Omaha daily bee., 1909-02-02
NEW YORK STOGESAND BONDS
Days Developments Are Regarded a.
Negatively Favorable to Market
GAS REHEARNG IS REFUSED
stock Goes 60 New Low Record, but
Rest of List H. Not Affectea--BiE
supply of Funds for In
~vestment. al. 81. ,

NEW YORK. Feb. 1.-The days devel-
opments were regarded as negatively ia
vorable TO stock market values and a
further firm tone was the consequence
The firmness did not obscure the fact OF
the growing lethargy of the speculative
interes. which left the deslings DUN at
times TO the point of stagnation. Selling
at the opening was so uncomfortable that
the traders demand to cover shorts with
the purpose of taking advantages of eN-
pected selling was sufficient to advance
prices The refusal of the supreme. court
to grant the petition OF the Consolidated
Gas company for a yehearing OF the so
plunge in the price OF that security ,he
l15 mark which the price touched being
lower than before the rally In the stock
when the petition was filed.
The general list showed itself but little
perturbed by the break. and this agaiu
had a negatively good effect on the tone
The supreme court action seemed without
VITO had begun to fear Wnfay6rsble action
on thu case 90 test the commodities clause
of the Hepburn nav Reading which Is
ments regarding this case was notably
strong. with influence 90. the whole list
that there was no eleventh hour measure
loft BY the trust companies to fulfill I ,
teoruary reserye reduirements Cdl
recently prevailing rate. Money contln-
ues In abundant supply and no ripple was
induced by the further engagements OF
gold for export to South Africa. Tn
real strength of the New York banking
situation is adequately EXPRESSED by the
figures of the clearing house surplus.
That item no longer figures the dimen-
sions of the ultimate reserve on which
the trust companies, as we'll as the bank,
must rely, and which the total reserve
OF the. trust companies in effect were on
deposit with the banks. Compliance with
the February l provisions of the new
banking law of New York state means
that the trust companies hold In their
own. vaults 10 per cent In cash of the
total deposits; The trust companies and
the state banks in New York outside the
clearing house held on saturday Sl,20l,-
30, 500. As pointed out In "A statement by
Clark Williams. the. New York state sup
e~rintendent of banking the new order of
things has involved an accumulation OF
no less than $103.736. 900 in cash over that
held before and which is not now loaned
against, as was done before the new
new situation must be borne in mind to
estimate the Significance of the plethoric
condition which, nevertheless, prevails In
the money market. The problem con
one OF finding employment for funds ac-
cumulating, in spite of the heavy output
of new Issues. which still continues. In
London, where a similar flood OF. new
that the supply has o%vertaken the de-
mand and the danger is threatened OF an
indigestion of new securities, such as
clogged the New York market after the
ing down of the prices OF copper and re
ports of storm damage TO western rail-
roads did not alter the hardening tend
ency, but professional realizing reduced
Bonds were Irregular. Total sales. par
value, $3,446 0s0. United states bonds
were unchanged on call,
Number of sales and principal quotations
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