Los Angeles herald., 1907-04-09
MARKET IN HANDS
Of PROFESSIONALS
LARGE SUPPORTERS ARE NOT
IN EVIDENCE
General Note of Warming from Re.
sponslbe Sources Has Its Effect.
Money Supply Viewed with
Apprehension
BY Associated Press.

NEW YORK, April S.-The stock mar
ket showed increasing indications today
of lapslng into professional hands and
those OF the smaller class of operators.
The frequent turns in the course of
prices, the narrowness of the fluctuations
and the notable shrinkage in the aggre.
gate sales for the cay all pointed un-
nlistakably to the abstention from the
market of any large and consistent class
OF supporters.
This was the response to a rather gem
eral note of warning from responsible
sources of the rate and extent to which
the rebound was running after the recent
extreme depression.
In the money market situation par
ticularly, although the reality of the
realization from stringency is not ques-
toned on any hand, there Is inquiry as
to the adequacy of the relief to meet all
the needs to be faced.
The terms of railroad corporations for
borrowing large amounts are still oner-
Gus, as eXempifled in the terms of sale
of Erie notes last week. Any general re-
sumption of the projects of extension by
the railroads is dependent on the easier
rates for money reaching to this field of
borrowing, or to such revival Of the de-
mand for new capital issues as to justify
q resort to that means of financing the
work of betterments again.
Even In the case of subscriptions to
capital issues already made, there is
matter for the consideration of future
borrowers dependent upon money sup
cent installments of Great Northern
stock calling for $24,00O,000, directs atten
tion to the monthly recurrence for some
tune to come Of a per cent installment
of these subscriptions.
For Northern Pacific new stock sub
scriptions also there will fall due quar-
y terly installments inst; Of 12h per % cent 1 begin in
more than $11,0O0,00O while for st. Paul
$lOOO00.OOO of new stock, Is per cent is
payable June l and 20 per cent install
1nFafu I,a1f t-1x indg
that with a final 10 per cent to be paid
March, 1909.
In the meantime large note issues by
corporations will mature which are ex-
pected to call for refunding. with success
dependent upon revival of the demand
for bonds.
1t. is to be noted of the recent revival
in the bond market that besides the good
effect of the easing of the money mar
ket, something is due to the demand by
banks for bonds made available to secure
government deposits under the new rul-
ing of the treasury department and also
to the movement toward renVestmentS
against the retirement of all but the S50,-
100000 to be refunded of the outstanding
government 4 per cents of 1907.
The sterling exchange market also, by
its persistent strength here in spite of the
decline in interest rates in London, points
to the possibilities of unsatisfed money
requirements abroad.
Brokerage houses today reported a
small volume of orders for stocks and
early attempts TO ADVANCE prices quite
generally met with supplies of stock
which turned the room traders to the
bear side of the market. The resulting
decline was incompletely recovered later
and the closing tone was rather. heavy.
The narrow net changes are signihcan
in themselves of the professional origin
of much of the days transactions. The
tone of the bond market showed some re-
dictionary tendency from the recent uni
o. form strength.
Total sales. par value, S2,06S.000.
Government bonds were unchanged or
call,