Omaha daily bee., 1907-04-12
NEW YORK STOCkSANDB BONDS
RsrEst Still in Professional Hands, bat
Volume Of Trading is Larger.
RISE is FOLLOWED BY A REACTION
Closing Tone is steady at some
Recovery from Lowest Prices
Bonds Are Dull and
Irregular.

NEW YORK, April 1.-THE stock market
was stu largely In professional hands to-
Gay, out operations were CONDUCTED IN
more aggressive manner and were extended
10 greater lengths. Constant shifting OF
positions stu indicated an uncertain frame
Of mind on the part Of professionals. Much
OF the days session was given up to what
looked Ike testing operations, without sue
cess In developing the prevailing tendency
OF the market. The trading sank into eN.
IRENE dullness at times under the dis
couragng influence OF these failures, and
then yielded decidedly.
what strength the market showed was
most in evidence In the early part Of the
day. Part Of this was In response to
rise in London markets as a result of the
reduction In the official discount rate Of the
Bank Of England from TO ~ per cent
Inc early results were furthered by the
bull party in the trading by manipulatve
devices. The substantial effect Of the Eng
llsh bank rate reduction was, in fact, small
Inc previous course of the money market
gave ample warning Of the action and gave
! opportunity for disCountinR in the securi-
Ties markets. In some quarters an eXpecta-
| ton had been expressed that the reduction
would be a full l per cent increase instead
or half per cent The weekly statement Of
the Bank Of England fully explained the
action OF the governors, the bullion hold
ihgs showing a large accretiOn and the
loans a considerable contraction. Not only
this but heavy decline in government
deposits and a corresponding Increase I'm
other deposits showed the transfer bv
government expenditures of large sums to
ne money market. The. private rate OF
]
/ in Paris, the Bank Of France showing a
substantial contraction of loans, although
| the Increase In gold holdings was but small.
notwithstanding this general and con-
| tinued yielding Of money rates all over the
| world, the stock market begins to reflect
1 misgivingS over its suffiCienCy to meet the
! large waiting demands These include large
! volumes OF authorized but unissued securi-
/ ties, or, where the sale Of these is inprac-
! ticable, probable further note issues. Signs
| or movement CT currency back h. the
/ interior also give warning Of the large re-
| quirements OF the continued activity in
/ trade. The effect Of this demand. alter
nately, Is slackening in the demands Of
trade This is a possibility looked upon
/ with less equanimity than for a time when
lts possible relaxing effect in the money
| Wall street The dilemma is thus presented
| OF tight money markets, owing to continued
| demands OF speculation, or sustained ease
! IN money by reason OF some reaction In
i tIaue ano the consequent reduction in earn
! ing power on share capital
| Another specific influence in the DAVIS
| market was the report from Washington
OF the decision Of the Interstate Commerce
commission to advise proceedings against
| the Hartman railroad system as a comb.
nation In restraint OF trade within the
! meaning OF the law. The London conner
market showed a disposition to break AGAR
anu Nnis seemed to cause some uneasiness
/ over Ihe money position Of that metal
Notwithstanding the assertions OF the rreet
producers as 70 the sOundness Of the nosi
tlon; Iron trade authorities also testiAef
ffUQ,itthe Gndimlnlshed strength OF that trade
| Lnlted states Steel was compare lively firm
OUT THIS did not sustain the general narl,n
/ Inc Closing tone was steady and at sop,f
| recovery from the lowest
bonds were, dull and irregular Tota
| ponds were unchanged on call
Number OF sales and quotations ON tb,
new YORK Stock exchange: