Omaha daily bee., 1909-07-22
NEW YORK STOCKS AND BONDS
Union Pacific and United States Steel
Dominate the Market.
LATTER SHOWS SOME REACTION
Both stocks show weakness in the
CIose-COncentrated Selling Gives
Dealers an Impression of
Liquidation.

NEW YORK, July 21-The general tone
Of the stock market is dominated by the
action of one or two Of the taVorlJe specu
lative stocks. The fRvorite since the end
Of last week has been Union Pacitic 10
day United States Sttel eXerted It's carrier
dominant influence, but this time on the
The congestion Of dealings yesterday
in few stocks was an evidence OF narrow
ness of the market. tn dependence on
the operations of a Few active SPECTATORS
to effect a price movement Is another
While stocks are being bought ,by these
operators prices advance easily, put wheh
they attempt to sell, a downward move
ment is almost as ready, owing TO the
small general speculative demand melted
by the efforts of the habitual speculative
element.
The concentrated selling today in a few
Of the most influential stocks gave the I'M
preston Of such attempts at iquldatlon OF
Of important accounts and served TO inllml-
date sentiment. There were reports OF
sales of as much as 5000 shares OF Read
ing by a single house and sales OF 800
shares of United states steel py announcer
house proved impressive.
The Upward start in Union Pacific. proved
insufficient to overcome the stronger IN
fluence of this apparently informed selling.
Union Pacific rose as high as 1872 IN the
first hour, establishing a new nigh record
ana giving hopes to those who have pre-
dicted for three days that the price was 10
touch double par" .
United States steel proved too much for
Union Pacific, and 1t shared in the later
weakness of the general market hester-
days report OF the sale OF the company 5
100000 of Atchison preferred stock was
looked upon today more as a movement 10
dispose Of such holdings as subjected IL TO
pursuit by the government authorities.
An unfavorable impression was made by
the pointing out that the market price at
tanned by this stock offered the first oppor-
tunity for sale at a profit since the severe
declines which fGiio"ed "a IT'S us aS 6mnany
treasury are far short yet of the purchase
price.
Union Pacific dividend was deprecated by
persons connected with the property, and
this proved discouraging to the speculative
maneuvers in the stock. The serious storm
reported from the Texas coast had some de-
pressing effect on Southern Pacific, and
was a growing depression on the whole
later market. The selling of United States
Steel followed 1t down to Il, but seemed to
lessen below that, as it has done below
70 earlier in the week. The suggestion of
sympathetic liquidation conveyed by this
action was not relished.
Less was heard of the important develp-
opments regarding the stock to follow the
return of ], p. Morgan from abroad, and
predictions were less confident of an in
crease in the dividend rate next Tuesday.
The nearer enactment of the tariff bill is
coming in for increasing consideration and
for conjecture over its effect on stocks.
The favorable results to follow the COM
pletion of the tariff revision have been kept
before the eyes Of stock operators for
months, so that a question is arising
whether the number Of early purchasers Of
stocks waiting to take advantage of the
circumstances to sell may not prove favor
able. The opinion was heard today that
some OF the selling of today might be by
holders DESTROYS to escape the possible en-
barrassment of too numerous company on
the selling side when the tariff passes. The
tone was decidedly weak at the last.
Additional bills were made to engage
ments of gold for shipment to Argentina
tomorrow, which brought the total to well
over T,O0o,00, an unprecedented single
shipment to that destination. Significant
of the Indifference OF the money market to
this depicting force was the fact that the
national bank repositories have returned to
the treasury not only the $9,0OO, 900 of gov
eminent deposits called for July 15, but also
all but about 5000, 900 of the / 5000 600
called for repayment on August 10.
Bonds were irregular. Total sales, par
value, A.096, 900. United States bonds were
unchanged on call.
Sales and range of price on the Stock ex-
change were as follows: