Omaha daily bee., 1907-04-23
new YORK. STOCKS AND BONDS
Days Transactions largely Professional
but Prices Rise Slightly.
ADVANCE BRINGS OUT FEW OFFERINGS
Downward Tendency of Time Money
Rates ~ Looked Upon as Good
Feature-CIOsinE Prices
Highest.

NEW YORK. April 22-while the days
transactions on the Stock exchange gen
orally were inclined to be largely in profess
stonal hands, advances in prices were rec
ogniEed as a reflection Of a real improve
ment IN sentiment toward the end. The vol
ume Ct the dealings was not noticeable and
business was unduly congested in few
speculative favorites In the same way as
for some time past. The manner In which
prices rose also failed to carry conviction
Of response to demand simply TO secure
additional holdings at the best possible
terms. The important feature Of the mar
ket was that the rise, however brought
about did not bring out important offerings
for sale. II is this condition Of the mar
ket that causes uneasiness to the outstand-
large
The bear position is based on the prece-
dent Of slow, saggtng tendency Of prices
after The first rebound from such violent
fan as occurred last month. The existence
OF this persistent short interest in the mar
ket invites attack by an opposing bull
market IS freed from actual liquidation on
advances. There was little show Of alb
sorption beyond the narrow professional
/ impetus in which Indicated news Of events
or changes OF conditions were given little
responsibility for the days movement. A
good effect was caused by the downward
tendency of time money rates, which was
looked upon as better index of the real
| money situation than the deteriorating con-
! dltion OF the banks. The large loan eN-
pansion Of the last two weeks is not re-
garded as due to demand for credits in
anything ike the proportion OF the loan in
crease, as that is due largely to the trans
fer OF loans to the New York banks which
were previously carried by interior banks
! ana by trust companies. This condition of
New York bank notes is thus, in reality,
sign Of relaxation rather than of stiff
tening money markets. The same thing is
true Of the remittance Of funds from Lon
don to Paris, which represents a repay
ment of issues formerly issued and
prompted by the present ease of money in
London. Discounts continued to decline
| there today, and also In Berlin, where it is
reported apparently with authority, that
at this weeks meeting Of the directors, the
| Imperial Bank Of Germany will reduce the
! official discount rate from the prevailing 6
! per cent rate. Account is taken, neverthe-
| less or contrtbutary causes in the expand
ing tendency Of the New York bank loans.
1 IN each OF the two weeks past syndicate
| operations were traceable Sufficient to ac-
| count for a large proportion of the loan
increase in each Instance.
| A buoyant market for copper securities
IN London and an advance in the quotation
Tor the metal there were helpful factors
| IN the days rise. An Incident regarded as
! or some significance was the sale Of a Stock
exchange seat at price higher than the
preceding sale, the rule being a declining
| tendency for the seats when a PROLONGED
period of stagnatlon in stocks Is believed To
be imminent International commission
| houses asserted that a more favorable at
tltude toward American securities on the
part or foreigners was discernible with the
relaxation In money markets abroad Re
cent crop damage reports apparently were
| regarded with some modification Of views
! IN the stock market and the forecasts OF
STOCKS AS rule the last prices Of the DAY
were the highest.
Bonds were firm. Total sales, par value
Si,5o4,Oo United States bonds were un,
changed on call.
Number Of sales and closing ouotatIons
| on stocks were: