Omaha daily bee., 1908-05-20
NEW YORK. STOCKS AND BONDS
Market is Active at Opening and
Values Rise.
REACTION SOON SETS IN
seIliRH tn Take PrOats starts Down
ward Movement. which r. A-sfsted
by Bears who Make Heavy
shorr sales.

NEW YORK. May Is.-Another day
transaction Of upwards of million
shares marked the continued speculative
interest IN the stock market today. The
dealings at the outset set a pace for
animation and vigor OF the upw ard move
menL not equalled since the rise was IN
auEurated. This early promise was not
maintained. either in the degree OF activity
or IN the advance n prices. the final issue
being a disorderiy break al the close. The
unnistakabie signs OF WEAKNESS In the
action Gf the market occasioned no sur
prise and has been looked for almost from
hour 70 hour for some time past BY the
agile professional traders on the floor.
They were lying In wait today 70 add tie
weight Of their short selling % the heavy
offerings Of profit-taking sales, which
came into the market II is not al al
contrary . the usual course Of speculative
markets. that this reacuonary tendency
should develop at the very time when
realization is growing that substantial
hand
Reports from mercantile quarters admit
that buyers are taking hold with greater
confidence than at any time within six
months past This condition applies espe-
cially to the three great branches OF
textiles. foodstuffs and steel and iron.
Ihe plenitude OF money supplies and the
growing demand amongst bankers for
mercantile paper also has its effect in
opening the deadlock, which existed In
commercial affairs. The extent and con-
hdence OF the rise in stocks have been
factor In giving greater confidence In
business and financial affairs In all their
branches. Meantime. while the effect OF
Wall streets demonstration Of returning
confidence is coming by reflection from
the cUuntry's business affairs Wall street
itself was disposed to pause and take
breath today after the opening squirt in the
market That 0uthurst established a higher
level Of prices than any heretofore touched
on this movement and since a considerable
time before the October panic OF last year.
The sudden expansion in the buying at
the outset offered 30 attractive an op-
portunity OF turning profits into cash that
u was generally availed Of A good
proportion OF the new bidding came from
foreign sources and there were buying
orders executed for many thousand shares
for London account during the morning.
There was nothing strikingly unfavOrabie
in the days news more than has been
deferminingiy ignored while prices were
advancing for many days past. The terms
OF sale on some OF the note issues. which
represent the best ability OF hard pressed
corporations TO finance their needs are
suggestive OF rather stringent conditions
for some corporation borrowing. As tHis
financing. however. offers a rescue from
what was considered at one time as certain
bankruptcy and receivership. the relative
condition ts one OF betterment. An un-
covered short interest is presumed TO have
contributed 70 the rebound. The ranid
over-extensiOn Of a weak long interest un-
doubtedly contributed also to the crash
IN prices with which the day ended on
the stock exchange.
Bonds were Irregular. Total sales par
value, 5,0e4ooa. United States bonds were
unchanged on call
prices on tha Stock exchange today:
lmHa rITuh TluuH fTnua