Omaha daily bee., 1905-05-16
NEW YORR STOCkSAND BONDS
General Advance in Values Due Prinoi-
pally to Professional Manipulation.
MARKET DUuEsT At The HIGHEST LEVEL
Comprehensive Revival of Full Line
of Merger and Dividend Increase
RumOrs-Demand for Bonds
is sluggish.

NEW YORK. MAJ i5-There was some
resumption Of operations for the advance
every appearance OF being almost alto
gether In professional hands. A striking
feature of the market was its lapse into
dullness verging on stagnati0n at the high
level OF prices. The renewal Of operations
on the long side of the market was based
on the conviction that the forced liauida-
tion OF weak speculative accounts had been
completed and that IL would be possible 20
advance the level of prices without bring
ing out any unsupportable burden OF offer
ings. Very general confidence is still felt
in the soundness Of the business and hnan-
cial situation and in the sufficient supply
in the money market for the needs of the
immediate future
There are some suggestions of disap-
proval on the part Of important banking
and money powers Of any active speculation
at this time or any sudden and violent
movement OF prices. But this did not make
itself evident today in active opposition to
the advance Some obstacles were met dur
ing the early part of the day, but they
were resisted and ultimately overcome. The
most notable of these was the selling for
London account. left over liquidation fol-
lowing the settlement making itself felt
again in that market But this influence
proved less effective than the comprehen-
sive revival OF full line of merger and
dividend Increase rumors which have suited
the purpose of advancing prices several
times already. These bea ring on the North
ern Securities adjustment was especially
prominent and there was added to them
the new suggestion OF a proposed retire
ment OF the Burlington purchase bonds by
an issue of new stock by the holding COM
panies. 1t was assumed in some quarters
that a growing investment demand for
bonds could be detected, which was TO be
ascribed TO the growing supply Of capital
seeking investment. The Journal of Com
merce has traced new issues Of bonds since
January ! to a par value of upwards Of
500, 600 OF these $236 100000 were for
refunding or merger purposes, but IL is
pointed out that the output by railroads
alone of new bonds for the four and one
half months was S37 10000 more than for
the flIll twelve months of 1904. The present
explanation in these facts. Railroad Of
ficials reported most roads as having a
, surplus OF capital now on hand, partly due
to the small movement OF grain and TO
competition by the lake lines but also TO
large additions to the supplies of rolling
stock The increase in value OF April ex-
ports Of agricultural products was regarded
with satisfaction.
Large payments to the subtreasury on
account of the return OF government de
posits by the banks left the money market
unruffied and confidence in the continued
ease of money is undisturbed. The advance
| in number of public franchise stocks was
! at the expense of the short interest. The
| professional character of the market was
! Indicated by the disposition TO take profits
| on the days rise. This reduced the gains
considerably and in spite Of the running NJ
| OF st. Paul over two points in the final
dealings the closing was heavy.
Bonds were irregular Total sales, par
value. s., $4,000. United States bonds were
all unchanged on call.
| Quotations on the New York Stock eX-
r M Ta q