Omaha daily bee., 1909-05-27
new YORK. STOCKS AND BONDS
United States Steel Common Makes
New High Record at Opening.
PRICES MOVE TO LOWER LEVELS
Reading Leads Downward slump
which f. Due Largely "a Distrust
of Trades In Present
HiR values.

NEW YORK, May 2S.-U. s. steel today
followed the daily custom 1t has established
selling at a new high record on each sue
cessive day. Yesterday and today, the ad-
dittion to the record has been only % ana
today was accomplished only on the open
ing sales. After that the price moved with
the rest of the market to lower levels.
Most OF the proceedings Of the day at the
stock exchange consisted in trading in
Reading or in watching the transactions In
that stock, which overshadowed the whole
market and weighed on 1t win depressing
effect.
The movement IN Reading was taken to
heart as q possible object lesson owing TO
analogy OF its situation with other securi-
ties that have been most prominent in the
which Reading has sold relative to its in
come yield has been pointed out often by
those skeptical OF its rise, but followers OF
the movement have given as answer the
expectation of an important deal in the
property, which would rebound TO the bene-
lit Of stockholders.
The weakness of the stock today was
traceable to the lack of definiteness about
any Information which has been vouch-
safed regarding the supposed deal. The
from single brokerage houses gave the i'm
preston of the liquidation of an important
speculative account. The bear party found
the stock vulnerable to attack and dis
lodged some large stop-los orders at the
round figure in the course OF the decline.
The decline failed to develop the show OF
support usual In a stock In which an or
ganized LONG account stands
The selling operations centered largely In
Reading and the sympathetic effect on the
general list was moderate at all times. Inc
action of Reading was suggestive OF results
that might follow from concerted attack
on the marget after an expensive specula-
tion and chilled the ardor OF buyers OF
stocks. 1t was supposed that some closing
up OF speculative accounts was prompted
by the belief that the authorities would
decline to close the stock exchange on
Saturday as well as on Monday next,
which latter decoration day holiday. The
speculation is inclined to wait anyhow on
| the next government report on condition of
the grain crops, which is not due until June
7.
Outside news was Of very little effect on
the marwet. Announcement was made
with some impressiveness Of the agreement
between the Hill and Hartman interests
for the joint use OF the Northern Pacitic
tracks beyond Taoma and the Importance
Of the agreement as guading against future
invasion of each others territories by
these giant railroad forces was dealt upon
with some oStentation. Coupled with this
agreement was one hat 2. n. Hartman
| had made his last intended visit to his off
flee before his departure for Europe on
June 1. The failure of this annoti~ ment
to stir a ripple In the market was signifi-
cent of the dormant spirit Of the specula'
ton and confirmed the traders in theii
abstention from operating. a lively specu.
iatlon in copper industrials abroad resulted
from the condition Of the metal trade, but
New York coppers we're u~nrespOnsive. The
break in the price of wheat was equally
without influence on stocks. Crop news
In fact. continued rather unfavorable, as
was witnessed by the later rally In th'
Bonds we're irregular. Total sales, pc
value. SO, 382,0O0
United states Bonds were unchanged OF
call.
lumber Of seles ard leading quotations
on stocks were as follows: