Omaha daily bee., 1911-01-15
new YORK STOCKS AND BONDS
Finsnciers Handle Ticklish Situation
with Admirable Firmness.
LESSON OF 1907 WELL LEARNED
Market Goes Through Failure Of
Carnegie Trust with Basic firm
ness that AuEurs well for
the Future.

NEW YORK. Jan. 14-CSpecial Telegram
The unfavorable developments I'm financial
circles during the second week in January
did not seem to have an unfsvorable re-
Election on the stock market. Tho menac-
ing influence Of the situation resulting from
the closing Of the Carnegie Trust company
had to be dealt with and commended AGAINST
in the outset. II is not too much TO say
that affairs were handled admirably by
leading finauciers. obviously Cognizant of
their responsibilities as trustees OF public
confidence in the stability OF our credit
institutions
The lesson Of 1907 had been learned and
not forgotten IL was shown that IL was
essential IN a period Of banking disturbance
not to let fear run a free course among
bank depositors.
The corporate financing Of 1911 was in
augura ted this week, and IL was right here
! that the choice Of the restoration Of con
! hdence by the banking interests was AZ
once apparent, as the successful tlotation
| of new securities could not be accomplished
with the public mind disturbed In regard
/ to solvency OF any institution. New York
4 city was the first to enter the field with
/ per cent bond issue to the extent Of S5O,-
! 600 900.
BIg Requests for Capital.
The Pennsylvania railroad eclpsed New
] York City in the amount of new capital
asked for, having announced a forthcoming
issue, with the consent Of the stockholders
| OF 500 600, which will bring the author
/ lied capital stock Of the road up to the
! large figures OF S6Oo.00OOOO.
! The New York Central will need Consid-
! cradle financing and IL is said that the
! management is now figuring on a bonded
issue Of between $50 100000 and 100000 to
provide for the Grand Central improve
ments. It is understood that the Southern
Pacific and possibly the Union Pacific
| will be in the market for new capital this
| year. although probably not for some time
! yet. Other important systems VIII also
need more or less financing and the year
1911 promises to be an active one in this
respect.
With the projected improvements on rail-
roads and the resumption of operations
by many steel mills and factories, the in
dustrial outlook foreshadowed by develop
ments during the week are all that could
be looked for.
Market shows strength,
The Teek in the stock market was one
of irregularity, but of prevailing strength.
Whether one takes the view that stocks
are in a position requiring little or no
support or holds that important interests
favor the constructive side of the market
to the extent at least Of preventing the de-
! Velopment Of any material weakness, the
fact remains that even under selling pres
, sure and again ~. Influence OF depress-
ing developments, prices have been not on
, superfciauy 81. ....., ..-, lave manifested
, an undertone Of firmness.
While this may have been the operations
Il Of speculative interests with large capita
b and sure of being able to command still
; larger resources, II is nevertheless bound
, to be encouraged by prevailing money rates
4 the rise rather than for the fall for the
= rewards of timely purchases may be sub
z stantial and early collected. They can at
: ford to become investors for such a period
as may be necessitated should 1t be showT
! their ventures are misjudged
Check for Advance.
Realizing sales checked the stock marke
advance today, after a very strong open
p ing, but the undertone continued good L
the close of the session.
- A spectacular demonstration in the stee
: shares was the feature of the advance
Z The buying recalled the eXCitemen
in the market two years ago when tn,
large lot orders for steel shares attracted
3 so much attention. Reading was also yer!
Il active. with sales the highest touched oil
this movement. Union Pacific was wei
taken at advancing quotations.
- slight reaction set in before the clos
of the first hour and the stocks offere,
y were fairly we'll absorbed
The unfavorable report of idle ears wa
% not favorable to business, showing a de
crease over the figures of two weeks ago
The foreign markets were rather active
the feature at London being the broaden
ing speculation in oil and mining shares
Sterling was a trifie higher here. In tn
! ! late trading the stock market becam
!, ! unsettled and the whole list reacted rattle
, / sharply. Final prices were not niue
changed from yesterday. The banks mad
n another very strong weekend statement
? This had been calculated on by financis
interests.
?. Number Of sales and leading quotation
on stocks were as follows'