Omaha daily bee., 1906-04-10
NEW YORK STOCKS AND BONDS
Sharp Freak in Prices Comes in the
Last Half Hour.
EARLY MARKET IS STRONGLY SUPPORTED
Small Offerings Are wen Absorbed
and Bull Party Contents IT.
self with Protecting
values.

NEW YORK. April at was not until
late in the trading that the lack OF relief
for the stringency. in the money market
had any appreciable effect on the tone of
the stock market. The break in prices
came in the last half hour. A hard, UNI
yielding surface was presented up to that
time in spite Of the high rates for call
money. The rate Of renewal by the banks
generally was 20 to % per cent, although
weeks many rumors of heavy gold engage
ments for import to be secured today
eventuated in a single engagement Of $1,000
GOO This proved so far short of the specu-
lative expectation that Il gave rise to the
sharpest selling movement OF the day. The
accumulation Of selling orders over the end
fessional party committed to the rise
showed no sign of being shaken in its posi-
ton. The small offerings during the early
part OF the day were well absorbed, and.
while no disposition was shown to inau-
gurate an aggressive advance, a number
of leading stocks gave evidence Of being
supported In Union Pacific the supervision
Of the stock seemed designed to hold II
rigid large supporting orders appearing pc IisIg
brought out heavy selling, which was at
tributed to inside account The action of
special policy observed in the general mar
ket-that is, to protect prices from damage
while awaiting an amelioration OF the
money situation. Pennsylvania showed evil
dence of support as well, but the Pennsyl-
vania convertible bonds Of 1915 continued
to come on the market in heavy stream
pired on April 1 with 20 per cent OF the un-
derwriting remaining sold for distribution
to the members.
Except for the gold secured for import
nothing occurred to indicate any factor at
work towards relief In the money market
Discounts hardened abroad, especially In
( London and Berlin, the price OF gold was
marked up in London and sterling exchange
dropped at Paris and Berlin to obstruct
/ the movement of gold to New York. For
/ eign exchange here however, was weak.
The publication Of the call from the comp.
the condition OF national banks was re-
| garded as removing one OF the causes which
| may have restricted the operations OF ma
| tionai banks in the desire to be prepared
| for favorable showing in response to this
| call Part of the interior demand for cash,
| which has helped to deplete New York cash
| reserves. has been thought to be prompted
| by the preparation for the comptroller 8
| call.
| Reports from railroad oficlals conceded
some effect to have been produced on traffic
| by the cessation Of coal production ana a
resulting attitude Of reserve in some lines
| OF manufacture. The adjournment OF the
| anthracite coal conference left the DAY
| without any important developments In that
| matter Tomorrow's government crop esti-
mate is awaited with interest as ahording
| the first oficial percentage basis on which
| to form an estimate OF the winter wheat
/ crop. The unfavorable outlook for money re-
| lief as much as the actual stringenoy seemed
! to prompt the liquidation which developed
| in the last half hour of the trading Prac-
ticsly all of the days losses were made IN
! that time and the closing was weak.
| Bonds were heavy. Total sales, par value
s., 10000. United States % and old 4s de-
| clined u and the new Is u per cent on call.
| The following was the range OF prices on
the New York Stock exchange: a..