Omaha daily bee., 1909-08-13
NEW YORK STOCKS AND BONDS
Market Becomes Active and Frothy
UpshOot in Values Results,
SHARP RELAPSE LATE IN DAY
Union Pacific Advances 60 2IO Ia
ON RuBor of Increase in Divi-
dehds-Vo lume of Business
Largest for Two Months.

NEW YORK. Aug. 1.-THE speculation
in stocks suddenly became active and a
trothy upshUt Of prices resulted. lhe APP
pearance OF these symptoms, after as pro,
iongvd an advance az had occurred and
with prices at so high an altitude, arouseu
the suspicion of operators OF, the proIss-
thu first signs Of reaction. The relapse
iate In the gay was sharp. The compare
tive steadiness Of some important sSoSHs
in the presence of the volatile movements
Of Others around them was suggestive Oi q
process OF distribution going on unoeI
cover OF the excitement caused by the
sensational advance in other quarters. In
the southern group, which centereo atten-
ton yesterday, the realizing process was
more forcible and caused abrupt reaoIohs
and feverish fluctuations.
The conspicuous character OF the STOCKS
In which the principal rise occurred anu
their influential standing as market Iead-
ers served as effective sttmulants 10 the
speculation. with the nearer approach OF
lhe average prices Of the active stocks Sc
record Level OF 1905, there was closer al
alysis OF the details of the price quotatlons
psrison clearer. The part played by the
excessive prices Of a few stocks IN tue pre-
vious averases stands our. OF lhSS1hnSe,
Great Northern preferred sold as high as
S2B,s in connection with the Great Northern
ore disbursements and the subscription
rights TO new stock That price compares
sold then at 2l1l4, compared with lo91s. to-
day. Some OF the industTials exhibit slml-
ldI ulMCItDhlNlEE AAb AHNF
Am~algamated Copper reaching llb1z,. COM
pared with Sgh today. American smelling
touched ia in 1906, compared with lV5s 70
~ anu 0O'O'aO'
These discrepancies lead to an Inference
on the part OF some observers that the
present average price level is In reality
tine absolute highest IN history, But there
are examples OF distortion OF the aVerases
by excuses in price Of particular stocks
now also. For instance, Union Pacific 8
21OA today, compared with 1904 in January
of 1905; southern PacitlG,s 1s19s' Win rs
These prices affect the averages in a way
to reuuC the excess in the present leVel
There was much discussion In the finan-
ciai district today of a report that the
governors of the Stock eXcnange had ad-
monished one Of the most active stock eN-
change houses in the present market OF
dangerous over-eXtension and thinning out
Of margins. Yesterdays heavy selling was
supposed TO have resulted from this warn
ing, which was in accord with the policy
inCulcated by the report OF the commits
sion appointed by Governor Hughes TO in
it was intimated by the authorities of the
New York Stock exchange. Thts incident
sharpened the watchfulness for signs OF a
elimination in the rise.
rise.
ments moved away from the more genera
consideration of conditions common to al
St curities and took up deal rumors.' The
buoyancy of the Hartman Pacitics grew
out OF a rufno that the Union Pacific eX'
ecntiye mi had already moved tC
advise an increase in the dividend distribu'
ton of the two companies. The discussion
of Union Pacific's proposed segregation
plan was revived with a variation pointing
TO an issue OF certificates of participation
of profits on the company's investments
The days business proved the largest sine
the active market in June, when the Pari'
listing for United States Steel was frs
claimed. The later market was decidedl!
re~actionary and with a considerable lis
Of stocks selling lower than last. night
The feverish action of some stocks In
creased the suspicion of the technical pc
4. sitlon and prompted to some heavy un
loading, which broke prices badly.
Bonds were irregular. Total sales, pa
value, 100000. United States bonds wer'
unchanged on call.
Number of sales and leading quotation
on stocks were as follows: