Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-08-30
NEW YORK. STOCKS AND BONDS
Market Exhibits Unexpectedly Strong IN
dertone in Spite Of Adverse News
HILL AND CANADIAN PAclHlcs ADVANCE
New High Record for Great
Northern for Present Move
ment--steeI Issues Are
stronger.

NEW YORK, Aug. 2e.-In the face of
lunrtner adverse features such as the Phlla-
oelpnla failure and drains on resources Ii
must be said that todays stock market for
.ne greater part OF the session exhibited an
SSin,elSpeetediy strong undertone. This con-
eltIon was brought about largely by the
which business opened. coupled with assur-
ing OF the Philadelphia institution would be
aLnlost entirely local In It's effect Never
theless the differences drawn from this last
event, following 30 soon after similar oc-
currences in Boston, Chicago and else where.
LETT a painful impression, not only In con-
c ctery,ative quarters, but In speculative
The ease with which early offerings were
stTon BESPOKE support Of an unusually
the impression that the so-called big in
terests have yet a great deal Of STOCK to
were naturally the center of interest by
reason OF Yesterdays happening were
outset. Pennsylvanla scored an initial gain
but Reading. which was under pressure,
made decline. Other Conspicuous features
Paeiiic, the former selling with its dividend
and rights" off and showing gain OF al
nsed PsatSy Of Rs pasvOns day. soon
advancing to lG, six point gain, but for
more or less patent reasons the rise at
were strong, presumably on the publication
Of an unoon1rmed report that the ore deal
had ad BEEN formally Tstified. Great Northern
ent t movement ne tHI and Sortkern Pasihe was
naturally ht' refected the strength Of these
stocks. though In lesser degree, Sales in
the FIRST fifteen minutes were sbout 2%,c0
hour with Reading contributing the largest
share. The market Quoted before the end
Of the first hour but not before another
drive against Reading sent that stock low.r
than before. Recovery was soon maze
under the lead Of Union Pacific, which ad-
hiRheat
the movement being again accompanied by
the now familiar st. Paul story. BY noon
trading became comparatively dnli Win
Atchison's new high record the most note
The late session developed no marked ten
dency either way until the last hour, When
further weakening in exchange to ~ ~, ~;
This latter was one of the most significant
Of e td 6s da Sypo aas ss es
finance bills by foreign banking interests.
furry in call money. There was general
selling OF these bills and the proceeds were
promptly loaned at the later higher ~ aa aosd
considerable gums on a 81 basis for ninety
day loans. Despite the rise In money me
market gstherteSd ed r fsst%re beinE Reading
which advanced over points from the low;
while Pennsylvania moved up smartly anu
the remainder Of the active group saineo
p1TrI radinE was very active at the close,
which was strong and generally az sne , 4Ssl
~ transferred to San Francisco today, the
hanks have already lost almost $5VO,WO 70
ne sub.tressnry for n the WeefS anReTs there
vas no appreciable change In time money
rates. , ro,a, Gales mar
yaive r. $4,000. United States bonds were
ali unchanged on call. :, ,.,o.. ~,
The following was tne ranse VI p''Se