Omaha daily bee., 1907-04-11
NEW YORK STOCESANDBONDS
Narrow Professional Limitations Of the
Market Are Still in Evidence.
TRADING IS DULL AND IRREGULAR
Values, at One Time Much Below
Tuesdays Level, Rise Above Il
and Recede, Making Net
Changes Few.

NEW YORK, April 1O-The narrow pro-
tesstOnal limitations Of the present stock
market continued much in evidence today.
The inconsistent course Of the price move
ment was accepted as rejecting nothing
more than the shifting sentiments Of the
professional traders seeking to scalp
proht The market seemed to be equally
free from either buying or selling transaC-
tons Of a substantial character With no
selling pressure on the market the room
traders found II easy to advance prices as
a result Of their own limited buying and
bidding up but the futility Of the process
was demonstrated when they attempted
being as torpid as the selling pressure, the
proht-taking simply resulted In prices re-
tracing the previous course.
There was not much news TO account for
the days movements. The spirit Of caution
rejected In the diminishing activity Of the
market Is generally attributed to a distrust
of the permanence or genuineness Of the
present conditions in the money market.
The suspicion on this point is due to GER
tain discrepancies in the rates charged for
money. The present ease of rates for call
loans at the Stock exchange and for time
loans In Wall street obviously are not af
tectlnE the rates paid by railroads for ac-
commodation on large scale. Last week 8
example OF the Erie note issue was supple
snented by the sale announced today Of
a9I04WO or three-year per cent notes by
the wabash. The terms were not officially
announced, but were understood to repre-
sent little relaxation from the rates re-
cently IN force for such fotatiOns. 1t is
pointed out also that banks are glad to
purchase the highest grade of mercantile
paper at per cent or above. thus serving
70 give fictitious appearance to the time
money rates. The financial district Is full
OF reports Of renewed negotiation for term
borrowing by railroads and corporations
and this gives the impression that a waiting
demand exists for all available credits
winch may prevent any effective relaxstlon
IN tne money market. A reduction i'm the
BANK OF England discount rate is quite
| conndently expected tomorrow, as the
open market rate has fallen more than
| l per cent below the bank rate and the
central institution has made large addi-
II0hs 70 It's reserve during the last week
The Paris market, however. nersistanti,,
maintains skeptical view OF the ado
quacy OF the present money market SIN
ples 10 sustain any prolonged ease Of
Much Importance has been attached IN
ANTICIPATION OF the government crop renort
o 20 De published today as giving the frstt
Onclal estimate on the condition OF tbe
winter wheat crop. The ranort VI tliS e
hlshly promising, except for the region i'm
az hS'lately aHected by insect damage But
fne "neat market showed the effect of
lSaIS OF damage wrought since the doc
q me estimates by thu governnant co.,
thorlties, and the stock market IN 49,, ~
SS oehce derived no benefit from the cron re-
pr Inc determination Of the Tnterstst -
commerce commission to nusb tba , 10. % e
nauoh OF 70. II. Hartman Concerpi,,,r IN ~
req r,sS transactions by legal process is
re ueu as OF sinister import to the securi
resno, het owing to the recollection of tb
tesPpnse or the market to the iSst inG,,t,,
nr ~ tlat neld sharp recession IN ~
re Of copper at the Metal EXCHANGE mo- !
feature or the day The da,tsS" Mds
cnahges were small althoug6 49, Iy net
| a. a. o ZIG ume considerably above "a WWeIe
0HP5SInuSSIaDly below last night's closing '"eii
value s. T 2oSo rTrg gIfaS total sales, par
| - ana the old Is u per cent on 50 auqiVahced
NJ uHYpeT OF sales ana ouotafionS A..
ne" YORK Stock exchange. '''is on the