Omaha daily bee., 1909-02-25
NEW YORK STOCKS AND BONDS
nsorderly Liquidation Into Which
Market Was Rushed is Checked.
BECOME CAUTIOUS
SHORTS
United states steel Lead. the Ad-
vance, which Ranges from Two
20 Five Points-Bonds
Are Irregular.

NEW YORK. Feb. a4-There came a.
check today to the disorderly liquidation
winch was rushing the market into a state
course OF yesterday II continued would lead
70 that result prompted some measures OF
interest which has grown rapidly with the
sNlit fsl In prices for a week past were
prompted 20 reduce their short lines with
the signs Of a greater stability In the mar
ket, This demand was a potent influence
in the recovery OF prices. The recovery was
s9ms tine IN shaping itself definitely and
tatntes which seemed 10 Indicate a lack OF
strong conviction on the part OF the buyers.
OF It's force. The buying demsnd, however.
caused By its mutual findifferenees BY the
market by advancing bids. This process
was repeated many times With apparent
Encouragement when the increased volume
OF selling on the advances were perceived.
Zach time. however. that prices were al
lowed to slip back the activity diminished
The undertone of the market therefore was
firm. although lacking aggressive strength.
Ihis was after an early period OF great
turmoil when Il seemed an unsettled ques-
terday should be continued OF q violent
rebound substituted. London apparently
was as confused over the outlook as our
former advance there. coming Just before
the New York market opened, had much to
do viii the fluctuations Of the afternoon
market. The recovery owed much to a
sober view Of some OF the consideration
which figured In the weakness OF yesterday.
had decided against the anthracite roads in
the commodities clause cases were dis
proved today This ACCOUNTED for the lead
ership assumed By Reading in the recovery.
There was a better feeling also over the
steel trade outlook and a growth OF con-
fidence that the price concessions on steel
products were a preliminary to revival in
the trade The process OF speculative de
flation called for by the trade readjust-
ment going on was recognized TO have
made great progress in the abrupt collapse
in prices which has already occurred. The
proportions of the market readjustment
mus called for obtained clearer form and
were corrected from the extravaEant as
symptoms Of yesterday that an immediate
relapse TO the acute conditions OF depres-
sion and contraction Of 1907 was in pros
pect. The conviction finds very general
expression N the financial district that
fundamental conditions are sound and are
SNAPPED toward oetterment rather than to-
ward recession. While the stock market had
rushed to a premature reflection of entire
restoration OF prosperity and had been ar
ttftcaHy stimulated to that end the reaction
toward lower prices called for by these con
dittons evidently did not call for an i'm
mediate drop back into the depths from
which the recovery had started. Such
reasoning must be taken to explain the ac-
ton of the stock market today. With the
r~eassuring tendency once finally shaped
requirements Of the large uncovered bear
interest must be looked to for explanation
OF the extent to which the rally ran The
Market was unaffected oy the large opera
tone OF the day. The call for return OF
10000 OF government deposits to Tn.
treasury matured today and the New Yorl
banks turned over many millions Of thii
amount yesterday and today on account Of
interior correspondents Over 100000 In
gold was engaged for shipment to Argen-
tina Last prices were dearer than yester
day 70 the extent OF S a share for Reading
IS for United States Steel and some of IN,
minor steel tndustrials and from g to 8
a share for the most prominent railroaC
stocks.
The o market was Irregular. Tota
sales, par value. S,750y000 United State
bonds we're unchanged on call.
Number Of sales and leading quotation
on stocks we're.