Omaha daily bee., 1907-05-14
NEW YORK STOCESAND BONDS
Runaway Wheat Market Causes Momentary
Setback in FrioeS
REACTION QUICKLY FELLOWS DECLINE
Reading and Union Pncino Lead the
Advance-United states steel
and American smelling
Lower.

NEW YORK, May 12 - The runaway
wheat market caused a momentary setbacK
10 stocks today prices yielding most OF
the opening gains In the course OF the fret
hour The market gathered force again
prices. but the Volume Of business fell away
10 almost nothing. Special interest seems
TO be wholly diverted from the stock mar
tone, in spite OF this total neglect, was
very notable. Some special effect was pro-
duced on Atchison by the excited rise I'm
wheat and Canadian Paciic's III points de-
cline seems to reflect uneasiness over the
backward seeding season in the Canadian
northwest Elsewhere the influence Of the
wheat price movement was confined mostly
to Wiping out Of the early advances.
The top level OF prices was touched after
the sensational opening quotations for
wheat were received. The sentiment of
the securities market seemed to be to at
tach considerable weight to the contributing
causes to the strength in wheat I'm addition
to the present condition OF the winter
wheat crop. Damage to foreign crops is
given It's part in the strength OF wheat
and in making better prices for our own
! crop. The largest reserves in farmers
tstics, gives promise Of handsome profits
/ TO onset deficiencies OF this years crop.
/ The argument was heard also that the cry
/ OF dollar wheat, which swept the market
/ today, will stimulate every effort to in
/ crease the acreage Of spring wheat There
/ Is some skepticism felt over reports Of crop
/ done. The undertOne of strength in the
/ stock market, however, was due to an i'm
/ Strength in Union Pacific That stock $
/ rising tendency Is Yariously attributed 10
the better opinion OF the financial plan an
/ nounced last week, or to inside support 20
/ hold up the price Of the stock and 80 add
! to the attra ctiYeness Of the offered con-
/ vertible bonds. Reading was a secondlng
influence to the sustaining effect of Union
! Pacific. Covering operations by an out
standing short interest were given credit
for the rise in that stock. American Smelt-
ing showed some depression. due to rumors
denying former reports that the dividend
! rate on the stock was to be advanced
| United States Steel was also heavy al.
though very sluggish The controversy over
defective steel rails started by the South.
ern Pacific authorities was a disadvantage
to the United States Steel stocks.
Money markets were quotably hrmei
abroad and the firm tone was maintained
here also. Paris was again buyer for golC
In tho London market and took s., $50 600 OF
the 100000 in spite of the advance in tn,
Bank Of England's bid for the supply.
withdrawal Of over 81 ,O00O0O from the Banl
OF England also went to France All money
markets are rejecting to some extent tn,
expectation Of further large borrowing
operations. especially by American rail
roads. The increasing. premium on New
York exchange at Chicago indicates tn,
progress OF remittances\ from that cente
TO New York. Union Pacific and Readinl
were the principal factors In the stronl
closing.
Bonds were Irregular Total sales. pa
value 1l36,0OO. United States bonds wer
unchanged on call.
Sales and quotations on the Stock ex
! change today were.