Omaha daily bee., 1906-09-20
NEW YORESTOCkS AND BONDS
Market il Under Persistent Pressure al
Considerable Expense TO Values.
MONEY SITUATION AGAIN PROMINENT
Rates Advance ON Prospect for Heavy
Demand for Funds TO Finance
Railway PrOiects-CIose
H. Irregular.

NEW YORK. Sept ls.--Stocks were un-
der pressure today which, while not Sc
s sspens was Of pyanss rb S were
signs of support in the market, but an
apparent indispostion to extend holdings
ana an unwillingness to follow up the oc-
casional rallies after the desired effect
had been secured of checking the down
ward course of prices. The money situa-
ton came into more prominence again, al.
though there was continued discussion OF
the wide bearings Of a possible acquisition
OF the Baltimore & Ohio by the Union
Pacific.
The market failed to receive any slim
ulatlon from this discussion ana some
auences to values OF so far-reaching
as is implied in the new departure by the
financing the purchase OF the Baltimore q
ohio stock as Is admittedly under negotia-
ton is a matter Of lively interest In VIEW
overhanging the money market For this
reason plausibility was given to the sug-
Baltimore & Ohio stock for Union Paclhc's
Atchison holdings would facilitate the
financing of the project and would be in
ing a transcontinental outlet for Pennsyl-
vania within it's own control. The cues
ton Of capital needs was given added
500, COX, 900 authorized stock and by the plan
Cincinnati. Chicago & ST. Louis stock An
early issue of this stock has been clearly
| foreseen in view of the defined financial
needs OF the company in enormous I'M
Special attention was directed today to
the mercantile paper market Rates ruling
/ at above per cent and up to 7 per cent
for the best grades of mercantile paper
were pointed to as marking a condition
not helpful to the progress Of business 81 IS
warranted by the actual volume of activ-
ty in the commercial world itself. opin-
| ions in this sense were heard among bank
ers in wall street and depreciation was ex-
pressed of undue extension Of speculative
| employment of money with such condi-
some some observers Of the market that moral
pressure from banking quarters was being
brought to bear on speculative borrowers
4 to refrain from pushing their demands. A
/ further rise In the Bank of England rate
| tomorrow is probable and the worldwide
upwssd tendency me OF money ,t rates ana the
urged as a warning to caution. In other
quarters II was urged that the extension
Side .~ the stock market was evidence Of the
the treasury authorities to use further
IN IN sod shipments sDras
funds which have been at the disposal OF
the banks by deposit of government funds
pending their arrival. They are now to be
| covered back into the treasury Having
served the purpose OF money market re-
lief until the gold arrived, the government
1t Is not probable that pressure will be
lacking towards urging upon the treasury
department such renewed use of the gov
eminent supplies In the money market
Something was made today Of possible ad
ditions to loanable funds on Friday by the
issuance of administration papers on ar
estate in which money loans are an i'm
portant element.
Speculative liquidation was most marked
in Reading. In oonsonance with its re
cent preponderant place in the advance
But selling was quite general through th'
list and the declines more than usual.
Al uniform
VI Bonds were irregular. Total sales, pa
value. $1,44S,0o0. United States bonds wer'
unchanged on call.
| Following were the sales and range o
| prices on the Stock exchange today:
4 Gal lDl Lou