The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-08-03
WALL STREET NOTES.

Uptown Sentiment-In some specula-
tive circles it was maintained that re-
Gently the public buying, apparently on
a speculative basis. has increased no.
tably n that this class of buying has
given strength to the market. when
otherwise 1t would lave been weak be-
of extensive proft-taking and
some short selling. Some of the larger
and more representative commission
houses said that they had noticed very
little difference lately in the volume of
outside buying, and asserted that what
yer purchases of this character had
been made a apparently been mostly
on an investment basis. They looked,
however, for increased speculative buy
ing orders to come from the West and
South as soon as Congress adjourns If
the crop advices continue favorable. In
terests which are watching the market
closely from day to day, and which are
confident of considerably higher prices
before the present movement is over.
would not be surprised to see a moder-
ate reaction any day, to be followed
by a brief period Of comparative dull
ness.
Advances in the prices Of steel bars.
plates and shapes, made by the Carne-
gle Steel Company, which raised that
company's quotations to a parity with
those of most of the independent COM
panies, wal considered convincing evil
dence of the increasing demand for
these products and accordingly was
used as a bull point yesterday on the
United States Steel Issues.
New York Central and Pennsylvania
are running a race. For a while. Cen
trar' gets a lead on "Pennsy," then
"Pennsy" gets in a squirt and outdis-
tances Central" 1t was "Pennsy's"
race most of the time yesterday. A
new reason for the recent access Of
buying and consequent sharp advance
in New York Central was discovered
yesterday in the report emanating from
a reliable source which had it that the
New York Central directors are plan
ming to give to the Nd shareholders
the privilege of subscribing on favor
able terms to an issue Of o 100000 OF
new convertible bonds.
The plan of reorganization for the
Chicago Great Western Railway Com
pany was today declared operative.
This announcement was made by ]. P.
Morgan & Co. who stated that there
had been deposited over 81 per cent. of
the debt and a large majority Of other
classes Of stock. making rs per cent.
of the total stock issues deposited
under the plan.
Private cable advices received in New
York today stated that E. H. Harri-
mans health was greatly improved, his
condition being better than for several
years. 1t was learned that, barring a
change In his present plans. Mr.. Har-
riman will arrive in New York from
his trip abroad about September 10.
The time money market shows in
creasing irmness of tone. and In sore
cases the asking rate for six months
fund has been raised to 4 rer cent.
Prime mercantile paper is firm in tone
at 4 to Az per cent. for choice material.
Only routine business was transact d
at the meeting of the executive com
mittee Of the New York Central Rail-
road Company which was held today.
Beyond authorizing the execution af
| contracts for the purchase of cars tn
meeting was concerned with min n
matters. 1t Is stated that there was
no discussion of the recently reporte1
project for the issue of d~ehenture