Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-07-10
NEW YORK STOCKSAND BONDS
Sitting Of Pressure Fails 70 Attract Any
Demand or Raise Prices.
BANKERS HOARD MONEY TO MOVE CROPS
DisinclinatiOn 20 Lend 60 specu-
lators Causes Heavy Decrease
in the Volume Of Trans
actions.

NEW YORK, July s-The symptoms Of
the pressure being on the stock market,
which prompted the rallying tendency OF
tile latter part Of last week, showed them
selves again today to some extent. But
this failed to attract any demand Tor
stocks or TO encourages any attempt to get
prices higher The most notable conse-
Quence Of this state Of AFFAIRS was the
shrinkage in the volume Of the specula-
smaller figure than for many weeks past.
Immediate developments played but
small part In the action OF the market, but
the general outlook on the future was
kept In consideration especially on the side
OF the money market. Conservative action
in speculative matters was felt to be de-
sirable and in fact necessary to insure a
safe passage through the coming period
of crop moving and active demand Tor
money incident to it. Pressure from in
iuential banking sources and admonition
not only through public channels, but by
personal injunction in many cases, are be-
lieved to be employed to effect this course
Large banking resources are not available
for speculative attempts to lift prices and
banking opinion is believed to favor an un-
lower level It is considered desirable not
to oppose artificial restraints and u Is
urged that II further liquidation should be
denly from a level of prices so high as TO
offer no attraction for the absorption OF
offerings, disastrous outcome might foi-
the surplus showing reduced to S., ,O75
had its continuing effect in chilling specu-
traffic reports. mercantile advices, trade
and industrial activity and other indications
Of undiminished prosperity gave rise to a
repetition Of a well known Wall street
argument advanced in times of tight money
! formulated In the term too much pros
perity." The suggested absurdity Is due,
1t is found In the assumption Of an ex-
haustion Of supplies OF capital involved IN
active expansion Of enterprises 'FRONT.'
able investment in successful enterprise
means increase and not depletion of avail
able capital. The borrowing Of capital, It's
expenditure in enterprises that produces
wealth and the Judgment Of securities Sc
cured in the process, may go on indefinitely
| without other effect than the constant in
terruption at any step in the process clogs
| the whole machinery and produces what
| is so strikingly defined by foremost cap
| italist as indigestion of securities
The cause OF the clog lie doubt Of the
| success of the outlay In producing wealth
| adequate TO meet carrying charges which
hands which employ borrowed money to
carry them, and so leave financial affairs
dependent on their. liquidation to restore
the free current OF their how and their
| mobility. Financial leaders at this time
are growing into accord in favoring a
pause in the process of outlay. Some at
criticism of Wall streets speculative de-
mands for funds and bankers have ex-
\ pressed an opinion that movement OF
gold from London would not be forced at
4 this time from danger of pretudicing the
facilities for a movement in the fall when
| greater need might exist The constant
! fluctuations of the day in the stock market
| reflected the shifting operations of room
| traders. The close was firm at recovertes
but not far from last weeks levels. Re-
! iterated reports Of the floating OF st. Paul
| loan In Paris, which had some semblance
Of authority. helped to the late recovery
value, 81, 695 900. United States bonds were
| unchanged on call
The following are the quotations on the
|