Omaha daily bee., 1909-02-17
NEW YORK STOCKS AND BONDS
Market Opens Active, but Interest
Soon Vanishes.
SUPPLY OF. NEW BONDS LARGE
Large Number of New Issues In Pros
pect Causes HeaViness IN This Sec
tiOa Of the Market--Ns Cut
in steel Prices.

NEW YORK. Feb. 16-The stock market
proved itself ready TO follow the advance
OF yesterday. and thus disappointed the
hopes Of the speculative element which
thought that yesterdays advance might
piecede a revival in the market. Interest
tell away 70 the vanishing point again to
saw conditions as stasnan az at n time
last week.
The London market led the way. As the
foreign situation was largely influenced In
shaping speculation sentiment yesterday in
New York the contrary movement there to-
day was OF important sympathetic effect.
The reduction in the discount rate OF the
hank Of Germany confirmed the impression
OF lower discount rates abroad and the
consequent demand for investment which
grows out OF accumulation OF banking re-
serves. The Indication thus given Of the
course OF the money markets was con-
firmed in a convincing way by the news
sending out notices to depositnrs Of an
intended reduction IN the interest paid on
deposits. The rate paid by these institu-
tons on different classes Of deposits has
ranged from 5 70 : per cent, and has
served as a potent attraction to draw in
deposits from all over the country. With
the prsvailins lOw rates for money and
the additional reserve requirements up 70 Is
per cent OF deposits. which Was imposed
on trust companies February l. they find
themselves unable 10 use these funds IN
terms which will reimburse them for
such high rates 10 the deposltors. The
supply OF new issues OF bonds continues
very large. The market had under discus
sion today a Eo.eO e0 Australian loan, and
an Irish land purchase loan. a New York
City H000O.n00 CORPORATE stock issue and a
coming Burlington bond issue Of probably
S3l00l1oo or upw ards Whether on account
Of these large prospective requirements. o.
from mere sympathy with the tone Of the
market, the bond division today was in
ciined to dropp in a way that has not been
in evidence for many days past. The heavi-
ness of the Erie issues had some influence
on this result. The passing OF the years
interest on the Texas & Pacific second in
comes was another unfavorable influence
on the bond market. although that issue
is OF the class with few qualifications Of
a bond properly so called.
The insistent rumors of q coming cut in
steel prices led to a Thorough canvass Of
the authorities IN the trade. This effec-
lively disposed Of the JUNIORS. but gave
little ground of cheerfulness over trade
conditions. A cut in prices was pronounced
impolitic before the new tariff schedules
tracing orders could be entertained from
action before that time. The period Of
effective revival was put forward to late
in the year by high authorities in the trade
and a reduction in the present operating
activity OF the United States Steel con-
Germ was admitted. The reported illness
Of the president of the American Smelling
and Refining company initiated against
its stock and with some sympathetic effect
elsewhere.
Bonds were heavy. Total sales par value.
S5.S50,oNc. United States Is registered. de-
clined 4. and the .eoupon advanced Z per
cent on call today.
Number Of safes enc 9rincipal quotations
- 49, 49,