Omaha daily bee., 1908-10-20
NEW YORK STOCKS AND BONDS
Prices at Opening Rise to Level
Dropped from Last Week.
MARKET THEN BECOMES DULL
Spectators Inclined to Wait DeveI-
opments In Balkan Situation--Ex-
panslon Of Bank loan Item
Attracts Attention.

NEW TORk, Oct. 19-Thsre was another
demonstration today OF the resiliency OF
stock prices from the depressing influence
OF the European political outlook. opening
prices were established at a point which
more than mad up the decfne Of the last
week caused by the new threat OF hos
tllities In the Balkans. The level OF prices
being restored. the market became virtually
Stagnant. Foreign markets fell into q sim
liar condition Of neglect after the recovery
In price there as here.
The apathy of the speculation might be
viewed as an expression of regaining ap-
prehension of a failure Of efforts for a
peaceful settlement in the near future. At
all events there was no market and the
Tact became obvious that the great finan-
cial powers were resting on their oars.
Taking stock Of the situation there are
many indications OF the long steps already
taken in the speculation to anticipate the
business revival. The prolonged advance
IN prices Of securities IS generally known
from the records Of the stock market made
from week to week. Some attention had
been paid, but that Is being paid, to the
prodis1ous expansion OF the loan item OF
the New York clearing house banks. The
tl,S8, ES,30 shown as the weekly average
for that item in the Saturday bank state
ment brings Il to a new high record. Com
pared with this time last year New York
bank loans have expanded 1921. 600 go. To
bring into parallel with the changes in the
banks OF the whole country II is found that
from August p, 1907, to September 10, 1905,
which are the nearest to the dates covered
by the comptroller's abstract. New York
bank loans nave increased $3.50, 10000, so
that the apparent increase for the whole
country of S12, Op. 900 Is seen to change to an
actual increase OF St5s, 100000 outside Of
New York, Deposits In New York for the
same period have swelled 1854, .0OO and
the extent OF the influence OF this change
OF interior banks Is suggested in the in
crease OF 1881, 25 600 shown by the comp
%troller's abstract in the amount due from
national and state banks. The inference Is
written large in these figures that an enor-
nous extension of credits mas been CEN
tered in the financial and speculative center
In New York. At the same time the restor-
alton of confidence on the part Of the inte-
rior banks has resulted in a refluX of funds
to New York on a far larger scale than
before the run on deposits of these banks
which precipltated the crisis last fall. The
strength of the present banking position,
however, does not preclude the paying OF
serious attention to the witt loan expan-
sion of the last few weeks, with contraction
of reserves and prospect OF further de-
| cline. There were inquiries today for gold
for export at the assay office and a ship
ment on Thursday is considered likely.
Neglect made prices vulnerable to some re-
action from the opening level, although
there was nothing like activity at any time
during the day.
Bonds were irregular. Total sales, par
value, 1860 900. United States bonds were
unchanged on call.
Following were the sales and range OF