Omaha daily bee., 1907-01-23
new YORK STOCKS ANDBONDS
Values Are Exceedingly Unstable and
Fluctuations Are Constant
CONSTANT MANEUvER FOR POSITION
Bun and Bear Parties Searching for
Weak Points of Each other
Close H. Heavy
and Lower.

NEW YORK, Jan. 22.-Values were ex-
ceedlngly unstable in the stock market to-
Gay Fluctuations were constant whether
fluctuations also was narrow and the vol
nIne OF dealings on which they were made
WeTa ~ ,,teu ueaIinss apparen MY
no evidences of any awakened outside in
terest In the market.
The transactions OF the day seemed to
represent nothing more than a constant
maneuvering for position between parties
Of professional operators or testing opera
Tons to ascertain the tendency OF the mar
ket. A doubtful state of speculative opln-
lon is the natural inference from these APP
pearances The current discussion and
mixed sentiment on the outlook as Il found
expression in the neighborhood of the
stock exchange confirmed those differences.
me brokers employed in the execution OF
orders In the influential stocks conveyed
an impression OF important buying and of
projection of prices against attack by in
side Interests in the properties. The suE-
geston was prompted that ABSORPTION OF a
substantial character was going on at any
concession in prices looking to an accumu-
effect of intimldsting the bear element and
they refrained accordingly from agrees
slve attacks on prices. On the other hand
liquidation which has been a feature of the
recent market had been completed. There
was diligent watchfuness for the reappear-
ance OF selling which might indicate con-
Llnuauon OF this process. Opinion was pro-
Iessed that the demonstration of the COM
piCAAOu VI SUCH nQulOdLOn WOulQ a
large short interest still uncovered in the
market, waiting for resumption Of liquida-
ton Tor an opportunity to cover. A sharp
rally In prices would be expected from such
a covering movement. Divided between
these conflicting possibilities, the forces in
the market were employed largely in re-
connoitering and in marking time for the
situation to clear itself
The market was concerned almost en-
tirely with such technical considerations
and little attention was paid to anything
else. There were In fact no developments
OF Importance In the general situation. The
reduction In the official discount rate of
the Imperial Bank of Germany was eX-
pected and was in conformity to the gen.
eral relaxation going on in the worlds
money markets with the refux Of funds
to the reserve centers usual at this season
following the turn of the year Interest
rates here continued to yield both for call
and time loans
The money market was extremely dull
hoped for opportunity for even better
terms than are now procurable. The de-
cline In Interest rates is leading to the re-
tirement of loans placed here by interior
banks during the period of high rates. 1t
Is expected that this process is serving to
expand the loan account of local banks
which are called upon to accommodate
borrowers whose loans are thus placed
the cash holdings. as the funds are left on
deposit here by the interior banks. Trans
fer was made TO the subtreasury OF 81 =
600 from San Francisco to New York. Dis
here receded. The days net changes In
stocks are generally small, as would be ex-
pected In such a market. The market was
heavy during the latter part of the day and
Bonds were irregular. Total sales, par
value. H,l74000 United States bonds were
unchanged on call
Sales and range Of prices on the New
York Stock exchange