Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-08-29
NEW YORK STOCKS AND BONDS
MARKET Opens Steady, but Soon Develops a
RsactiOusry Tendency.
CALL AND TIME LOAN RATES RISE
Selling on Account of Embarassed
Philadelphia Concerns sends
Leading Issues Down one
60 Three Points.

NEW YORK, Aug. 8-For the frst time
since the Pacific dividends became a mat
ter Of public knowledge, the stock market
rSaH PesSn business IN an ., and
openings" and new high records" SO IA
miliar In the past fortnight, trading opened
n na, moderate volume but prices soon =. ee.
seeming change OF sentiment was ascrIbed
70 variety of causes, chief among them
at the absence of gold from Europe and
many reported deals to materialize Lo-
provement. Indeed. il anything. we're
worse, the banks thus far showing loss
to the subtreasury of over 5000 600. Call
es heSR eaed at eer cent EMILE for p
periods with the supply diminishing. AS
for gold imports, expert opinion Is that
Another batch OF Australian gold was en-
gagged during the day. IL Is believed that
efforts are making 70 induce Secretary
OF last spring, but that ofiiciaI who was
In town today has thus far given no int-
nation Of his attitude In the matter. Elk
change weakened further to lSf. 10 early In
the day
The market bore strong evidence of pres
sure In many quarters, among the early
weak issues being United States Steel,
Smelling and Reading. On the other hand
Canadian Pacific was pronouncedly strong,
advancing over four points In the last
period. the market sagsed, but toward noon
the trading increased under the active lead
Of Atchison, St. Paul and Amalgamated
Copper. Atchison advanced to a new high
record and board room gossip held that
not only would the dividend be increased
10 per cent. but there was talk of an issue
rumors, It may be said was confirmed in
Official quarters. The movement in sugar
one Of yesterdays features. nattened out
even before It became known that the reg
ular dividends should be declared.
Early In the afternoon, when the market
was exhibiting It's strongest tone. heavy
selling of Reading and Union Pacific started
a downward movement which soon took N
the entire list. The cause of the sell,
ing was considerable of a mystery until
1t became known that Philadelphia trust
company was In difficulties. Reports as
to the magnitude Of the institutions la
bilities and its attendant effect were OF Q
great occasion was utilised to advantage BY
the shorts. Prices declined from one tc
81 points. with only partial reooveriea IT
most issues. Much Of the selling OF Read
ing and Pennsylvania as well as other
stocks was believed to be for account oil
the embarrassed Philadelphia company oil
ket remained heavy to the close. practically
all the active issues recording lowest price:
of the day in the final hour. In fact there
seemed absolutely no support In any quar-
ter, the big interests having apparently de
cided to let the movement run its course
! The principal net losses were Pennsyl
Z Southern Pacifc Ia st. Paul ". Louis
| VILE & Nashville ~, Northern Pacific
Great Northern preferred sh, Colorado Fue
| 2%, ArnaIgamated Copper IA and Anaconda
| L. London's participation In this marke
was a feature. Americans. the Hartman
issues excepted. closed strong at that cen
| ter and buying OF our stocks, chiefly Atchi
son and Canadian Pacific was later re
sumed here. Purchases for that accoun
Bonds were easy Total sales par value
! $4,000. United States bonds were al
unchanged on call.
| The following was the range OF prices or
| the New York exchange: