Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-05-15
NEW YORK STOCESANDBOSD
Securities at All the Great Commercial
Csnters Are Depressed.
BAD OUTLOOK FOR CROPS THE CAUSE
General Fear that Shortage o
Products Of the SELL WIN
, Cause Reaction in
Business.

NEW YORK. May 14.-securities mar
kets at ali the great centers OF capital
were more OF less depressed today and IL
seemed clear that the Immediate cum
pelling cause was the bad outlook Tor the
sarily discredited BY the fact that stocks
rose in New York yesterday when wheat
jumped and that the reaction in the wheat
market today was accompanied by de-
The technical speculative conditions
may be advanced in explanation OF lhe
seemingly contradictory movements. Be-
sides the special operations IN yesterday
stock market designed to sustain or lift
prices u was evident that an outstandlls
short interest was seeking to take al
vantage Of the bad crop news TO cover
short contracts. The fact that their COW
ering operations we're effective in lifting
prices was significant OF the narrow spec
ulative interest in the present stock mar
ket either on the long or short side, partly
az result OF the Target diversion OF spec
ulative activity to the commodities mar
ket. On the other hand today's reaction
in the wheat market was attributed in
large part TO the heavy selling TO take
profits induced by the recent extensive Gd-
vance in the price OF wheat. This rene
ton did not serve entirely to relieve Cp-
prehenston over the crop prospects. The
large shortage in the winter wheat crop
already Indicated makes the spring wheat
seeding a matter of paramount interest In
the forming OF opinion in the markets.
The weather news from the spring wheat
regions today indicated continued temper
AZURE deficiencies which made conditions
untavorable for seeding. The violent de-
cline in Canadian Pacific was traceable to
this cause. That stock also reflected the
depressed conditions on foreign securities
markets. owing to the large volume Of IL
in foreign hands. The prostration Of de-
mand for securities In foreign csnters is
IS pronounced as in New York and this
Is powerful factor In the discourage
ment felt over the speculative outlook
q Inc present impression that a widespread
shortage in the products of the soil Is a
likelihood for the coming season weighs
I on the question and aggravates dread Of
L ann INT
ity.
he money outlook is not considered
clear owing to the large prospective re-
] Quirements for capital Foreign discounts
j continued to harden today but money
rates here were inclined to ease from the
| recent hrmness. This was partly due to
| the failure Of confirmation Of reports cur
/ rent yesterday that the secretary of the
] treasury planned an early withdrawal Of
/ an lhstallment OF government funds on
! deposit with national banks. number
OF minor facts added TO the general in
nuence OF the poor crop outlook one Of
these was the extension of the 'iongsbo-e-
mems strike in New York. Another was
] the tendency to extend the recent dis
custom or defective steel rails into the
nei1 OF other railway equipment espe-
| given also to a decision yesterday bv tbe
supreme court which affirmed the power
OF the Interstate Commerce commissi IN
70 prohibit an Increase Of freight rates by
change OF classification, a method much
Z relied on by the railroad companias for
raising charges for traffc. I,ast pricss
low levels -'oHi 'Ns
Bonds were heavy. Total sales par
Yalue, $i,252,O00. United States bonds
were unchanged on call
Sales and quotations on the Stock av.
chAngo today were.