Omaha daily bee., 1909-05-06
NEW YORK. STOCKS AND BONDS
Market is Much Less Active and Tone
of Speculation is Mixed.
LATE RISE IN SOUTHERN PACIFIC
orders for selling OF linton Pacific
aud Reading Effectively Pre-
vents Any Advance in
These Issues.

NEW YORK. May 5.-The stock market
today showed the waning influence ~ the
commodities clause decision in some SUB
sidence Of activity In a mixed tone in The
speculatIon. There were elements OF
stteugtn In the days price movement OF
stocks. bu; they were diverted 10 the
for a late advance in southern Pacific. In
the usual market leaders, Reading ana
Cnion Pacific, the fact soon appeared that
effective selling orders were placed IN me
market to meet any further advance IN
prices. The effect was TO dampen the en-
thuslssm Of the bull party and 20 prompt
greater caution in the extension OF their
operations. This selling seemed to be IN
vited by the extent OF the rise which mas
occurred and resulting profits accrued,
rather than by any development OF an uh-
favorable nature In the condition OF aftairs'
Naturally more attention was given TO
u~nfavorable possibilities with the cneck 70
an upward tendency in prices estabnsheu;
The crop outlook came In for renewed
consideration. although the imrpediate
news of the state of the weather gave
promise Of correction OF the retarding fac
tors at work in the grain fletds. AuyIces
from various sources continued TO- show
the delsv In seeding and in growth causeu
by the unreasonable weather. ana WINE
the chances for making good the oelay
were kent IN mind, the point was enforced
that account should be taken OF the fact
that crops are several weeks later than tne
normal in developing. Not Only gram IN
these conditions. The desire was eN-
pressed amongst stock market operators
to see the complexion Of the government
report OF crop conditions TO be issued on
Friday TO help in estimating the prospect
Banker are coming 10 feel that they are
entitled TO better interest rates Tor theiT
money, and time money brokers report
that the supply Of funds for that purpose
has been diminished IN the last Few days
by the practical withdrawal from the mar,
ket Of some Of the important bank ana
trust companies. This action rs based on
the mi that any effective revival
OF trade such as is now hoped for, must
improve the demand for banking taclliues'
The disposition to hold funds In hand Tor
this purpose warrants a hopefu view OF
the trade outlook. II Is agreed,
however, that any growth Of activity IN
the demand for money aside from speCI-
lative uses will modify the speculative Rpsi-
ton and hamper the abundant faculues
which have been enjoyed for that purpose
for many months. Not only at nome, pu,
| abroad. especially in Berlin, there is noteu
some hardening of interest rates. Inc r.
vived policy OF gold accumulation % the
bank Of France is still studied ny flnahcleIs
and the reports of preparations oy the gov
eminent of France to contest the claims OF
The labor unions is believed to throw light
On that policy. The result of the day
onerations was practically a drawn battle
between the ~contending forces in the spec
Bonds we're firm. Total sales par value
Tinted States bonds were unchanged on
call. uo,o,ion,
- stoclra wyera as follows: