Omaha daily bee., 1909-03-04
NEW YORK STOCKS AND BONDS
Market Made Up Largely Of Dealings
of Smaller Traders.
SHARP BREAK EARLY IN DAY
Later n Rally Oceurs which Does Not
Hold Of Number Of Dis
turbinE Feature. I'm POIit-
teal Situation.

NEW YORK. March. at vas a day OF
small things In the stock market and the
meager business came almost entirely from
the class OF professional operators. who
make a living BY the daly Illustrations
In prices. The trades who had bought
stocks Yesterday on a rising scale up to
the close OF the day we're somewhat dis
concerted over a number OF Developments
which confronted them when they started
business today. They unloaded their light
holdings az a consequences with some pre-
cipitancy. While this selling was light. the
demand was even lighter and the result
was rather violent breaks in prices.
The professionalism OF the market was
demonstrated by the suddeness with which
extreme dullness followed the completion
OF this selling OF the traders. Finding no
Influential following for the hasty selling
they got over their fright and repur-
chased the stocks sold earlier, this work
ing the price recovery of the latter part Of
The selling from foreign sources WAS
prompted by the sudden turn for the worse
in the news Of the relations between Aus
trta and Servia- The foreign markets
plainly showed the disturbance OF seuti-
ment caused by this news and the re-
Election OF this feeling was one Of the
factors In the opening weakness here. The
clearing OF the ouuook in the Balkans dur
ing the day was reported too late to effect
a recovery in the foreign markets, but
there was buying OF stocks here late IN
the dav on the assumptton that orders will
come from abroad tomorrow to buy back
the stocks sold for that account today
Inc 0sTeaL IN COnHTee& OF the snip SUD
sidy measure caused a slump in Pacific
mail as that stock had been lifted az
gressIVely on the strength OF assertions
that the bill had a good prospect Of pass
ng- Disappointment was felt at the re-
fusal of the New York public service COM
mission TO modify the terms OF their per
mission for the ISSUANCE OF Erie bonds.
Danger was feared OF the failure Of the
financial plan intended to rehabilitate the
Erie. The Incident videned IN its effect
as a symptom Of the growing restrictions
%. -AaaA AE--@-a@Hln- 80 lmuk41aFaI Tha
feeling Of disquiet on this score was in
tensified BY the terms of the Interstate
Commerce commission ruling or the so
called Spokane rate case. The detailed at
tention given in that ruling 10 questions
OF cost OF railroads. capitalization and
manner OF issue in forming a fudgment
Of the r~easonableness OF freight charges
and the specific opinion that earnings OF
the Great Northern and Northern Pacific
IN recent years rave been excessive threw
open a wide field for conjecture OF the
| effects Of future applicantions OF this
method. Reading was subjected TO some
special pressure because OF temen in
circulation that II was the intention OF
the anthracite companies 20. shut down ali
the mines on April Z. pending the making
OF = new agreement over wages with the
| miners. The opportunity. which would thus
be given TO market surplus stocks OF coal
and reduce interest charges involved IN
[ carrying thes stocks. did not appeal. ap-
parently. TO holders Of the coal stocks. A
sudden drop in the price OF copper war
rants in London received more attention
than did the renewed lain OF further
large sales Of refined coppe in New York
A good effect was produced in the latter
part OF the day by the announcement nj
the placing OF the years orders FOR steel
rails BY the New York Central system
The recovery proved unstable. however
and prices slipped back and made a veal
closing.
The low price realized al yesterdays sale
OF New York City corporate stock com
pared with the sale in November had a
slight chilling effect on the bond market
The tone was irregular and there was less
activity than OF late. Total sales. pa
value. s432O.Oo. United States bonds were
unchanged on call.
Number OF sales and leading quotations
I an stools urnEa