Omaha daily bee., 1909-05-21
NEW YORK STOCKS AND BONDS
Morning Dealings Show Great Ami
nation and Strength.
NEW HIGH RECORDS ARE MADE
Reaction Late in Day Due TO ENten-
sive Proat TakinE-IndustriaI
and Crop News is
Good.

NEW YORK, May g.-The reaction in
the late stock market today had no other
OF the power Of the upward movement.
morning dealings showed animation
and great strength, prices Of sOme Of the
favorites speculative Issues rising TO record
figures. United States Steel had never
sold at 30 before, nor had Southern Pacific
ever sold at 124h until today. Readings
rise to 1894 placed it at the highest price
since January of 1905 and Union Pacific
got back to the highest level Of the present
year Best prices for the present year
was touched, in fact, by a number of m
The halt to this prosperous course Of the
market came after the action on the
Hartman dividends was announced, al
though Mr.. Hartman stated before enter
ing the board room that the rates would
PROBABLY be unchanged. The heavy selling
OF Union Pacific and Southern Pacific
which followed the declaration Of dividends
at unchanged rates was attributed to dis
appointment over the failure to advance
the dividends. The weakness OF the
Hartman stocks, however, was no greater
than that in Chesapeake and Ohio after
the declaration OF the l per cent quarterly
dividend on that stock. thus fulfilling a
long standing expectation of the placing of
the stock on a 4 per cent basis. Its
price has been advanced many times on re-
current rumors that this action was i'm
minent. but il ran off today with the full
fillment of the prediction.
These two cases, with contrasting in
tluences in operation. showed plainly that
.|- 800 a. u 3 yin III btAAs oDtf
ulatiye profit-taking was a principal factor
IN tue reaction. The selling of United
states Steel at 60 seemed to be taken as
a signal for such profit-taking on a very
large scale. In the early stages of the
present campaign for the rise in United
states Steel, advocates of the movement
claimed, with apparent recklessness, that
II would not eliminate until IL had
touched 90. The price has been advanced
rom time to time since then, but evidently
rlllng or the first prediction might mark
the objective of the campaign. The in
crease in the Atlantic Coast Line dividend
was OF some benefit to that stock and to
others in the southern group, but their
advance was not held.
Actual conditions bearing on values was
not much changed and the speculative
position ruled the price movement. The
reports from the steel trade were of very
bright prospects and of increasing orders
rose in price at the local metal exchange.
Recognized authorities regarding crop con-
proVement of the winter wheat during the
past week and the highly satisfactory
progress OF the spring wheat sowing and
the early condition of the plant. London
ms market although the origin OF these
3uyns psoers was matter Of som
posing that large orders in the market
yesterday and early today was designed To
safeguard prices against any possible shock
caused by the sudden death yesterday OF ri
n. Rogers. These supporting orders may
have been withdrawn with the demon
stration of the fact that thev were not
needed to protect the market on that
account. London's purchase Of stocks here
ana further engagements of gold for ship
ment to Argentina on London account had
no marked effect on the foreign exchange
market and exports of gold are still profit.
able and likely to continue. Time money
rates were still inclined to yield. Bond:
we're Irregular. Total sales, par value
S.S2,VW. United States Is registered de.
cllned 4 per cent on call.
Number OF sales and leading quotations
on stocks were as follows.