Omaha daily bee., 1909-03-24
NEW YORK. STOCKS AND BONDS
Market Shows Plainly the Result of
Reduction Of Short Interest.
VAIN EFFORT TO EXTEND RISE
Needs of Besrs seem to Ne Satisfied
and Period of D~uIlnes. Ensues,
which Is Followed by
slump.

NEW YORK. March 2-The STOCK mar
ket today showed quite plainly the effect
OF the reduction Of the short interest which
mas brought about the driving to cover OF
the bears Of yesterday and, indeed. ever
since the Introduction OF the tariff revision
bill into congress. Some attempt was made
today by the professional element to ey-
terd the advance, but the amount Of stock
Tor sale at the higher price levels proved
an obstacle. The needs Of the shorts
seemed not TO be so urgent and the market
lepsed into extreme dullness and then ran
off rapidly. There was some revival Of
uneasiness over the Balkan situation abroad
and London was a seller OF stocks here on
a moderate scale.
The position of the professional element.
as defined by those operating on the lonE
side OF the market, was that the tanff dis
cussiCn had entered on a stage where IL
was not likely to attract lively Interest for
a time, while the spring recess Of the su-
preme court insured exemption from an in
tluence that has proved disturbing 10 specu-
lative sentiment with the weekly recurrence
or the decision day for the court. The de-
gree OF encouragement professed by var o Is
authorities in the steel trade is calculated
10 arouse some caution among professional
VINO take these statements as confirmatory
OF Information on which stock market
action has already been taken. Due notice
was taken Of the decision of the trunk line
railroad to introduce the rate on grain for
export 10 meet the competition offered by
The Canadian lines. The strength Of New
loTk Central was ascribed in part to this
-N VI nv AaNE ~ AN
the contest over the differential rate be-
tween Boston and southern trunk line
terminals was not considered so s~stisfaC-
toTy. AdviCes from the copper trade were
OF more cheerful import, sales for two days
past being greater, according to publishes
claims, than since the early part OF the
month. A~malgamated Copper. however.
was one Of the heavy features of the mar
ket. Reading also was a drag on the at.
tempt TO lift prices, and the droop in the
price OF that stock directed attention to the
Resembling Of the conference over anthra.
cite miners wages during the day. Tn,
most effective factor in the direction of de-
preston came from the New York Traction
group, in which heavy liquidation and an
unsupported state was again evident. fol.
lowing on the decree of foreclosure sale oil
the Third Avenue railroad. The incident
served as a reminder OF the discouraging
effect on the demand for stocks likely u
result from such episodes. The purpose tC
await the decision of the hepburn com
modities law cases. the Erie bond issue and
the more definite shaping OF the tariff legis
lstion, is promoted by the fear Of similarly
disturbing effects OF these factors until they
they are out OF the way. The effect today
on the general list Of the slump In the loca.
fractions was moderate and was long in
asserting itself. That and the perception
that advances brought increasing offerings
Of stocks for sale undermined the market
The money market was appreciably firmer
in response TO the continued withdrawal.
OF gold for export. The foreign eXchang
market yielded somewhat. in response tC
the lessened demand for remittance, witt
the increased demand for funds here.
Bonds were steady. Total sales, pa
value, S,S5,OO0. United States bonds were
unchanged on call
Numper Of sales ana leading quotations
! on stocks UGTAs r