Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-04-09
new YORK STOCKS AND BONDS
Market fhows an Increasing Indication Of
Lapsing Into Professional HsndS
NOTABLE sHRISKAGE IN AGGREGATE SALES
Attempts to Advance Prices Are
Met with OTerinEs and the
CIosinE f. Dull and
Heavy.

NEW YORK. April S-The stock market
showed increasing indications today OF
lapse into professional hands and those Of
the smaller class OF operators. The fire.
quent turns in the course Of prices. the
narrowness Of the fluctuations and the
notable shrinkage in the aggregate sales
for the day all pointed Enthusiastically to the
abgtention from the market Of any large
and consistent class OF supporters. This
was the response Of the market to a rather
general note Of warning from responsible
sources Of the rate and the extent TO which
the rebound was running after the recent
extreme depression. In the money market
situation particularly, although the reality
Of the relaxation from stringency Is not
questioned on any hand, there is inquiry
as to the adequacy OF the relief to meet
all the needs to be faced. The terms to
! railroad corporations for borrowing large
amounts are still onerOus, as eNemplihed
In the terms Of sale OF Erie notes last
week. Any general resumption Of the pro-
jects OF extension Ly the railroads is de-
pendent upon the easier rates for money
reaching " this field OF borrowing or TO
such revival Of the demand for new capital
Issues as to Justify resort to that means
Of financing the work OF betterments again.
Even in the care Of subscriptions to capi-
tai Issues already made, there Is matter
for the consideration OF future borrowers
depndent on money supplies. TOdRy's ma
turtty OF four 10 per cent installments Of
new Great Northern preferred stock, call
ing Tor "a, 100000, directs attention to the
monthly recurrence for some time to come
OF per cent instalment Of these sub
scriptions. For Northern Pacific new stock
]
inHallments Of 12I5 per cent beginning July
!, each OF which VIII call for upwards Of
100000 while for st. Pauls $4,000 900
new stock Is per cent is payable June
and % per cent installments on three half
year periods after that, with a final Is per
cent TO be paid In March, 1903 In the
meantime large note issues by corporations
VIII mature which are expected to call for
refunding, with success dependent upon a
revival Of the demand for bonds II ia 10
De noted OF the recent revival in the bond
market that besides the good erect of the
easing or the money market something il
due to the demand by banks for bonds
mace available to secure government de-
poslts under the new ruling Of the Treas
ury department and also to the movement
/ towards reinvestments against the retire
Hient OF all out the $4,000, 900 to be refunded
/ OF me outstanding government per cents
! . The sterling exchange market. also nv
lIs persistent strength here in spite of the
oecline in interest rates in London points
70 lhe possibilities OF unsatisned money re-
Qulrements abroad. Brokers today re-
ported small volume Of orders for stock g
ana early attempts to advance prices 0uite
seneFSHy met with supplies Of stocks which
~ I'm tt the room traders to the bear side
HL the market The resulting decline was
incompletely recovered later and the clos
ing tone was rather heavy The narrow
net changes are significant in then1ssI,.as
/ OF the professional origin of much - 81.
/ days transactions VI 'He
The irregular tone OF the bond marie,
showed some reactionary tendency from, tbs
3 recent UNIFORM strength Total sales ma
unchanged on call. NO'us were
BUMPER OF sales and quotations on the
! NEW YORK Stock exchange, " ''N