Omaha daily bee., 1908-05-14
yEW YORK STOCKS AND BONDS
Market is Strong All Day and Prices
Are Generally Higher.
HARTMAN ISSUES IN LEAD
Rumor That support is Due Largely
20 Foster Demand for New Cap
itaI Issues-Htus and 81.
PauI Also Up.

NEW YORK. May 12-whne the strength
IN todays market for stocks was mani
cidsd character and the speculation showed
an animation and considerable variety, the
principal operation being attributed 70 the
larger financial powers and the powerful
element was timid about vsnturing TO sell
the market.
The purpose to foster the demand for new
capital issues was believed to prompt the
measures for supporting the market, and
as the Hartman Pacifics are credited with
largest interest at present in this purpose,
owing the tmminence OF new issues, the sus-
tainInE operations were commonly believed
70 eu1anate from sources in alliance with
those companies The meeting OF the di-
rectors Of the Union Pacific and the
southern Pacific resulted in the declara-
tion OF the regular dividend on both stocks
and that action helped the stocks but
they were more affected by rumors regard
ing the coming financing. on which no an
nouncement was made. The volatile rise
n southern Pacific preferred. indicated
ne creoenee that was given to a report
that it was in contemplation to waive the
companys privilege to redeem the : per
cent preferred stock at lis. The existence
OF this privilege has had the effect Of
holding the price Of the stock close 10 that
level The motive for this supposed in
tsntion Is said to be the desire TO market
the balance Of authorized preferred stock
IN the treasury OF the company. The ru-
NOR Of an intended extra distribution on
Northern Pacific stock was revived. Both
the Hill stocks and st. Paul are benefited
by the large sales Of new stock effected be-
fore the financial depression set in Suppo-
siuOns as 10 the benefit 10 the companies
OF these funds In hand available for ex-
penditure during the period OF depression
and low prices Of materials. play a part IN
the strength OF the stocks. Stocks Of com
panies which have Just Effected financial
plans responded to this news, especially
some Of the railroads Of doubtful credit
supposed 10 be confronted with difficulties
In this regard The fact that note instead
OF bond issues were resorted 20 in these
instances suggested a graduation IN the
prospects Of coming securities issued in
proportion 10 the security offered or the
financial strength Of the companies The
prevailing temper OF the speculation was
clear from the svidity with which hints
OF favorable events were seized upon to
rush up prices. while events seeming 70
bear unfavorably on the outlook for values
were ignored.
The engagements Of gold for export
while large, were entirely expected on ac-
| count Of the abundanc Of money here.
the decline in the foreign trade balance in
Z our favor. and some remarketing here of
Foreign holdings OF American securities
The foreign allotments Of the Pennsylvania
bonds are reported as being resoId in this
market In spite OF their denomination in
/ pounds sterling, instead OF dollars Dis
/ counts receded today in London and Ber-
I In and possible reduction in the Bank of
england official rate tomorrow to 2lk per
cent. was under discussion.
Bonds were steady: total sales, par value
/ cvhanEed on call
! prices on the Stock exchange today:
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