Omaha daily bee., 1909-05-28
NEW YORK. STOCGSAND BONDS
Market is Relieved from Liquidation
in Reading.
VOLUME OF BUSINESS SMALL
Independent steel Induatrials RIse
OF RumOr of Plans for Merger 10
he Allied with United
states Corporation

NEW York, May z7.-The stock mar
ket today was relieved from speculative
LIQUIDATION in Reading, which proved the
depressing factor YESTERDAY: The dealings
traders. The volume OF the days trans
actions fell to the smallest total for any
days business since early in March. The
larger speculative forces were uuiescent
A good deal of attention is being diverted
10 the flotation OF new securities, the fea-
ture IN that respect today being the pub
lie offering of stocks in the new United
Dry Goods company. The formation OF this
company has served to emphasize an i'm
preston that a new series of industrial
consultations and mergers may be APP
proaehing' This impression was a factor
also In the concerted advance in the indie
pendent steel industrials. Rumors have
Deen current for some time OF the pro-
lected formation of a holding company to
which have operated separately. most OF
them situated In southern territory. The
conviction is held also that the working
or the new combination will not be an
taSontstic to the United States Steel cor
poration. United States Steel itself bet
tered its record price again by X. News
OF these conditions was cheerful regard
ing the copper industrials, more so than
IN steel In fact, but the copper industrials
were sluggish in responding, the merger
rumors proving the superior attraction for
the speculation. The Gould group of rail-
road properties were conspicuousiy strong.
The advance was attributed to steps I'm
the working out of the financial plan
known to be maturing for several months.
CpiA OilC III lIlS was lnOlIeCtlN atIeCteQ
by the announcement of the sale OF Erie
collateral notes, which will obviate the
necessity OF resorting to the bond issue
Tor which a permit was obtained with diff
Guilty from the New York Public Service
commission. Tn Erie securities were all
beneftted by this announcement. The feel
ing regarding the grain crop position was
distinctly improved by the hopeful opinions
expressed by the Price Current as to the
steady progress of the winter wheat crop
up to the present time. Reports of dam
age by floods in the lower Mississippi val
ley did not receive much attention. The
better reports concerning the crops made
operators long of stocks less disinclined
to hold them over the approaching three
days holiday. Anxiety over the complexion
or the forthcoming government report on
the June ] condition of the grains crops
mas had a repressive influence on the re-
cent speculation in stocks. The passing of
the holiday interval will bring the finan-
cial. world to the Tune / money settlements.
can loans tomorrow will carry over the
following Tuesday. the first of the month.
II was reckoned that some effect might
be produced on the money market by this
combination of factors. No such effect
was dtscernible today. Chicago is reported
10 be lending money In New York and the
rate FOR time loans over the year-end has
fallen to 3R per cent under this influence.
Bonds were firm. Total sales, par value,
y 6OS; o9; United States bonds were I'M
lumber of seles and leading quotations
on stocks yNRTR az fnlIougs