Omaha daily bee., 1909-09-17
NEW YORK. STOCKS AND BONDS
Market is Strong on Renewed Demand
by Spectators.
STEEL SHARES LEAD ADVANCE
Union Pacific and Reading Are
Unusually Active and Movement
Spreads 60 the General
List.

NEW YORK. Sept. l6.-There was 3 re
newed outburst OF speculative demand Tor
OF strength Was the consequence Zoe
movement again converged on the ret, M
favorites. United states steel, Union Pae,
stock q ana a process Tys e Of digestion or profits
was observable which acted as a re
stfalnt on its price movement, IN splls
Of tho enormous dealings In IL. BLOCKS or
az much as 10000 shares OF 1t changing
hands on the floor in the course OF deal
ing.
The individual transactions IN United
States steel were scarcely less strik.nS
and the aggregate dealings even large
than in Reading When y Is consiaere1
shares of Reading are held by corpora
tons for division Of It's control and are
proportion OF the total market supply OF
the stock turned over in the course OF as
active a days speculation as tooSy u "
u this apparent activity. In United states
Steel the absorption was aggressive ana
determined at all levels AND the price
movement was Upward with great apparent
facility and without hesitation on account
OF the heavy offerings encountered az
various stages. Advices from the iron
and steel trade we're Of brilliant pros
poets and active demand, the placing OF
orders extending forward additional periods
into next year. The healthy vitality OF
the steel trade is Of direct benefit on a
large number Of stocks and its Importance
as a barometer OF general trade conditions
Is regarded as even more important. The
determined strength of United states Steel,
therefore. radiated a strengthening tntlu-
ence all through the list. There was fur
Their talk OF a wide reaching agreement
amongst the chief banking interests of the
country which was said to obviate dangers
Of autagonism and to assure m and
actual cooperation amongst the most pow
erful groups Of f%lnanciers, whose inter
ests have clashed at times in the past.
Union Pacific doomed into marked prom
inence again following the publication OF
the brief and simple provisions Of the
will of the late head of the system. The
banks continued 10 lose cash, and the fact
almost twice as much as the actual sur
plus reserve Of the banks as shown by
the last bank statement caused no appar-
ent hesitation In the large speculative
commitment going on in the stock mar
ket. The declining course of the foreign
exchange market was taken to show that
recourse was being made to foreign money
ulation. Foreign discounts continued to
harden under this Influence and the con-
tinued demand of Russia for god. The
broad intimation from Berlin of an early
advance in the official discount rate OF
the Imperial bank of Germany was looked
upon as reflecting the prevailing trend of
money markets. Rates FOR time loans
maturities TO the highest rates touched
since the business revival set In. The call
loan rae went as low as pa per cent during
the day, although 3 per cent was still the
ruling rate.
Bonds were firm. Total sales par value,
q, 33S, 600.
United States bonds were unchanged on
call.
Number of sales and leading quotations
on stocks TO-DAY were as follows: