Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-04-24
NEW YORK STOCKSANDB BONDS
Spectators Ar, Much Disappointed by tbs
ReaOtiOnsry Tone Of Market
PRICES MOVE BACKWARD SLOWLY
Rise I'm wheat on Unreasonable
weather one of the Causes
Alphabetically I'm Union
Pacinc Near Close.

NEW YORK, April 3.-The speculative
element I'm the stock market was greatly
disappointed today over the way I'm which
prices were turned backwards from their
today was accepted as conclusive Of the
professional character Of yesterdays rise
ana OF the large proportion OF covering
by shorts In the buying which caused It.
The casual encounter between Mr.. Hill and
MI Hartman and the fact It gave rise
70 no outward show Of hostility seems to
have been the principal basis for the most
OF yesterdays buying, which, It will be
remembered. cOnverged largely on the Hill
ana Hartman railroad stocks. This seems
to have been recognized today as rather
an unsubstantial ground on which to base
a renewal OF a bull movement in stocks,
although there was a show Of excitement
in Union Pacific late In the day.
Todays reaction did not by any means
wipe out all Of yesterdays very substan-
tlal gains The movement might be bet
ter described simply as a desistinR from
yesterdays operations for rise. The
erect enc was to throw the market back into
last week. SO far as yesterdays rise was
due to expectation OF Improvement In the
wheat crop news, there was ground for the
the hopes of abundant rains in the sec
lions from which complaints have come
need was brought out in the weekly bull
! letin OF the weather bureau. Its report of
unseasonably cold weather and want OF
ram in much OF the wheat country east
| OF the Rockies emphasized the effect OF
| todays report that the expected showers
/ had proved scanty. There was some re-
| neWal OF the tone Of apprehension over
| the industrial outlook which has weighed
| recently upon the market. Attention was
| attracted by a report Of a large reduce
| ton in the working force by an Importa nj
! western electric equipment company and
tue onered explanation that the demand
! Tor the product was falling off on account
| OF It's high price level A rise i'm prices
| 70 level discouraging to consumption,
| Where such condition becomes at ali
! seheral, constitutes the central force maxi
! ing for reaction. The signs OF such a CON
dition hitherto have been few. but the whole
! financial world is keenly on the alert TO
discern them and such a report as that
| puDllshed today Is a strong influence ON
| speculative sentiment. The PRINCIPAL event
! OF the day from the money market stand
point was the reduction, as was expected
OF tne onclal discount rate Of the Imperial
Bank or Germany from 6 per cent IL ~
per cent. The bank OF The NetbsTIsnds
| also made further reduction I'm its dis
! count rate, which was advanced recently
! 70 cut on movement OF gold from m 81
| market 10 New York. London sent anothe,
consignment OF gold to Paris In repayment
OI previous advances The Paris discount
I Iarket was reported firm, but rates re-
cedeo IN London and Berlin. In this mar.
ket there was further decline in rates
Tor time loans. The early rise I'm prices
seemed to be due to foreign influence, The
DLISk rally late In the day was in svnnatby
! Win some OF the extraordinary trapsec
LonS IN Union Pacific, which rushed tbsi
STOCK up to the highest level Of the dsv
bonds were Irregular. Total sales ma,
n nIJe, S w United States bonds were
number OF sales and closing o,,o.a.,.,.,
on stocks were: HuO'aIIOh'