Omaha daily bee., 1909-05-25
new YORK. STOCKS And BONDS
Speculative Movement is Hampered
by Inoipient Crop Scare.
CALL MONEY is EASIER
After Selling on Slightly at Opening,
Market Advances Under Lead of
Hill Railroad, steel and
Erie.

NEW YORK, May A-The speculative
movement In stocks was hampereo today
by the appearance Of an incipient crop
scare of medium proportions. The char
acter OF some Of the assertions made by
professional crop experts regarding. condi-
tons in Kansas, Missouri and Oklahoma
was disliked by the bulls in stocks. Due al
lowance Is made for the highly speculative
condition Of the wheat market and for the
affiliations Of some OF the quoted experts
with brokers interested in the effect Of
news on the market quotations. There was,
however, enough color Of confederation for
an unfavorable view OF conditions In the
by railroad Officials from their agencies
along the line TO make reports Of influence
on sentiment.
The incident served to bring into promi-
hence the Importance TO be attached to the
crop outcome to insure the prosperous
course of events which is so confidently
foreshadowed in the recent action OF the
stock market. II was a reminder also OF
the possibility of working such a crop
scare, of much portentous showing which
might serve to upset an extended specula-
ton in stocks II II were entered upon dur
ing the crucial period OF the growth of
the crops. This was the only cause dis
cernible for the check to the speculation
which started fairly enough in continue
ton OF the movement in progress on Satur-
day. The call money market was appre-
ciably easier and the course of the internal
exchanges lessened the probability of fur
ther exports OF gold from New York to
Paris. Conditions were considered aus
picious for the further new bond issues
which confront the market, including a
coming sale Of S4o,o 900 of New York 4 per
cent bonds.
London was a buyer Of stocks in this
market and better views prevailed Of prob
able foreign demand for new bond issues.
The conspicuous strength OF Northern Pa
cific and Great Northern preferred was
treceable to rumors Of intention to raise
the Chicago, Burlington & Quincy dividend
to a 10 per cent rate. The bulk of such a
distribution would go to the Hill companies
through the Burlington stocks in their
treasures, against which 4 per cent collat-
eral bonds are outstanding. There was a
movement in a group of the Independent
steel industrials which pointed to a common
cause in the case of a report OF an in
tended combination or closer working of
these companies. United States Steel itself
was strong, touching a new high record.
A favorable impression was made by the
determination of Fall River manufacturers
to forego their privilege of reducing wages
under a sliding scale arrangement, the ac-
ton being received as an evidence OF conf.
dence in the outlook. The smart rise In the
prices at the end of the day was taken 10
indicate an early announcement Of finan.
cling. This helped to pull up prices else.
where and leaves prices little changed.
Bonds we're irregular. Total sales, pal
value, S,46s,00O United States bonds were
unchanged on call.
Number OF seles and leading quotations
on stocks were as follows: