Omaha daily bee., 1909-02-18
NEW YORK STOCKS AND BONDS
Market is Torpid and Speculative
Spirit is Again Stagnant
BOND DIVISION STILL ACTIVE
B~urIingtOa oaerinE OF s1s,OOesOOo 10
Closed Nearly as sOOu - opeaea
-BusiRess Awaiting New
Tarfn Law.

NEW YORK. Feb. I7.-Only scanty mate
rial for common could be found in today's
torpid stock market. Speculative interest
VS. more staenant than at any time since
before the national election.
The few stocks which moved appreciably
from some special cause were without any
sympathetie effect on the general list,
which drifted idly backward and forward
on nominal transactions. representing moth
ing more than the tentative efforts Of the
room traders to scalp a small fractional
profit The bond division still offered a
sharp contrast TO the ~stagnation of the
stock market. although the volume OF trans-
actions there also fell away from the re-
cently preVaiing level of activity. The re-
manning doubt over the final outcome OF
the Erie financing Is partly responsible for
whatever check is perceptible in the bond
tons in that branch of the market excel
lent and designate the situation as ap-
preaching q famine appetite for investment.
The condition Is perceptible in the manner
OF flotation of new issues more than in
the open market for existing issues.
Tn expected Chicago, Burlington 4
S Vp1neg t S,fs se ss ghi S6 ssppp;e1SsTted nr over night
Inmates of probably 30,OoO,O00 or upwards
and the offering was closed as soon as
opened, previous applications having been
larger than the total issue. AS the allot-
ment price OF 99d compared with a price
above par for bonds previously issued under
the same mortgage the prompt rise I'm the
price of the new issue 20 a premium over
the issue price was not surprising. 1t be-
came known also that the New York Cen
tral had disposed OF a block of 100000 of
It's refunding 81 per cent bonds pre-
viously authorized without public announce
ment Of offering. These evidences of un-
stated Investment demand for bonds proved
Intellectual in stimulating any dealings I'm
stocks. The halt in the trade revival an
pears TO- nullify the effect of abundant
money resources in that department of the
unal export Of the Pressed Steel Car com
pany and the unfavorable views expressed
by It's president over railroad prospects kept
attention fixed on the subject today.
Another reduction In copper quotations
here and I'm London was a contributory
factor. The gloomy feeling in the steel
trade was deepened by reiterated reports OF
a coming cut in prices. This IL quite directly
effective in speculative sentiment Oh stocks.
Setting March Is as the date for. the calling
OF the extra session gave renewed vtgor
10 the discussion OF the coming new tariff
law and the reports of the probable diverg-
encies of views in a prominent political
party which may prolong the settlement
OF the new schedules. As no effective trade
revival is. looked for until these schedules
are determined this possibility OF delay was
Of chilling influences on the speculative
spirit. The tariff question and fits lncer-
families was a neutralizlng force to the
coming Inauguration OF the new president,
who has been looked forward 70 as a pos
sible stimulant OF the stock market such as
the November election proved to be.
Published eports Of the program being
followed by r. II. Hartman to build nm
ms heaith mad the ERECT OF arousing some
misgtvfngs on that subject. ma early rise In
Atchison was associated with rumors OF a
coming increase in dividend. The banks
are surrendering government deposits to
the sub~treasury In advance of the date
fixed in the call. which names February IS
as the period for compliance. Money rates
are unaffected. The declining interest rates
are common to all the worlds great money
centers and this was coincident today with
universal dullness on stock Rrkets
Bonds were irregular. Total sales, mar
value, $,SSo.00. United States bonds were
unchanged on call. r.EH
Number OF safes ana nrinctnal ouotation.