONDS.
In Spite of IrreguIRrity More Busines'
Done THIN since Mid December.

NEW YORK, Jan. a.-More business was
transacted today on the Stock exchange
than on any day since the s~emi-panic con-
ditions of the middle of December last
Although the market became extremely IT.
regular and at one time generally reac.
tionary, there was a free, broad market
during the whole of the day and the clos
ing was firm and active at a rally, from
the low point. The report of the details
of the division Of the control of Reading
between the Pennsylvania and the Wander
bilt interests caused the speculative Inn
migration to catch fire and operations were
hastily entered upon, seemingly on the as
sumption that all the recent ills resulting
from an overplus of new securities, and an
inadequate supply Of capital to clean up
had been cleared away The decision was
arrived at by inference that further pro-
ing Of control OF the whole eastern trunk
line railroad and anthracite field, with
subsequent designs upon the soft coal field
through the medium field through the pro-
posed distribution of control OF Hooking
Valley amongst the same interests that
are to share the Reading control. There
seemed TO be an assumption that this
would herald a resumption of a large num-
Der of the projects of consolidation and
merger which were interrupted by the
prospect that this would multiply new Sc
curities again and involve heavy syndi-
cate requirements seemed to have none Of
the recent terrors and new buying orders
were poured into the market this morn
Ing from every quarter, including some by
the start that this demand was literally
fed by sales to take profits by the large
buyers Of yesterday and the preceding days,
but the buying was sufficient to absorb
this realizing for a time and to initiate
fresh advances here and there. Reports
that the dispute between the Pennsylvania
and the Gould interests had been settled
caused buoyancy in the Wabashes. There
were demonstrations of strength In. other
Gould stocks, notably Missouri Pacific and
Manhattan, which Initiated movements re-
spectively in the Paci1cs and the local
fractions and which were not explained by
any news of the day. Money continued
quite easy, in spite of the heavy new de-
mands resulting from the speculation. and
a strong AMI statement was forecasted
both by the large movement of currency
treasury operations resulting from the pay
ments of government interest and the
transfers of currency. In the day, when
the market had been reactionary, a belief
were in contemplation at an early day. The
rising money market in London, the sharp
that the Bank Of England is disposed to
maintain the open market rate of discounts
were adduced as evidence of the likelihood
Of such a movement at an early day. A
more reasonable explanation of the reac-
ton, aside from the natural profit taking,
was the. persistent and heavy liquidation
In Reading, due TO the fears OF holders
have little to hope for In the new position
of the stock.
The failure OF the Louisville directors to
advance its dividend rate, as had been
hoped by holders of the minority stock
who followed the advance when the con-
troll was passing, served to emphasize this
impression, and the break In Louisville ac-
cCmpanied that In Reading. The market
was supported at the decline and the clos
ing was firm at the rally.
The bond market was broad, but irreg-
ular. Total sales, par value, SO, 160,000.
United States new As coupon advanced
per cent on call.
The following are the closing prices on
/ the New York Stock exchange: