Omaha daily bee., 1908-09-25
NEW YORK STOCKS AND BONDS
Market Opens Active and Lower on
Heavy Sales.
BUYING ORDERS SOON APPEAR
Nalues Become Buoyant TOWARD End
of Session aud Much of
Wednesdays Loss f.
Retained.

NEW YORK, Sept. z4-The recovery in
prices was substantially extended in the
STOCK market today, ana the ADVANCE was
much less irregular than the uncertain and
hesitating movement Of yesterday. The
market became furiously active and buoy
ant towards the end. Inc speculative SEN
timent was swayed almost entirely by the
opinions Of what was being done in the
market by the influential capitalists, who
are credited with having the market IN
control Thus the whole list ran off rap
Idly after an opening advance, when heavy
selling appeared In the Hin stocks and st.
Paul. as It was assumed that this repre-
scented a renewal of the important liquida-
ton In those stocks, which was the herald
OF the recent slump. Later there appeared
enormous buying orders in Union Pacific,
Southern Pacific and Reading, which were
ascribed TO the controlling interests in the
summers advance. The purchase Of many
thousands of shares of these stocks by the
houses which were most active all through
the summer rise gave color to the suppose
ton that support of the market had been
renewed. By that time the earlier sales Of
the hin stocks and Of st. Paul were
formed a project for forcing prices lower
again from the vantage point of the rally.
When the market turned upward, the bears
were routed, and their further buying to
cover shorts was material in aiding the
bulls in lifting prices. The defeat OF the
bears was helped by the announcement
from the rostrum of the expulsion OF the
board members OF the failed firm of A. O..
Brown e Co. for their operations in the
extraordinary market or saturday, August
q, in an effort to break prices and afford
opportunity to cover an enormous bear ac-
count ar a profit. While the transactions
Of the firm as revealed by the investiga-
tons OF the Stock exchange authorities
we're flagrantly reckless and ill-judged, the
episode was accepted as a renewed warn
ing Of the hazards of the short side Of the
market In the present conditions. The ur-
gency of the covering movement amongst
the shorts was greatly magnifled as a
result. Further advance in the price of
| RnnnaF in the Ianndnn rNaTEaF uva rel Tnad
as a possible index to the course of the
stock market by the trading element.
News bearing on actual conditions affect
ing values showed little change for the
most part. The dullness OF the demand
for pig iron deprives that trade of an APP
pearance of rapid improvement, Foreign
reception in Germany of the note OF the
powers on Morocco, and this Influence had
some reflection in the local market. The
strong returns of the weekly statements
of the Bank of England and the Bank OF
France gave a feeling OF assurance regard
ing the money situation abroad. Shares OF
the Railway Steel Spring company rose
briskly on the declaration of a dividend,
although at a reduced rate. It had been
feared that no dividend would be declared,
after the example of the American Loco
motive company, to which the Steel Spring
company is related. Less was heard of the
political situation in the neighborhood OF
the Stock exchange, but traders assumed
that whatever apprehenslons may havC
been felt to prompt the heavy unloading
OF stocks early in the week had subsided
There was no lack in this connection OF
observation of the large profits to sellers
Of stocks al the high prices Of little more
than a week ago in the repurchase at the
prices touched yesterday and today. For
eign exchange declined sharply. Favorable
auguries were drawn of the money posi-
ton from the sale OF 100000 of New
York City three months warrants on &
"a per cent basis.
Bonds were firm, Total sales. par value
S3.064,O0. United States bonds were un
changed on call.
TIL following shows the range of price,