Omaha daily bee., 1907-01-09
NEW YORR STOCESAND BONDS
Speculative Sentiment UndsrgOss Marked
Alteration and Market Reacts Sharply.
MONEY OUTLOOK is AGAIN DIsoUItTNG
Rumor that Investigation Into Harri'
man system May Disturb COndi-
tions Causes Union Pacific
TO Sell on.

NEW YORK. Jan. s.-The stock market
became sharply reactionary today aha a
speculative sentiment underwent marked
alteration. Various factors contributed 70
this result, including several rumors or
which the failure Of confirmation pointed 70
bearish origin. The principal influences
on the decline were the recurrence OF un-
eastness over the money outlook and the
disqueting effect Of the obvious pressure
The tone OF the money market was firm
from the outset following the furry In the
rate to 10 per cent late yesterday and II be-
came evident that the existing banking
sources were too scanty to allow a re-
sumption OF speculative activity on la{se
leaves no ground for surprise that the
money market should still be in a sensi-
tive condition. The added scarcity of call
loan funds is partly due to the Increased
demands Of the slight speculative revival
II lie partly attributable also TO a dispose
ton on the part of leaders to place their
funds in time loans rather than on call
This has helped the easier tone OF time
loans in the last few days The movement
time loans are not likely to hold at pres
ent rates. The disposition Of speculative
borrowers to depend on call loans even at
a higher level which may be short lived.
is based on the same assumption. The an
nouncement Of the purchase of 81, 100000 OF
three year per cent notes Of the American
Telephone and Telegraph company recalled
to the attention OF the financial world the
fact that large capital requirements stu
Of added force owing to the underwriting
last spring of a 100000 convertible bond
issue Of this company on which INSTALL
ments payable from time to time should
supply large resources on hand. The re-
sort to a note issue under the circum-
stances is regarded az significant of the
unfavorable conditiors for absorption Of
any new offering in the market The down
ward course of the London discount rate
also halted today and the prospect Of a
! 100000 shipment of gold from London to
Brazil was disturbing factor in that
market. The conspicuous weakness OF
| Union Pacific aroused a feeling of uneasi-
ness rat more was looked for from the
| Interstate Commerce commissions invesu-
4 cation than has been allowed to be under
! stood. The continued absence from his
Office Of the head of the system also gave
| rise to rumors Of more serious disability
than had been publicly admitted. -, The
parently resulted from suggestion of the
| former rumor. Some special weakness in
the Morgan stocks gave force to the
the office Of the financier brought dis
chalmers Of the reports Southern railway
! ran on and IL was supposed that liQuida.
ton Tor account Of an estate Of a late
sponsible. United States Steel was ais
heavily sold. The announcement that the
New York Central would repay the divi
dend payable on January Is on Thursday Of
influence on the firmness of the money
market. but it was also regarded as a tes
tmony OF the necessity felt for measures
70 conserve the ease of the money market
subtreasury operations have yielded N,5s1
600 to the banks since the bank Statement
| was compiled. There was some GOVERNS
by shorts at the decline. which were quit,
and the market closed irregular.
Bonds were irregular. Total sales pal
value N,S66,0O0. United States bonds wer
unchanged on call
The following are the quotations on tn
| New York Stock exchange.