Omaha daily bee., 1903-02-02
MARKET FOR STOCKS DULL
Strong Interests Keep Prices Up, but Max
No Effort TO Boom Them.
LARGE AMOUNT OF CALL MONEY OFFERED
OF wall street Outlook r.
Most Satisfactory, with Indica-
tiOns Of Continuation of
Business Activity.

NEW YORK, Feb. l.-(specIal)-Hcnry
Clews. in his weekly Wall street letter,
The stock market has boen In a dull and
uninteresting condition. Business activity,
improved monetary conditions and common
interests between market leaders are all
against lower prices, still there had been
conspicuous lack of stimulus for a rise
until the unexpected ease In money which
capitalists are absent in the south, and,
though this fact does not necessarily inter-
fere with market activity. vet cooperative
movements are not generally undertaken
when those chiefly interested are so wide. y
scattered as during winter and summer
Evidently the big men are agreed on n
supporting policy. Plans of the greatest
Importance are ssill under consideration and
the present time Is not opportune for any
interference. There has been a decided
change for the better In the financial situa-
tion; a halt has been called In reckless
financing; the promoters have had their
activities curtailed and AVE wisely stopped
making new ventures until those already
launched have proved their ability to get
along. There Is consequently little OF the
danger now that lurked In the financial
situation six months ago, particularly as
street is unquestionably in sounder condi-
ton today than at any time during the last
twelve months.
Much Tail Money offered.
The sudden offering on Friday of very
large amounts of call money. by three of
the strongest banks connected with the
most powerful financial interests, suggested
Il pronounced change in the attitude Of
these parties, who have hitherto been ultra
conservative. As stated above, there has
been a decided improvement in the financial
situation; but whether this unexpected
move was the result of funds released
through the closing out Of syndicates or an
effort on the part of the big leaders to
revive confidence is not made known. Such
action, however, Is a very effective demon
stration OF confidence on their part, and
Will Inevitably have a StlmUlatlnR eUect
upon the general market.
The outlook for the money market Is
satisfactory. There will probably be an
abundance of funds for all legitimate re-
quirements. Bank reserves are rising with
the return of currency from the interior.
and moderately easy rates may be expected
until preparations for April settlements are
in order. Gold exports seem to be a possi-
bility, but European requirements are not
production there is no cause for concern
in this respect, especially as our exports
of agricultural products continue large.
Thus far there arc no signs of anticipating
the payment OF 100000, 600 to France for tho
Panama canal. though no doubt the plans
for that important transaction are all con-
templated.
Commercial Outlook Good.
Outside Of Wall street the outlook is also
satisfactory. No indications of any cessa-
ton in our industrial or commercial ac-
tivities are discoverable. We now have a
population of about SO,OOO,O0O. compared with
in twenty-three years, and this not only
explains recent remarkable activities but
is assurance of their reasonable continu-
ance. Labor has made great strides during
h period, and is today getting larger pay
and shorter hours than ever in its history;
Hence, there is a heavy consumption OF all
the necessities O. life. Capital, however, is
feeling the eject of these demands, and
the number of railroads and industrial cor
porations which are reporting smaller net
earnings is steadily increasing. The rail-
roads and manufacturers alike are en-
deavoring TO recoup themselves by getting
better rates; but there is a limit to Tits
process, and we are already entering a
stage where high prices in the United
States must meet foreign competition. We
are likely to see a well sustained activity
in both commercial and Industrial circles
for a long time to ONE 1 but Z IL pTT sh5y
will, eventually have to face either shut
downs or lower wages. Much will depend
upon the next harvest, for both financial
and industrial interests will be largely
thereby. Should the crops be ample
and find good foreign markets present con-
we have poor crops the results will be
different. One thing, at least, is hkely-an
increased acreage of wheat corn and cot
ton as a result of present high prices. We
are now fairly recovered from the 1901 short
corn crop. which caused a shortage IN
meats. OF the latter a better supply should
soon be forthcoming. Our railroads are
still seriously congested with traffic, much
to the Inconvenience of shippers, but the
roads are making strenuous efforts to break
AS for the speculative situation, condi-
lions favor 3 good, safe trading market.
tendency, there is no visible reason for
expecting any general decline; so on de-
cided breaks good stocks seem 10 De a pur,
chase, and on sharp rallies equally good
sales.
81. Joseph Live stock Market. :
ST JOSEPH, Jan. 31.-CATTLE-Re-
ceipts los head; steady; natives. 81. 75q5.6o;
Texans and westerns, $3.25@4.75; cows and
heifers, $2.00dA25; veals, $2.5Oq6.5O; pulls
and stays. $2.50d4.S5,
HOGSeReceipts. 4.260 head; light and
light mixed, s6,70d6.s5; medium and heavy
AND LAMBSAReceipts. 43 head;
market firm; Colorado lambs, 1928; year
lings, 1925; ewes. A.40q450.