Omaha daily bee., 1909-09-14
NEW YORK STOCKS AND BONDS
Market is Dull and Price Fluctuations
Continue to Narrow.
REACT1ONARY TENDENCY PUSHED
Prompt FiIlinE of Vacancies on Union
Pacific Board Tends TO steady
This Issue-Bonds Are
weak.

NEW YORK, Sept. lS.-The duh trading
and the narrowing price fluctuations I'm
today's stock market marked the normal
rate OF subsistence from the violent con-
~tortlons OF adjustment OF last weeks lead
ing event No one supposed that the death
OF a capitalist of Mi. Harriman's power
and grasp contained any positive force for
betterment Of values Of securities. The
early termination Of the headlong advance
OF Friday wal expected, therefore, and the
agency Of the uncovered short interest In
causing II was quite Justly recognized.
The reactionary tendency which developed
on saturday was pushed by various profess
sional devices today In the effort to widen
the swing OF the price movement on which
professional trading profits depend. The
growing exhaustion OF last weeks powerful
motive forces was manifest In the ~restric-
tion Of the reaction and later fluttering vi
brations Of prices. The remaining traces
Of feverishness in the movement Of Union
Pacific were accountable by the steps
taken towards the continuity of its admin
istration and to some OF the rumors bear
ing on the future policy OF the vast inter-
ests and the powerful influences thus In
yolved. The prompt election Of new mem
bers Of the board Of directors and Of the
executive committee was regarded as in
tended to put a stop to some of the rumors
OF alleged contemplated changes. The ex-
peetation that a member Of the firm of j.
T. Morgan & Co, was to be admitted to
the board was thus disappointed. London
took an unfavorable view of our none
tary outlook and was disquieted as well by
Wv HiAA Atau NuHBtl GAAAlnAlNE az HIlbM-
ing a rate Of production running heavily
In excess Of consumption. The unsettle-
ment In the market was aggravated by
rumors that assments Of brokerage
houses were threatened as a consequence Of
the violent fluctuations OF the recent past.
The denial Of these rumors gave the mar
ket it's first show of strength during the
mid-session, but a fresh reaction in Union
Pacific proved its influence on the gem
eral list still maintained.
The complexion Of the weekly bank state
ment published after the market closed
on Saturday came in for much discussion
and prepared sentiment for a future hard
enlng Of money rates. Bankers do not
anticipate tight money markets this fall.
In spite of the narrow reserve Of banks at
present. a rise In Chicago exchange to 90
cents discount per $1,000 was a develop
ment OF the day, but the tide of the cur
rency movement is strongly towards the
interior, There is an Increasing supply
Of commercial paper and prime grades for
the regular maturities were marked up to
4ha5 per cent. The fall in Union Pacific
allowing for the dividend of today car,
rled 1t off 7hc from the high point of the
rally touched on Saturday. The closing
of the books today for the coming annual
meeting ends any demand for representa-
tlon at that meeting.
Bonds were weak. Total sales par value
@b8,00. United States bonds were I'M
changed on call,
Number Of sales and leading quotations
IN mNAAAA aA