Omaha daily bee., 1908-03-28
NEW YORK STOCKS and BONDS
Current of Market Changes So often
that Spectators Are Confused.
UNION PACIFIC LEADS ADVANCE
steel Issues Become Heavy and
Adversely ARect the Market
Rally ON Bank Statement
Makes Close strong.
ION PACIFIC LEADS ADVANCE

NEW YORK, March H.-Prices moved
continuously in today's stock market, but
the course Of the movement changed so
often as to leave speculative sentiment
stock could be dscerned signs believed to
point to distribution going on, while In
another appearances would indicate care
full manipulation for the purpose of Sc
curing stock as cheaply as possible, poiDt-
ing to accumulation.
The action Of Union Pacific had an i'm
portant Influence on the whole list by
sympathy. The bad impression created by
yesterdays announcement of a coming is
sue seemed to pass away after period
of early depression. Banking officials
the first reports of dimensions of the inn
mediate proposed issue had been exag-
grated Stories were thereupon revived of
the plan for segregation OF Union Pacific
Investments for distribution to stockholders.
The stock turned strong; turned again and
carried the whole market with IT,. The
heavy tone of United States Steel in the
early dealings weighed on the whole mar
ket and the source of the selling was made
cause for suspicion and for rumors OF dis
tribution by important inside interests. The
Copper securities had the advantage of
another rise i'm the price of the metal here
and abroad, and reports from London of
an improvement in the general market con-
ditiOnS OF the market. Reports regarding
conferences over wage conditions in the
soft coal trade varied widely, as they came
from different districts, and this may have
dICOuuleu IOT SOME CONFUSION III lle DIlC6
movement of soft coal carriers.
The compilations of the weekly currency
movement showed that the accumulation of
cash here was going on uninteruptedly.
With the large payments made to the sub
treasury on account of the return of gov
ernment deposits the gain of s., ,733 900 made
by that institution at the expense of the
banks was amply explained. Receipts on
balance from the interior by express have
been on so liberal a scale as evidently to
outweigh this drain and establish a cash
gain of probably between 100000 and
2,OOO0O0. 1t is not supposed that the
United states treasury will be able to
avoid further calls upon repositories, as
the current deficit in the revenues neces-
states the paying out of its available cash
balance. These payments I'm excess of the
current income, however, obviously operate
money market and to restore the amounts
drawn down from government deposits.
The governments operations, in fact, are
not interfering with the growing ease OF
the money conditions. Confidence in con-
ttnued ease of money is expressed among
Stock exchange borrowers by unwillingness
to borrow sums on time in the reliance
OF cheaper call loan rate, while for
eign money markets show some occasional
stiffness, was not unrelated to the day s
rise in foreign exchange rates. The strong
banking forecast helped the later stock
market and the earlier uncertainty was
largely discarded in vigorous upbdding
of prices to a strong closing.
Bonds were irregular Total sales, par
value, S3,472OO0. United States bonds were
unchanged on call.
Closing quotations on stocks and bonds
were as follows: