Omaha daily bee., 1909-04-03
new YORK STOCKS AND BONDS
Bears Get Upper Hand in Contest for
Control Of Market.
SUPPORT SEEMINGLY WITHDRAWN
wIdening Declines Brins Out stop
Loss Orders and Margins
Metal Trades Prospects
Have Backset.

NEW YORK. April 1.-THE bears sot the
upper hand today In the contest WnlCh
has waged on each successive DAY tnls
week in the stock market. The protesslonal
trading element on the floor of the STOCK
exchange has been distrusttul OF the rise
I'm prices and has felt for the top, Son-
stantly by putting out short contracts;
Previous to today they have been forced
to cover shorts az a loss, driven IN oy
substantial resistance of the market TO
The trend of the market was not deter
mined until after the first hour, the ab-
sorption power being still manifest at that
time when the large selling orders seemed
to be met by almost equally heavy BUY
ing. After a period Of quietude the mar
ket began then to recede on comparatively
light transactions. thus demonstrating the
withdrawal OF support. While hquldauoh
was not urgent ct the beginning of, this
drop, the widening OF the declines began
to dislodge stop loss orders and to uncover
margins, which brought out large addi-
tlonal selling orders. The reaction was vas, az
for it as has been the weeks advance.
The most effective argument OF the bears
to call for reaction in the normal prog
ress of a speculative movement, the re-
duction of the long account by realizing
sales, the passing of stocks from strong
to weak hands, the vulnerability of the
market attack with the bulling OF a weak
follo wing and the Improvement to result
from shaking off the weak bulls by n OH
in prices were all heard as arguments In
the technical discussion of the market.
The interview of Z. II. Hartman Will
the newspaper men yesterday deprived the
bulls Of some of the ammunition they have
relied on by the of some Of his
admissions. Rather definite assertions
were in circulation yesterday, which per
sisted in London this morning, that al
advance in the Union Pacific dividend {
IL per cent had been determined on and II
Southern Pacific to 7 per cent. Mr.. Harrl
mans flat assertion that no dividend IN
creases were in contemplation In ethel
case took away this motive for buying tn,
stocks at advancing prices. Some influ
ence was felt also from a rumor OF a Sc
rious attack of the king of England, which
had caused some weakness of securities
before IL was authoritatively contradictet
by the adviCes to the Associated Press.
Sentiment regarding the steel trade. uu
derwent some backset with the considera
ton that the statement OF earnings for tn
first quarter of the year, due to appea
during the month, must make a poor show
ing, while for the current quarter, owinI
TO the cut in prices and TIE comparattvel
light orders even at the reduced prices, tn
earnings may be still less satisfactory
There was a reduction In the price of cop
and in London, which served to dampe
the confidence in reviving demand in tina
trade. Importance attaches, from a spec
ulative standpoint, to the r~econvening o
Of the pending decision on the Hepburn
law commodities clause test case. PROBES
sions of confidence heard in the neighbor
hood of the Stock exchange for severa
days that this decision would not affec
stocks. whatever II might be, subsidized to
day with the approach Of the session Q
the court. Large influence was accorde
this factor in the later break in the mai
ket.
Bonds were irregular. Total sales, pa
value, $5,336,OOO. United States bonds wer
unchanged on call.
Number OF sales and leading quotation