Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-08-09
NEW YORK STOCKS And BONDS
Market 1svslops a ReaotiOnSry Tendency
Peoause Of Growing Irrsgularity.
MONEY OUTLOOK CAUSES APPREHENSION
Demand for Funds 20 Move Crops
starts Flow of Cash Toward
Interior cities and Calling of
Loans t. Probable.

NEW YORK. Aug. S.-The stock market
developed quite a positive reactonary ten
denCy as the outcome Of the growing II
regularity for several days past. Non
days market was generally strong but be
fore yesterdays trading was concluded II
became very clear that an extensive as
tribution Of stocks which have showed the
largest advances recently was being Ell
fected under cover Of the new strength IN
rennsiyvshnld Inc pffEePti ofs OF On os
ulative sentiment today owing TO the tact
that that sentiment is swayed almost en-
tirely by the supposed course Of the oper-
atoms OF capitalists OF recognized leader
ship and authority. The speculative ele-
ment has been buying confidently in the
belief that they were doing as the leaders
The action Of yesterdays market aroused
the suspicion that buying Of stocks IN
volved the taking over Of holdings which
the accredited leaders Of sentiment were
disposing Of This was the prime con
sidcratlon IN the turn in the market al
though some discussion was heard OF the
money outlook, Industrial conditions ana
like general considerations. These consld-
erations howeyeT were Oh ,b sn sgsc fob nTo
duced by the report that the president OF
the Great Northern has returned TO ST;
Paul instead of arriving as was expected
| in New York to arrange a completion Of
| the disposal of the company's ore lands
to the United States Steel corporation.
Another incident of like potency on spec
ulative sentiment, although Of seeming un-
| Importance was the announcement that
the chairman of the st. Paul board would
| sail on a vacation trip tomorrow. The
| absence Of this offcal was taken to mean
| that no Immediate action would be taken
on the plan for financing the Pacihc coast
| ings of this character Is an indication OF
how large a part authorized surmises have
played In much Of the recent operations
In stocks especially in the group most af
| fected by the realizing OF today.
There was active discussion of the
| chances for avoiding money stringency this
|
! from influential banking sources, as TO the
| likelihood OF escaping strinsency; Ih .t
| confidence Is coupled almost invariably with
| the condition that money resources shall
! not be strained by excessive speculation IN
the stock market. The opinion is quite
| not stringent. will be tight through the
| harvesting period. The sustained rates for
! time loans are confirmatory of this opin-
! ion. The interior needs for moving the
| harvest are already making themselves felt
| in this market by the withdrawal OF
| credits on account of interior institutions.
| The interior exchanges also are moving
! decidedly against New York, exchange al
| Chicago today falling to 10 cents discount
much attention was the violent readjust-
| ment effected in the market price or the
! New York Central general mortgage ~
| per cent bonds. There was a perpen'
| dicular drop of 31k points to 90 on com
J paratively light sales The movement was
attributed TO the dissolution Of a syndl.
cate and the distribution to its members
| of some 100000 of the unsold bonds. II
was believed that the new price established
| allowed margin OF profit on the holdings
| of the bonds over the terms at which
| they had been acquired from the com
pany. This bond never sold lower thar
| 50 previous to todays sudden drop. The
movement was interpreted as reflection
| Of the conviction OF syndicate holders tina
| a lower price and an increase in the in
come rate on the bonds was necessary II
| order to find a market for them. In th'
irregular downward movement OF prices
Pennsylvania was the only stock TO SHOW
laTf loo GtGfn
| casionally In the intervals of selling pres
| sure elsewhere to a level above last night
This movement served to restrain, but no
| to prevent the downward movement else
| where. which reached to gradually lowe
levels and closed easy near the lowest.
| Bonds were heavy. Total sales pal
value S2O70O0o United States bonds wer'
| all unchanged on call.
The following are the quotations on tn
!