| Show STOCKS MARKED UP BY BROKERS Readjustment of the Price Lev Level el One of the Main f r Purposes New ew York May 8 Explanations of the further rise In prices of stocks today toda was wasu u to the play of general causes rather than to any immediate new ne de or to anything specially af at affecting affecting the individual stocks which were strongest The Harriman Pacifies and Reading were brought forward once more into the foremost rank of the movement nd their activity and strength had usual powerful effect on speculative sentiment on lin the whole list The rite principal factor e Union Pacific Is the well known imminence of a bond Issue of to Many rumors circulated today of the amount of these bonds to be offered and the price to be realized One was that of the bonds had already been disposed of to foreign buyers buers Another was that terms of underwriting were In dispute between the railroad officials and the bankers Meantime Union Pacific forged aggressively upward with scarcely a pause at the round figure of 1441 A marked feature of the market was the th light supply of stocks offering at any stage of the advance A readjustment of the price prIe e level to conform to the emer emergence gence of affairs from the profound de depression and anti distrust of oC the panic period is I avowedly one of oC the tho main purposes of the persistent marking up of stocks in inthe Inthe Inthe the present ent movement A similar process Made Itself plainly manifest in the bond Revision today where some low grade and contingent ent interest bonds were revived A t suddenly from a dormant condition into intone intone S ne re of considerable animation Comparatively lively small amounts of these bonds had to be taken by advancing bids while the higher prices s thus reached established a quotation for these securities accepted by b bankers and money mone lenders as a basis on which to figure their th lr security as collateral in I It a loans Tile Tue forecast of the weekly currency movement gave promise of another large to bank cash estimates running from 11 upward The Pennsylvania hond bond allotments and the sale of New York tit t ty revenue bonds may mil affect bh bl the loan item of the banks but with an expansion in loaning power of or 01 upward it is not likely that such a t cash increase should tall fall to add materially to the surplus which was more than on last Saturday TILtS This outlook in one money market made the sharp rebound in foreign iange rates today In spite of an easing if f rates in London While for fort fori t i subscriptions to Pennsylvania Penns and J tW w York City Cit bonds helped to carry carr the hange rate away from fron the gold export other factors are at work to re restore restore store tori it il The British foreign trade state ii Tn T nt ft shows a falling off in cotton ship m to the country for April of 1 1 N 0 W X I Foreigners also are selling us our nn wn 11 securities on the till present rise in Inces Ties rices ces sales by br b arbitrage brokers for for foron rn on account today reaching a consider be lle amount There was a momentary l I lt It in the rise on the appearance of the crop report which was less f h rable than expected but the market K I i line strong again a ln afterward Bids were active and firm Total il 1 par ir Jar value alue I S bonds bomis were unchanged unhan ld on call |
