Omaha daily bee., 1909-02-05
NEW YORK STOCKS AND BONDS
Swing Of Prices is Restricted by Pro.
fessional Limitations.
MARKET GENERALLY NEGLECTED
Traders Are Apparently Awaiting
Clearer Light on situation-
ForeiEners SELL stocks In
wall street.

NEW YORK, Feb. A-The professional
Limitations Of the current stock market re-
strict the swing of prices to a compare
lively narrow range The difficulty of cur
failing the advance further was becoming
manifest before operations were concluded
yesterday and the reaction natural under
the circumstances followed today. These
trivial fluctuations do not represent anv
significant change Of opinions on values
from day to day.
The condition underlying the market Is
clearly one Of neglect and of waiting for
clearer light on the situation. The invest
ment demand for bonds continues excellent,
the large daily volume Of business in ex-
listing issues at the Stock exchange being
constantly supplemented by successive new
issues which are quickly taken up. The ex-
tent to which this process has been car
r1ed and the various inroads on the cash
reserves of the banks is at last beginning
to make some impression on money rates
rather to the satisfaction than otherwise
of the banking community. Call loans did
not fall below 2 per cent today and the
maximum rose to 3 per cent, which makes
the record for the new year. The renewed
can OF the secretary OF the treasury upon
other $8,O00.O0 OF government funds by
February 2S. offered the ostensible reason
for the lessened inclination. of tenders TO
accept bids recently prevailing for loans.
There was some increase Of demand on the
part Of the borrowers as well. With the
effect OF this hardening Of money rates
transferred TO the foreign eXchang market
to lower rates there. foreigners have shown
increased disposition TO sell stocks in New
York. Such selling was an Influence in the
early depression in the stock market
today.
Consolidated Gas exerted q depressing In
fluence by a drop which established a new
low price for the stock, seemingly prompted
by the determination Of the company TO
make a years trial Of the S-cent gas law
without further effort TO contest II in It'll
cation The suspicion and distrust with
which yesterdays allegations OF improve
ments in the copper trade were received
resulted in a decline in the copper indus
trials. The price Of the metal was rsdueeo
again here and in London and the efficacy
of the reduction announced yesterday by
the principal producer In securing orders
was doubled. The unoheerful view of the
iron and steel trade confirmed the feeling
of dissatisfaction with metal trade condi-
lions and affected sentiment towards values
In general, although with no special effec'
on the steel industrials. Opinions on the
tariff revision prospects which seem Il
have authority are canvassed with grea'
attention in the financial district. Showing
the importance attached to the subject
There was a report in circulation today OF
probable new alignments in the ways anC
means committee Of the house which
vision program and which emphasized tn
wish to curtail market operations pendinl
the settlement OF the program. The cut II
trunk line freight rates in the disput'
over differentials between Boston an
trunk line terminal points was not liked
The cheaper railroad stocks again supplie'
the sustaining points in the market OF
deal rumors, the Gould group being con
spicuous. There was some growth in tn
influence on the general list Of these specia
points Of strength in the course OF III
day.
Bonds were irregular. Total sales, pa
value, IS. 81 COCO. United States bonds wer
unchanged on call.