Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-04-19
new YORK. STOCKS ANDBO
Ksrkst is Dali, Sluggish and Irregular
Throughout the Session.
TRADING IS CONFINED TO Professionals
Only Proht Possible r. that which
Brokers Might Make on Each
Other-ClOse slightly
Higher.

NEW YORK. April ls.-Facetious brokers
cautioned each other to step sottly To-Day
lest they wake up the stock market from
It's somnolent condition. A glance at the
aggregate Of the days sales explains the
pleasantly An analysis Of the price move
ments will show that only a handful Of
full point away from last nights close. The
movement, sluggish as Il was, was con-
spicuous also for it's irTegularity The mar
row vibrations varied constantly above and
below last nights closing level The con-
sequence was market such as is rarely
witnessed except In the days OF midsum-
mers oppressive heat. and then only in
periods Of inactive trade conditions.
1t has been evident for some days past
that the diminishing transactions at the
Stock exchange were largely in the hands
OF professional traders, so that the only
each other. This condition has a natural
effect Of discOuraging efforts In a field so
circumscrtbed. But the almost total col
lapse OF even the traders activity which
occurred next came as a surprise. Yester-
days check to the advance which had set
in the day before was particularly illum-
mating as 20 the proportions of the move
ment which was clearly limited to turn
against the shorts. The market today sank
into a state bordering on stagnation. The
feeble speculation even In such tavorite
as Amalgamated Copper on the eve Of div
tdend action was an example Of the spirit
OF the market. The unchanged dividend
was, in fact, clearly foreseen. Some infiu-
ence Is attributed to the hardening Of the
money market, slight as II is as a deter
AtlAl lIbln bAlttuldllOus ne presence VI lIe
secretary Of the treasury In the city gave
rise to some surmises of a possible discon-
tinuance Of the deposit Of current customs
receipts with the hanks. This forms the
| principal source Of the accretion of bank
| cash now In progress. The withdrawal of
| loans made by interior banks here now In
| progress, owing to the unattractive level to
which interest rates have fallen, viii affect
/ the loan item of the local banks which are
called upon to take over these leans. The
! change resulting is nominal and other than
real, as the loans OF interior banks which
are being recalled we're made out Of de-
/ posits with the New York banks. These
credits, therefore, we're based on the New
| York cash reserve as much as they will be
when taken over by the New York banks
/ themselves
! Abroad the recall by the Bank of France
| of its credits placed In the London market
| accounts for the retention Of the Bank OF
| England rate at AZ per cent The slow re-
cuperation OF the Bank of France in COM
partson with the other great foreign banks
/ explains the movement to reimburse itself
| period OF strain in that market Discounts
eased In Berlin In spite Of the issue OF
| $lO0OOO,OOO imperial Germany and Prussian
| treasury bills. The British budget pro-
| posals presented to Parliament today gave
| promise of advantage for the money mar
ket In the resumption OF sinking fund pur-
chases Of consols. A renewed decline in
| Standard Oil in the curb market was 4
| feature OF the day. The market closed
| with an upswing Of prices in progress
| which left prices generally above last
| nights closing level
Bonds were Irregular Total sales paI
value, A,094OO0. United States bonds were
| unchanged on call.
| Number Of sales and closing ouotations
on stocks w