Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-02-05
NEW YORK STOCKS ANDBONDS
fluctuations Are HErTov and Movement is
Increasingly sluREikh
VOLUME Of TRANSACTIONS CONTRACTS
Increased Buytng Follows Drop In
Prices. but is withdraw when
Market RaIlies-CIOse is
Easy.

NEW YORK. Feb 4-There was a
marked contraction In the volume OF stocks
To-Day ana the feverish tone of the recent
market was largely eliminated. Fluctua-
t0na became narrow and the movement
was Increasingly sluggish. Deductions sug-
gesteo by these conditions are a subsistence
81 ihe pressure OF liquidation Of a forced
KIND, a disposition 10 support prices and
protect the market from excessive declines
on the part Of powerful banking interests
ana the intimidation OF the bears in o0nse-
quence. and the creation Of their fierce raid
ING tactics against values
The sentiment over the future course Of
the market WAS only neasursbly reassured
by this check TO the decline, owing to the
conspicuous lack Of rebound to prices A
dipped. but IL was totally withdrawn when
prices advanced At all. Precedent indicates
the likelihood OF an accumulation OF such
considerable decline as has occurred In the
price level Of stock in a Rpasm OF great
activity, sudden break in prices and Q sud
oen and sharp rebound. The break in such
cases is due 10 the dislodEment OF obsti-
nately held accounts on the long side and
the sudden rebound to the hasty covering
OF the short account, which inevitably be-
comes over extended IN the course of a
long continued decline. The absence Of
these symptoms in the market makes the
professional traders skeptical Of the charac-
ter OF the resistance shown to the weak
ness today.
There was a slightly firmer tone to call
loans early in the day, but rates receded
later. Additional gold was secured in Lon
oon for New York account, but the New
York demand did not make any such sweep
ing acquisition as has been dreaded by the
London market The Bank Of England con-
unues TO secure large portion of new
SOLD and it's position Is growing very strong
The ability Of the bank TO make its per
cent rate effective on the market has been
dependent on fiscal operations OF the Eng
ish and japanese governments, which took
money from the market and placed II In
the banks deposits. 1t is probable, there
fore, that further movement OF gold from
London to New York viii proceed without
serious unsettlement OF foreign money mar
kets- Foreign banking authorities agree
that large reduction Of floating indebted
ness by New York to them has been effected
since the turn OF the year The continued
advantage of position enjoyed by New York
In the international exchanges Is inter.
preted as significant of further obligations
TO this country on commercial account. II
Is expected that the foreign attitude to-
wards New York demand for gold will bt
altered with the growth OF a perception
that the gold movement does not represent
heavy extension of credits to American
reference TO the difficulties from storm
blockades but offered nothing to show
subsistence Of pressure of traffic offering
Net earnings for December further re
| ported showed the general tendency OF
operating expenses to overtake the growth
OF gross earnings and 30 to impair the ne
! return. The sluggish movements In tn,
1 general market were largely in sympathy
/ with wider movements in a few specia
stocks. The easy closing was effected b.
/ the weakening Of Erie.
Bonds were irregular. Total sales. pa
value. 81. $4,000. United States bonds wer'
unchanged on call.
The following was the range Of prices OF
the New York Stock exchange:
| Sales HIgh Low Close