Omaha daily bee., 1908-09-03
NEW YORK STOCKS AND BONDS
Tone Of Speculation Shows Degree Of
Distrust and Hesitation.
PRICES THOUGHT TO BE TOO HIGH
American Smelling Breaks Near Close
with some Violence and Entire
List sells OG-Bonds
Are irregular.

NEW YORK. Sept. 2.-The tone OF the
speculation I'm stocks today showed a de-
sree OF distrust and hesitation. The feel
ing was based on the heights to which
prices have been carried already and
found expression in refraining from further
buying and bidding up of stocks more than
in any active attempts to get them lower.
The lesson OF the punishment administered
to the bears last month is too fresh in
mind to have lost its intimidating effects.
The doubts about the warrant for the
present level of prices are due to some
skepticism over the alleged rate Of re-
cuperetion in business, owning to the lack
Of confirmation in figures on railroad earn
ings. currency movements, bank ClearinRs
and other usual indexes of any but mod
crate growth of business activity. The
redundant state of the money market,
while constituting the mainstay of the
speculative position on the long side, Is
itself a matter for suspicion OF tagging
commodities and merchandise markets.
The absence OF the usual seasonable de-
mand from the interior for funds is the
subject OF growing remarks.
New York exchange at Chicago fell last
week to 20 cents discount, and this was
supposed TO portend the coming movements
OF funds from New York to Interior mar
Tets for the crop movement and the fall
retail distribution. Now the exchange at
chicago has risen to par or a small dis
count again. There are some traces of an
inward currency movement disCeTnible in
the subtreasury operations at New York
by the receipts Of drafts on their New
York correspondents from interior banks
for paymen to the government of inter-
mai revenue ODlgallOnS. Inc SuDtreasuTN
has gained from the banks for several
days past by such operations, more than
offsetting earlier contribution of the week.
This is a symptom of use found for funds
In the interior, the draft on New York
deposits to pay. the government being a
method of relief. The movement I'm this
way, however, is not Of important dimen-
sions. Money on call is almost q drug
on the market and the scanty supplies Of
commercial paper are eagerly sought for
investment. The railroad mortgage mar
ket is affected in the. same way. london
and Berlin were reported large buyers Of
stocks here today, and this was an i'm
portant factor in the early strength of
the market. The price of copper was
marked down at the New York metal ex-
change and this, with the poor showing
OF the annual report of the American
Smelling and Refining company, made the
copper shares vulnerable to pressure. The
increasing eXclusiveness of the demand to
the Hartman stocks, with the neglect of
the general list, was a source of dissatis-
faction to those long on stocks. American
smelling broke with some violence and
the whole list sold off. Remnants of the
advances were left in the strongest stocks.
Bonds were irregular. Total sales. par
value, $5,Sl2,OO0. United States bonds UNI
changed on call.
Number of safes and leading quotations
on HtOCkH MARA aa fo1lnug.