Omaha daily bee., 1908-11-26
NEW YORK STOCKS AND BONDS
Buying Early in Day Exceeds Profit
Taking Sales and Values Rise.
MARKET wEAKENs PECEPT1BLY
Supposed ImmInence of Financial
Plan of Hartman Discounted by
Offerings Of stocks TO
Meet Demand.

NEW YORK, Nov. S.-The eve of a holt
day is looked to for some closing up OF
outstanding speculative accounts That iaet
by the sudden revival Of strength in the
market yesterday conduced to the active
buying today. which went on during the
first two hours Of the session OF the Stock
exchange. During that period this buying
was sufficient to enable the market to
stand up against the heavy profit-taking
sales which were going on to met the de-
mand. Thereafter the resisting power OF
the market weakened and lower prices
The supposed immlnence OF a financial
project for the benefit of Southern Pacific
continued to exercise a strong influence
on sentiment until 1t was perceived that
whatever demand was melted by this was
being freely supplied. 1t was taken into
the rapid rise Of yesterday and early today
had retraced practically the whole of the
in fsct, was carried to a new record price,
at 12Oh, and Union Pacific sold at the
highest price OF the present year, at 1898
These were the exceptionally strong stocks,
but their course served as an index of a
tendency. The assumption was being
formed that securities prices that were in
was to outstrip the prices made since the
election, when the outpouring OF selling
The tone of reaction became more clearly
defined with the announcement OF the Erie
project for issue Of &0,0O0.O0O OF 8 per cent
collateral bonds; Some more permanent
form of financing OF Erie's obligations
nave been an indicated necessity ever since
the action of E. II. Hartman in taking
the company's notes in April to meet other
notes then maturing. That action and It's
acceptance as a capable assurance for
caring for future needs have been the
grounds for a remarkable rise in the Sc
c~urities Of the company since that time.
The announcement OF the plan coming into
form of application at Albany to the public
service commission of the Second district
seemed a total surprise to the financial
district at this time. 1t would be impossible
to say whether the decline in Erie which
followed was caused wholly by speculative
realizing or to disappointment over the
form and scope Of the financial plan.
The disposition to sell the market even
on favorable development was perceptible
In the decline in the copper industrlals on
the announcement OF an advance In the
price OF copper at the New York metal
exchange after successive declines for sew
eral days past. There was a sharp advance
IN London for copper also. A rise of a
point in Atchison was lost on the publiea-
tober. which were undeniably favorable,
with a gain in net over October of last
year Of s4sS' 800; This stock and others
belt were helped by the news Of plentiful
rains in that region which were relieving
a condition of drouth that threatened seri-
crop. The New York public utilities and
the coalers were strong at times, the latter
the industry indicated by the customary
extra disbursement of 10 per cent by the
Delaware, Lackawanna & Western, al
points. Both groups were affected by sup.
positions of coming favorable supreme
court decisions on the s0-cent gas law,
the Hepburn law. The agitation for reduc.
ton of duties on steel had some depressing
effect on United States Steel.
value, s7,SsS, 600. United states bonds were pr
unchanged on call.
Number Of sales and leading quotation,