Omaha daily bee., 1909-05-22
NEW YORK STOCKS AND BONDS
Dealings Shrink to Small Proportion
Of Recent Daily Average.
ACTION PUZZLES PROFESSIONALS
short sales Fail TO Force Reaction
and Market Turns stronE-steeI
Common IL Mainstay Of
Advance.

NEW YORK, May n.-Dealings in stocks
today shrank to a small proportion of the
recent daily average. The action OF the
market n1sI1. pr9ysd Pnzsling to the professional
vance in prices is construed usually as
lnfavorable to the stability of the rise.
me professional operators, acting on this
principle. sold stocks short when the mar
ket turned dull and tried to force a re-
action; Prices did not respond. but showed
animation. The rigid holding Of prices at
lhe extreme of an advance is unusual and
resulted In a confused state OF speculative
ssntlinent. The supposition was prompted
that most of the dealings were in the hands
OF operators acting in concert, leaving the
dent. " ""'" was VI
The persistent rise in United states Steel
sentimental effect of the further advance
IN that stock to above 90 was sufficient
20 dominate the whole list. Traders were
INUNDATED from pursuing their attack on
yaIues, Late in the afternoon the deal
ines sank TO a state of stagnation. There
conditions bearing on values. Reports OF
the breaking of the drouth in Texas were
received with satisfaction, as grave fears
lave been entertained of the harm to re-
SUIT There was help for the speculation
IN the copper stocks in the advance I'm the
aiVloend rate by the Calumet and Hecla
Mining, company, as 1t was construed as an
INDICATION OF improving conditions in the
trade. official changes in the Kansas City
OuuNiltIH directorate were believed to cor
roborate the expectation Of closer relations
between that road and the Union Pacific.
Mneh OF the recent speculation has been
oaseu on the assumption that a number of
proposed railroad combinations are in a
DORMANT state and to be completed later.
IN me other hand, the movement of some
OF the low grade stocks of railroads in
receivers hands indicated doubts OF the
progress of the reorganization plans. Some
attention was attracted also to reports
from London that intended flotatlons of
some American. securities, which have been
parity underwritten abroad, are being de-
iayed' owing to unfavorable conditions in
that market and a feeling amongst in
vestors not considered friendly to Ameri-
can securities. New York borrowings in
LONDON by bankers are reported to be on a
large scale, but these involve no direct
participation by the lenders in the securf-
an advancing tendency in the interest rate
IN London and Paris today, and this is be-
lieved TO be due to New York borrowing,
which has been an Influence in easing the
local money market and thus bringing the
Two markets to an adjustment.
Inc weeks wheat and flour exports rose
some Z74,O0 barrels over those of the week
before, but the supply of commercial bills
IN the exchange market is still scanty and
lnsufficient to meet the demand. The rates
still hover near the gold export point and
II Is believed but for the borrowing by New
YORK bankers In London the shipments of
small amounts OF gold were engaged to-
day for export to Argentina. The weeks
g nG nen OF gold viii run to between
currency movement indicate that the ex-
cess OF receipts over shipments on the in
terror movement has been sufficient, to-
gether with the $1.551. 600 from sub-treasufy
operations, to overbalance the gold exports
and yield a small cash gain for the banks.
The intense dullness OF the late market
allowed some gravitation of prices to a
lower level, but the closing tone was
Bonds were irregular. Total sales. par
value, $3.50, 900. United States bonds were
unchanged on call.
Number of sales and leading quotations