Omaha daily bee., 1900-02-11
MOVEMENTS OF STOCKS AND BONDS.
ODerations Confined to Closing Of
Contracts by Professionally.


NEW YORK, Feb. 10.-The movement of
prices on the Stock exchange had little
Significance today, as operations were
largely confined to the closing up of con-
tracts by the professional element. There
was a continuation of realizing sales al me
opening, in spite of the tranquility. with
which the latest news from south africa
seemed to be accepted by the London mar
ket,, The rally. in the MARKET e att ey,d ene
that part of the selling had been for short
account in anticipation or an uniaVOfaoGe
sarily that the statement was considered
favorable, but simply that the bears de
sired 10 cover their short contracts before
rather acute weakness at times in ST, Paul,
Missouri Pacific, Western Union surfing
was rather cratic, but the net changes on
the day are small and mixed, with the ma
jorlty on the side of the losses. The clos
ing CT the market was strong at a rally on
the short covering
As a matter of fact opinion on the bank
statement was confused and perpleNed. The
enormous loan expansion caused amaze
mont. In no single week during all of last
year did the loan expansion reach slo,oooOOo
loans were increased $l9, lA, 400. due 10 the
active foatation of new industrial combina-
tons, then I'm full force, This compares
with syI, l52, 400 increase this week. since
January IL loans have been increased Si4,-
1876 900, compared with an Increase of S33,
l97, 800 in the corresponding period of last
| year, when speculation and company fiota-
ton was in full tide. 1t is suggested that
some of the deposit accounts which passed
from the banks to the newly organized trust
companies during the course Of last year
| are now coming back to the banks. There
is nothing in The regular course of bust
ness or speculation 10 account for the re-
cent great extension in the loan item OF the
clearing house banks. Returns of bank
! clOarings by telegraph for five days TO the
Financial Chronicle show Il sharp failing OF
at the four principal eastern cities ana In
1 CreaseS at Chicago and ST, Louis in con-
siderable proportion, while at New Orleans
the increase over last year Is nearly i6 per
cent over last year. The increase in the
south is doubtless due largely TO the activity
i'm the cotton market and is suggestive Of
future demand upon New York for funds
from that section. But the clearing house
returns only serve 70 perpleX the problem OF
the phenomenal loan expansion Of New
The upward movement of prices. which
found its inception last week in the metal
stocks, broadened out this week, 70 as e
embrace pretty much the whole list of Sc
Curities dealt in on the New York STOCK
exchange. BY the middle of the week the
advance had apparently reached its cul'
minatiOn and on Wednesday afternoon the
bears succeeded In topping over the over
extended long account of spectators viii
insufficient resources ana a reactionarJ
tendency superyened. such reaction I'm.
eNitably discourlges outside interest IN the
market and business fell back into th,
hands of professional operators or larg,
moneyed interests who have 10 do with The
/ control and detailed knowledge or the al
fairs of the great corporations,
The movement Of the market has becl
almost wholly due TO technical causes, th'
general news Of business being with bu
few exceptions favorable and awaiting 20
stock market, even while IL showed weak
ness due 10 technical causes. The advance
in prices was viewed with more or less dis
trust, owing 10 the palpable manipulation