Omaha daily bee., 1909-08-06
NETWORK STOCKSAyD BONDS
Professional Element in Market
Working for Reaction.
WIND UP WITH BOLD ATTACK
could tocks Rise sharply on Re.
ports Of Maturing Of Financial
Plan of Roads in that
Group.

NEW YORK. Aug. 5.-The professional
element In stock market speculation re
prices today and worked for reaction, as
they did yesterday. Their operations were
tentative and so cautious as to have little
erect on prices until a holder stack N
the last half hour. There was evidence OF
substantial realizing at some points, which
had to be. reckoned with as well as the
short selling OF the bears.
Positive strength in other quarters
served. however. as a sustaining force.
United States Steel, In fact, rose momen-
tarily through It's previous high record, ana
Reading passed 1854, which represented its
previous maximum, made in January, 1905
The sentimental effect Of these two epis-
odes was considerable. The winding up OF
the tariff struggle and the conviction maj
the reopening OF the market tomorrow
would see the new law enacted was OF
some influence on the late active realiz-
ing.
The prevailing disposition is to await the
response Of the country to the passage
Of the tariff bill before proceeding 10 much
greater lengths in the stock market.
The heavy Mig iron production for the
month Of July pointed to such rapid re-
ouperation in that industry that an i'm
petus was given again to the steel In
dustrials. The fact that the United states
Steel corporations output OF iron Tor That
month exceeded that OF any previous
month was a direct Influence in ltfting
the prize OF Great Northern ore Certifi-
Gates. The stability manifested by prices
encourages operations by people In differ
emf stocks which nave Dten ltIl uOI NldlN.
The awakening Of these into activity pro-
fe~ssionally has no other cause than their
claims to readjustment with the general
advanced level Of the market. There we're
striking recoveries today In a number Of
stocks which were acutely depressed
through Dissatisfaction with plans for re-
For instance. Chicago Great Western
sold today at bh, after having sold last
week as low as u, when the holders OF
the stock were afraid that the drastic
rovisions Of reorganization would, In fact,
wipe out the common stock. The estimate
in the outside market Of nominal quota
lions for the new common and preferred
when issued was the apparent cause OF
advance later. There were similar but
narrower movements in Western Mary
land, Wheeling & Lake Erie and Chicago
Terminal Transfer.
newed reports Of the maturing Of the
financial plan for the different roads In
that group. Denver & Rio Grande was
helped specifically by the news that a
block Of its bonds had oeen placed with
a group OF German investors and that
the full operation Of the Western PacltiC
line was Imminent. This evidence Of the
attractiveness Of American bond issues fol
foreign investors Is regarded as having al
important bearing on the prospects toi
some large new issues soon to be offered
The crop news was reassuring and the
call loan market remained unaffected by
the hardening Of the time money marke
and the gradual depletion OF bank reserve
now commenced. The transfer OF golf
for export to japan opens up a new force
in this depletion. The attack on prices
in the last hour left prices as a rule lowe
than last night, although there were re
coveries from the lowest prices.
Bonds were firm. Total sales, par value
IS, sos. 900. United tsates bonds we're un
Number of sales and leading quotation
on stocks today were as follows: