Omaha daily bee., 1908-06-03
NEW YORK STOCKS AND BONDS
Bull Movement shows Some Evidence
of 0verstrain.
EARLY MARKET IS H1GHEI
Rise in Prices Brings Out Flood Of
oRertngs and Market Reacts
Bends Are Ir-
regular.

NEW YORK. June 2-The bull move
ment in stocks showed some evidence OF
overstrain today. During the first hour
been witnessed at the New York stock
exchange in a period Of considerably over a
year. rhe transactions in Union Pacific
we're especially heavy. a good share being
the customary unit OF the sales recorded
on the tape in the aggressive advance to
LOO. As the ~ per cent dividend has been
deducted from the price since It sold at
lbiA last month. today's price really
represents the highest Of the year. At the
round figure such a flood Of selling orders
was encountered that the obstacle proved
insurmOuntable to a further advance. THIS
ket. although St. Paul. Reading and South
ern Pacific has risen vigorously in company
with Union Pacific; but not TO last months
Missouri Pacific also proved ineffective to
hold prices against the sales to realize.
The movement for the advance gave
signs Of d~isintegration after the turn in
Union Pacific. In Advancing Union "a
cific, use was made oS minors that the
financing OF the COMPANY, which has been
in contemplation had been quietly effected
without formal public announcement. These
Tumors remained without official o
firmation and credence In them waned con-
sequently, The sharp rise in Missouri Pa
cific and In some OF the other Gould stocks
was partly the outgrowth of reiterated re-
ports that the reorganization OF some of
the properties In that group. now under
way or said to be in contemplation. would
strengthen the coherency OF the group ana
would Introduce important new backing
into the enterprises. A good effect was
produces on speculative sentiment by the
mornings reports Of resumption OF mill
activities in New England, and some large
merchandise orders placed in concert by
I st. Louis people. Textile trade reports
described the good effects OF c~urtailment
of production to trade, the consequent
depletion of stocks and the reduction OF
prices following the lowering OF wages.
Whel. admission was made during the
day that steel bar manufacturer were
meeting the cut OF the smaller interests in
that trade to d.1. some contrasts were
drawn between the policy, which has been
pursued in the textile industries and that
OF persistent holding Of prices. which had
been adopted IN the steel trade United
States steel was unresponsive 70 the early
! rise in the market and weakened a sharp
/ fraction after the official announcement
regarding steel prices.
The reduction In the Hartman Pacitics
came after the publication OF the May
earning, which showed for Union Pacific
a reduction In operating expenses twice as
great as the falling off in gross earnings,
but for Southern Pacific only about two
thirds as great as the gross decrease. The
governments report on cotton condition
and the weather bureaus summarized
weekly bulletin kept alive attention to
possibilities OF crop deterioration. some
constituencies was shown TO the days
weather reports from parts Of the cEop
region. stocks were firm at the close
with some recovery from the reaction
Bonds were irregular. Total sales par
value. $4,000. United states bonds un-
changed.
Number OF sales and quotations on stocks
were AZ follows: