Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-09-19
NEW YORESTOCkS AND BONDS
Buying Of Baltimore & Ohio by Union
Pacific Feature Of Day.
REPORT CAUSES RISE OF READING
Violent Scramble for stock starts
Number of Rumors of Contest
for Control-CIose is
Irregular.

NEW YORK. Sept. 1s.-The principal
factor in the stock market today was by
ing the transaction in hand that negotia-
tons were in progress for the sale to the
Union Pacific Of the stock of the Baltt-
the Pennsylvania railroad to the bankers.
While the sensation in the days market
was in the Reading movement, the Bal
S n %as Ss s or
reason that the division of control of the
Reading among the trunk line railroads
vania by placing holdings of Reading
stock in the Baltimore & Ohio treasury.
as the New York Central on it's part
R RbSTs Rssdins h0idinsS in the Lake
troll of Baltimore e. Ohio to other hands
than the Pennsylvania, its share of in
fiuence In the Reading control would be
anected also. Wall street was mystified
as to the full bearing of the new ar
rangement and as to the extent to which
the negotiations had actually gone.
Kuhn Loeb & Co. asserted that the re-
port Of sale to the Union Pacific was pre-
mature, while admitting that 1t was under
presented for the consideration of the in
weston and the spectators.
II was assumed that the Pennsylvania
of the control of Baltimore & Ohio be-
fore parting with II. But less certainty
was left to the possible attitude of other
trunk lines to the new arrangement. The
violent advance in Reading aroused some
apprehension that a scramble might be
going on amongst the railroad powers to
achieve a belated readjustment of the
balance and Reading holdings.
II was held to be plausible also. that in
fixing the destination for Its holdings of
Baltimore & Ohio, the Pennsylvania might
have been actuated by policy of hostility
to the Gould project for through line
from ocean to ocean, as was shown in
the opposition to the Wabash efforts to
secure entry into Pittsburg. The lurking
possibilities of resentments and harmful
contests thus suggested, made the Read
ing movement dampener rather than a
stimulation to speculative confidence.
The continued strength of the money
market also was cause of dissatisfaction
in speculative circles and disappointed the
belief that the thrush of gold last week
and the continued arrivals by steamers
this week had effectually relaxed the
ing was looked for as the first of october
approached, but in the meantime easier
conditions were looked for. Not only was
high rate of per cent, but the premium
on time loans was again advanced. The
demand for time money. was reported
strong and almost no funds were offering
in that market Discounts hardened In
Paris and London, the open market in
the latter center rising above the off1cial
banks official discount rate was sufficient
notice of the rising course of the money
market at that center. New York ex-
change at Chicago fell to rs cents dis
count.
The points of strength in the days mar
ket were generally amongst industrials
with reiterated rumors OF dividend in
crease. The railway equipment stocks en-
joyed the benefit of the known urgent
requirements of the railroads. Republic
Steel was affected by the proposed in
crease in Tennessee Coal stocks. in view
of the belief in ultimate merger of the
| two companies. Minneapolis. st. Paul q
Sault Ste Marie suffered from the disap-
| pointment of persistent close. that the
| dividend was to be increased at today
| meeting OF the directors. The market
! showed some relief when Reading yielded
more than half it's 6 point advance, but
! the closing was irregular.
Bonds were irregular; sales, par value
| s2.0Ss.0 900. United States bonds were un-
changed on call
Following were the sales and range OF
prices on the Stock exchange today: -
Sales E1IRh Low C1oSA