Omaha daily bee., 1909-09-28
NEW YORK. STOCKS And BONDS
Market Opens Active and Higher on
Extensive Buying.
STEEL LEADS THE ADVANCE
Bis Demand for iron aud steel
Products sends the stock Up
Railroad Issues Also Rise
sharply.

NEW YORK, Sept 25.-There seemed to
be an accession Of confidence to-day on
srs Of stocks founded on the mere passing
OF the two dave holiday interval. some
u the buying came from professional bears
Who had gone short over the n3laaS,
speculative holders OF long stocks who had
sold out on Friday last from the fear or
more Impressive buyinG. however, was that
IN United States steel, which was Of a
breadth and volume that gave II the sem
blanCa Of a miscellaneous demand from
widespread public sources.
TIL intimatiOn given by. brokers as 20
the financial character Of some OF the
customers who made up the principal ele-
ment in the demand Of this great Industrial
stock made a strong impression on seuti-
meut towards the whole market. The SYM
% thettc effect on the general list ~ the
iuovemeut OF United states steel submerged
every other consideration. The demand Tor
steel was fostered by the enthusiastic re-
ports Of conditions in its trade. A veritable
wave OF buying was declared TO be sweep
ing over the iron market and running up the
price OF that basic commodity In spite or
the expansion i'm production to a rate with
out precedent. Railroad traffic managers
reported a growing anxiety on the part or
the great railroad systems for the return
OF their freight cars sent out to other rail
roads. A Pennsylvania railroad official ar
Hrmed his conviction that a shortage or
cars was threatened before the years
products were moved. These Views had a
stimulating effect on all the iron and steel
industrials. Better reports came also from
the copper trade. where contracts are max
ing for delivery several months ahead. The
railroad list got a lift from the excellent
showing Of earnings for August made by
the AtChison system. Even after a liberal
increase in the outlay for operating eN-
penses there was enough left OF the roads
Increase to make an expansion OF nearly
81, 10000. or upwards Of 81 per cent in the
opera ting revenue Tor the month.
The resumption Of influential buying IN
Reading and Union Pacific was a notable
factor In shaping the DAYS market and In
correcting the tone Of depression caused
last week by the evidence OF EFFORTS 10 sell
those stocks on all available occasions. me
conservative tone Of warning from many
important commission houses, which went
Out at the end Of last week and the un-
favorable bank statement which appeared
on Saturday while the stock exchange was
I'm recess. were without Influence In curbing
the revived strength of stocks. Conditions
were not changed in the money marker,
aside from a rise in New York exchange az
! Chicago which suggested a IaNation OF
last weeks demands on New York. The
substantial reductions in the banks CASH
which resulted partly from the demand
went on today from the operation OF me
sub-treasury. That institution mas maze
reduisltinn on banks for S1.626,OO already
since the bank statement was compiled
This compares with q contribution TO balk-
ing cash for the same period last week OF
over $500, OOO. A good effect was produced
by an intimation that the United states
treasury might find 1t Unnecessary TO enter
the money market with an iss"e OF treasury
certificates, as was looked tor at an early
4 day. There was unexplained weakness IN
The Fries and this. although ignored al
first. was an influence In the sharp reac-
tion Of the last hour. when protlt-taklhE
sales were going on also,
Bonds were irregular. Total sales, par
value. 50. 5Ss 900. United States bonds were
unchanged on call.
Number of sales and leading quotations.
.A fol NndnN ware as IOllOAS.