Omaha daily bee., 1909-05-19
NEW YORK STOCKS AND BONDS
Market is Bare Of Feature and It's
Action is Conclusive.
TwO VIEWS OF SITUATION
Prices Drift FeebIy and Current Free
auentIy Changes Its Directions
United states steel Rises ,
Late in the Session.

NEW YORK. May ls-The stock market
today was almost bare Of feature or in
indication Of financial opinion or specu-
lative sentiment. The conviction was very
general that large speculative commit
ments had been closed out of the market
by sales to take profits. This conviction
left the professional traders undecided as
to the Significance OF The fact. One party
argued that the desire to get away for
summer trips to Europe and enjoy the
profits accrued furnished the motives for
the recent selling and not any we'll
grounded distrust of the stability Of the
market. The same party pointed to the
effect of the absorption Of these profit
taking sales as proof Of underlying
the speculation professed an expectation of
an early resumption OF the advance. II.
was unusual, however, for advice to buy
stocks on this view of the situation to be
coupled with the addition. "on any con-
SIDERABLE recession in prices" on the
other side of the argument was ad-
had been carried to conclusion. With
prices at a high level, the powerful and
organized support of the campaign would
in the hands of weaker holders. This view
OF the situation regarded the speculative
liable to a collapse. There was no show Of
active initiative in the dealings in agree
ment with either view. Prices drifted
IeenIy ana changed their current fire.
have been supported by pools lately were
allowed to run off weakly. Some other
specislties showed signs Of being sus-
tanned. Strength Of Chesapeake & Ohio
was one OF the few features of the market.
This was accounted for by the talk Of
the intention to extend it's connections and
JON II with other smaller roads already
under common ownership to organize a
new and important trunk line railroad
system. The failure of a stock exchange
mouse, which became known over night.
appeared to be ignored, probably owing to
the small accounts outstanding at the
stock exchange. The closing up of these
accounts was followed by the late rise,
however. Further engagements of gold
tor export TO South America gave color
TO the estimates of large additions to the
movement,
The outgoing tide OF travel to Europe
figures in the international exchange
narket- effectively at this season owing to
the large sums, in money or credits carried
Dy travellers. Discounts were reported
easier In London and Paris, but advanced
a traction In Berlin. The resumption OF
tne puolicatlon OF weekly bulletins by the
weather bureau received some attention
IN view OF the high Importance attached
10 crop chances at the time. Weather
news was regarded as promising for crop
pTospsets ana the renewed strength man
rested in the wheat market was attrib-
uted to speculative conditions there rather
than crop news. Reports Of restoration of
wages which have been recently cut by
some OF the Independent steel companies
made a good impression and strengthene6
the Denet In the progress of Improvement
N that trade. The belated rise in United
states Steel gave the market the only
time during the day and had the effect OF
making the closing strong.
Bonds We're irregular. Total sales, par
value, So,SSO,OOO. United States bonds were
unchanged on call. -
Number of sales and leading quotations
on stocks were as follows: