Omaha daily bee., 1909-08-11
NEW YORK STOCESANDB BONDS
Market Pals Into Listless and
Apsthetic Mood.
ROCK ISLAND POINT OF STRENGTH
Increase In EarnInes Causes Talk of
Resumption Of Dividends-stiffen-
ing of Call Loans HIndranes
TO Operations.

NEW YORK. Augnust p-The stock
market fell into a ~listless and apathettc
mood today. suggestive OF the passing OF
the influences most relied on to stimulate
price movements. The last OF these was
the crop report and its effect IN attractive
new demand to the stock market was
negligible, Judging from today's lethargic
trading. The powerful forces back OF the
market apparently looking to the crop re
port 20 afford a basis for selling demand
OF the accumulation OF stocks that has
been made IN the course OF raising prices
TO their present lofty altitude. In the
absence OF sufficient demand to absorb
profit aking sales. the sales were with
held. thus demonstrating once more the
strong resources OF the present conductors
OF the speculation and their indifference TO
ordinary discouragements. The pro
fessionals who attempted to anticipate the
expected p~rofit-taking by short sales
yesterday were compelled to cover up their
shorts today. This bear covering was
responsible for a large part Of the strength
shown in the early stock market TODAY.
The covering operations concluded. there
was no inclination apparent to push the
advance.
TIE market as a whole fell into semi
~stagnatlon as the day advanced. II Is not
improbable that the stiffening call loan
rate, had an influence in restraining the
operations for a further advance in prices.
Call loans we're made above the 2 per
cent rate from the out set and were taken
At the rate readily by borrowers. Far as
the rates are from money strlngency, they
represent a distinct chang from the
plethoric conditions, which have kept idle
funds pressing for employment In the stock
market at almost nominal rates for months.
Even the heavy money settlements IN
cldent to the turn Of the half year on July
ala not make any better rate for day
to day loans than 2 per cent. The immedi-
ate cause Of the higher rate yesterday and
today was the weak bank return OF Sat
urday and the heavy payment for customs
duties, which were incident TO the rush OF
imports to anticipate the enforcement OF
the new tariff law. It was expected this
drain would prove temporary.
Amongst the special points OF strength
In today's stock market, Rock Island was
conspicuous. and with considerable effect
on speculative sentiment owing TO the
suspected identity OF the controlling in
terests In the property and the most az
gressive forces in the present stock mar
ket. The growing earnings OF the Rock
Island company gives occasion for specula-
ton over a resumption OF the dividends on
the preferred stock. suspended since In the
autumn Of 1905. The preferential right OF
preferred stock to dividends, which was
limited to I per cent when they were paid
before, rises to 8 per cent In 1910 and to
per cent in 1917. The copper group was
strengthened by the July statistics of the
copper producers association. The month
reduction in stocks of a,62i.44 pounds
! represent more than half the total reduc
ton which had occurred from the maximum
surplus on April 30 last.
Bonds were irregular. Total sales. pal
value, s.. AS, 900. United States bonds wer'
unchanged on call.
Number OF sales and leading quotations