Omaha daily bee., 1910-05-13
NEW YORK. STOCKS AND BONDS
Level Prices Of Stocks Well Main
tanned in Wall Street Markets.
COOL WEATHER HAS INFLUENCE
Predictions TEND 90 Modify Recent
Confidence of spring wheat
and Corn-EnEIIsh Retain
Discount Rate.

NEW YORK, May R.-Confidence in the
existing level OF prices OF stocks was not
well maintained in the dealings To-Day ;
distrust and prompted some reduction OF
holdings and declining tendency of prices.
The response of the market to the news
Brooklyn Transit was illustrative of the
general tendency The stock rose
momentarlly to 81 and then sold off. This
compares with a high price for the present
year OF 81 in April and a high price of
&5s In June OF last year in anticipation OF
the Inauguration Of dividends at the rate
OF per cent. These comparisons failed
to imply favorable speculative conditions
IN the present
has gone, interrupted only by the tenn
porary effect Of the illness of the king Of
England on Friday last put the pro-
fessional element into cautious mood and
on the watch for signs OF reaction. POSI-
tive predictions of a coming increase in
the chesapeake and Ohio dividend were
mand for that stock Rumors circulated
OF the contamination OF control OF the
Wabash by the Rock Island party failed
prices This indifferences to favorable
suggestions gave the tone of depression
to the market as much as any happenings
OF positive unfavorable character.
One Of the days disappointments was
the retention or the Bank of England
official discount rate. The weekly return
showed an advance to 544 in the per-
centage Of reserve to liability, the with
drawals Of other deposits more than
balancing the ingathering OF government
deposits through the collection of taxes.
Moreover the days reduction in official
discount rates by the great Indian banks
indicated subsidence Of l point source
Of pressure on the Bank of England re-
serve position. The fact that the. central
bank refrained from reducing its official
discount rate, in spite OF the great strength
OF its position, might imply a purpose to
make its rate effective in the outside
money market, The private discount rate,
In fact, rose today and foreign exchange
rates in New York advanced again.
Another ground for speculative hesitation
was found in the doubts over the sound
ness of the reported improvement in the
/ copper trade. A sharp drop in the price
! of metal in London was a factor; in this
| inclination on the part of domestic con
| sumers to follow the recent recovery II
| the price of metal
| The prevalence OF cool weather in the
| northwest and predictions of its continu
ance had an effect in modifying the recen
| confidence In the progress of spring whea
and corn. There was some complaint ove
recent bond sales negotiated abroad anC
the room was thus left for differences o
| unfaVorable terms forced on the sellers
i The strength of Pennsylvania stood on
! as prominent exception to the genera
heaviness of the market and was Of som
effect finally in overcoming that heaviness
l The demand came largely from foreigner
and the adjustment Of the trunk line
dispute over Import freight rates was givel
as the reason
Il Bonds were steady Total sales, pa
value, 81, S91, 900. United States bonds wer
unchanged on call.
Number of sales and principal quotation
La, gNsA N.lVr