Omaha daily bee., 1920-03-03
Financial
BY New York Times.

New York, March 2.-(Chicago Tribune
tions OF stocks today disclosed nothing
except the efforts of professional traders
to acquire small profits. In an unusually
dull session the railroad group, excepting
issues. tended to ease off and the indus
trial list backed and filled without hold
Ing to definite course longer than a
quarter hour at a stretch. The fact that
call money stayed persistently at 10 per
cent a rate which has seemed to be
the minimum for several days despite
larger offerings than the demand could
uine speculative operations with a broader
range than in and out shifts. The rank
and file OF traders feel the call loan
market is so delicately adjusted that even
moderate up bidding Of stocks would
quickly be reflected In an increase OF loan
costs TO IL or IA per cent or a higher
figure. and SO heavy a charge upon profits
entails risk to be assumed only when
there are influences at work which could
be exrected to bring sizeable price move
ments.
Petroleum Industry.
t. is evident that economic forces Of
leum industry. The daily Increases of
crude oil prices during the last fort
night shows that a shortage of this i'm
pTrtant pc, ant. product exists, causing refiners
all over the country to enter into sharp
competition with one another for sup
plies. The great Standard Oil purchas-
Ing agencies no longer direct the course
OF tho market. There is no doubt but
that the rise of petroleum issues this year
has caused considerable embarrassment to
refining organizations which carried long
time contracts for fuel oil at fixed prices
The Navy department has had the
seriousness of the fuel oil situation inn
pressed upon It, by the almost complete
on 40,000.000 barrels to be delivered over
a period OF months. The leading pro-
ducers have indicated that 1t is not a
matter Of price. but one Of lack OF sup
from large contracts, and a collateral sub
'Ject for cogitation Is the possible situa-
tion OF refined products in the next few
months; months Evidently insufficient transpor-
tation Iacllltles are among the governing
FACTORS at the moment, which have been
empnasized by the rapid expansion in
consumption soIan,,p Of fuel oil. gasoline and lu-
enough tank ships to take the fullest
advantage of Mexico's potential produc-
tion.
Speculation In Oh Shares.
An urge for speculation In oil company
shares would appear to lie in the current
situation and the fact that these stocks
have been as irregular as the others shows
the smothering effect Of tight credit for
stock market use. 1t is a matter Of record
that petroleum stocks have moved down.
ward abreast OF manufacturing issues
Sihee uie market pegan TO display weak
ness in January.
The foreign exchanges were dull and
steady, excepting sterling which fluctuated
rather broadly today. From a maximum
quotation of 3.45A. sterling sight drafts
receded to 342% and afterward recovered
to S.4sA. The final quotation recorded
a net decline OF a cent to the pound.
Francs eased off for time in the morn
lug, recovering practically all the loss be-
fore the close.
The market took little further heed of
the supreme court ruling in the United
States Steel trust case and other develop
ments usually accounted as favorable.
The decision of the railway brother
hoods to accept temporarily at least the
terms OF the new railroad bill exercised
virtually no influence. beyond a moderate
hardening of transportations in the later
1ealings l.
Trading Light and Marrow.
Trading was the lightest and narrowest
n volume of any full session in many
weeks, but pressure was limited to high
grade specialties, embracing motors, oils,
feathers and textiles Re-
we're only partly recovered at the
lpathetic close. Sales amounted to 465, 900
hares.
Firmer money tendencies were an over
'hadowiDg factor over all other events
bearing upon quoted values. There was
~ idSh VI call Il4oley dI " per GeHl, DuL
to s1a per c9ht was offered for time
unds without abpreciable response.
That the more rigid credit conditions
ire extending to interior centers was, evil
fenced by advices from Chicago, where ,
hort term rates also stiffened and buying
# merchants bills was said to be almost |
negligible
\ Brokers reported very little trading in |
oregn exchange, but quotations in that !
market We're mainly higher. The rate for !
lemand bills on London rose to s3.45H, |
IT within two cents of its extreme rally |
rom the acute depression of a month ago. |
Liberty and Victory issues featured the |
'ond market, the former rallying sub |
tantially, while the latter fell to new |
ow records. Other bonds, including in |
ernationals. were mixed at trivial |
hanges. Total sales (par value). s14,-
$4,000 Old United States bonds were
naltered on call. /
New York Quotations.
Number of sales and range Of prices OF