Omaha daily bee., 1909-06-26
NEW YORK STOCKS AND BONDS
ReaotiOnary Movement Shown in
Union Pacific Preferred.
MEXICAN MERGER IS PLANNED
Southern Paciac's Mexican Prop
critics VIII BE in One
COmpsny-DOings of Day
I'm Wall street.

NEW YORK. Tune 25.-The action Of the
stock market today was not Illuminating
In showing the state OF financial settle
ment. The constant backing and filling
OF prices indicated lack Of conviction and
hesitation about pursuing a price move
ment In either direction. The resctionary
movement OF the Union Pacific stocks
rather dlscredited the rumors used to push
preferred stock suddenly to 10, and the
publication Of the plans of the Southern
Pacific for merging and organizing its
Mexican properties aroused a suspicion
that this might be the matter that had
given rise to all the surmises Of a coming
Hartman financial plan.
TIL copper industrials were a center of
depression In the market, following the
London lead, where there was another
sharp decline In these securities after the
recent recovery brought about by short
covering. The price OF the metal turned
downward again in London also. The in
fluence OF the London market on New
York was increased by the rumors cur
rent that an operator largely concerned
in Americans and coppers there was in
trouble. London sold stocks here quite
freely during the morning.
The speculative contest that was going
on was waged insistently in Reading, and
the erratic fluctuations in that stock Kept
the whole market unsettled. Many thou
sands Of shares were taken at last nights
prices after an opening in an effort to
hold 1t. A decline of q point and a period
OF wavering fluctuations were followed
by a brisk advance, which placed It more
than two points above last nights price.
The publication Of the preliminary esti-
mates of the weeks currency movement
was an influence In lifting prices Of
stocks. The promise Of a large cash gain
gives assurances of resources to meet the
demands Of the July 1 settlements, al
though the enormous inflow of cash from
the interior from another point of view,
gives little sign OF expanding demands for
the use Of money in business.
The receipts Of cash from the interior
seemed to have exceeded the shipments
by upwards Of $40, 900. 900. the largest move
ment for any one week of the season.
Deductions to be made are the 1914, 900
absorbed by subtreasury operations and
the gold exports-S1,O 900, 900 to South Amer
lea early in the week and 1000, 900 engaged
today for export TO France tomorrow The
Paris cheque on London declined again to-
day, but the London discount rate also
fell.
The gold movement from New York to
France Is not clearly understood, but re-
cent purchases of United States Steel In
on the Paris bourse were given as expla-
nation for the check to the outward gold
movement. II the obstacles encountered
to that plan should involve a return move
ment Of the stock which passed, the inter-
national exchange would be affected In
ure for taxing net earnings of corpora
lions would appear in the senate today
had some repressive effect on the dealings
in stocks. A few specialties showed iso-
lated strength due to particular causes
The price movement was confused to the
end.
Bonds we're steady. Total sales, pal
value, $3.50, 900. United States Is regis
tered declined Il per cent and the coupon
II per cent on call.
Number Of sales and leading quotations
on stocks were as follows: