Omaha daily bee., 1906-07-14
NEW YORK STOCKSGND BONDS
Uncertain State Of Speculative Sentiment
Develops and Prices Yield.
stnBLANcE or STRENGTH APPEARS, LATER
General Tone IL UnceFtain Through
out and Close f. Feverish
on Rather Small
Dealings.

NEW YORK. July fs.-An extremely un-
certain state Of speculative sentiment oe-
veloped in the stock market today after
prices had yielded sharply under a contn-
uance Of the selling in evidence yesterday
and then recovered with some semplance
OF strength. There was no important new
development to account for the decrease
in the selling pressure. Most OF the de-
mand was attributed to the uncovered pro-
The lack OF good news Of a striking char
acter to account for the recovery was the
occasion for pointing out the contrast WIN
has become known. Every such occasion
for some time past has been taken advan-
tage Of to market stocks Selling OF this
character was not perceptible today and
the professional bears apparently lacked
confidence to attack values in the absence
covery was not sufflcient to force bear ac-
counts to cover. The intense dizziness OF
the demand which developed on the re.
snlicitude upon the bears OF larger caliber,
whose outstanding account Is now believed
70 have reached very large dimensi % :
favorable bank statement tomorrow. Rates
for call loans were, In fact easy Tor a
liable index Of the actual money situation
than the bank statement itself In the com
plication Of trust company operations IN
the money market with those on the banks
themselves In this connection II was as
suined that the highest level of prices
touched In the stock market this year oc-
call reached so per cent, while with call
loan rates now at the lowest level Of the
present year, prices Of stocks also have
receded In not few important instances
TO the lowest of the year. 1t is probable
that the anomaly in the first case is re-
sponsble In part for that of the second.
The straining of resources TO bull stocks
at the time of the money stringency left
some pools in a vulnerable position when
the LIQUIDATION began to manifest itself
In the market and their forced selling In
duced much of the weakness Of stocks.
But the contrast suggested in money coDdi-
tions In the two periods is apparent rather
than real. A resumption today Of a strong
demand for loans carrying over the END or
the year was the truer index of the money
situation. Lenders are indisposed to place
money for that length of time and by Keep
ing funds in hand or in day to day loans
they conduce TO the ease Of the call loan
market. Banks have made apparently a
small gain in cash on the week, none OF the
accepted estimates placing the figure at
over 81 100000. Rates for foreign exchange
were lower, discounts yielded in London and
sterling exchange rates rose in Paris, all
these movements being calculated to IA
cilitate a response to a New York demand
for gold. Secretary Shaw's continued pres
ence in the city kept the government
bonding and deposit operations in atten-
ton and seemed to induce feeling OF con-
f1dence that the money market might be
made TO derive some advantage from the
nection II is to be noted that money DAY
subscriptions are payable on 40 per cent
installment Of the SN,5OOOO0 Of Baltimore
& Ohio stock, which calls for some
throughout and the closing was feverish
on small dealings.
Bonds were irregular. Total sales, par
value, N.17s,OO0. United States % advanced
~ per cent on call.
The following are the quotations on the