Omaha daily bee., 1909-04-07
NEW YORK STOCKS AND BONDS
Offerings Exceed the Demands and
Prices Start Downward.
TRIPLE HOLIDAY IS COMING
Possible Announcement of Decision
on Commodities Clause ~ Its
End Causes Cation
Rally Near Close.

NEW YORK, April e-The demand for
STOCKS today encountered an amount OF
otterings that overbore the balance and
carried the price movement backwards.
Inc extent Of the recent advance evidently
was In Itself a main Incentive to much OF
the selling, which was speculative profit
taxing in large part. The professional
bears were ready to take advantage of the
wavering appearance of the market and to
help on the decline with short selling and
with offering down of prices.
The addition from day to day Of new
stocks to the list which have risen above
the prices touched in the advance in the
latter part of last year brings the mar
ket to a stage which is recognized as crit
ical, as between the alternatives of reac-
ton or further advance. The arrival Of
a movement at the extreme OF a former
stage after a long contrary movement
finds a waiting account that has been
held through the interval for a chance to
liquidate without loss. All previous pur-
chases thus come in for a profit on any
sequence. to sell. New forces OF improve
ment must be relied upon to carry the
advance through such a stage. The aver
age price OF the most active stocks on
Monday reached about the level touched
on the sustained advance which set In last
year after the presidential election. Some
of the most conspicuous stocks have risen
well above that and some are far snort
Of II. but the averages are usually com
puted as nearly the same. The consider
able body of professional traders In stocks
WnlCO Te1eS on Cnarts OF price movements
hesitates to extend commitment in face
of this condition until the market has
given clear indication of its new impulse.
New impelling factors are not many or i'm
p%ortsnt today. but the growing hesitation
about carrying the speculation forward
left the market without sufficient sustain
ing power to hold prices. Foreigners were
disposed to take profits as well as home
spectators. The fact that the present
week In the stock market will end on
Thursday added to the disinclination to
extend speculative commitments.
Tomorrow's government crop report Is
awaited with keen interest and is expected
10 have an influence on the speculation II
any decisive Information Is given OF the
spring condition of the winter wheat crop.
with wheat and cotton both at top prices
for the season and with rumors not lack
the stock market is compelled to take some
notice of the subject. The conference on
Thursday between the anthracite operators
and miners representatives. is expected 10
have some decisive effect on the immedi-
ate future of trade activity in that field.
Beyond the coming three days holiday
looms up a possible supreme court decision
on Monday in the commodities test clause.
The stock market has demonstrated its sen
sitiveness to this topic too often tor II 10
be ignored. The opening arguments IN
the governments suit against the stand
ard OIL company al st. Louis contained
some material for appratsing any chanse
In governments policy In these prosecu-
tons Of corporations which might nave re-
suited from the change In administration
Nothing was offered, however. to fore
shadow any great leniency, such as has
been assumed in the discussion OF pros
poets from financial stand point. the mat
ter was commented upon in connection
| with the days stock market. Some very
unfa vorable Views OF the steel trade po-
sition were heard and the heavy tone or
tinted states Steel was OF sympathetic ef-
| feet on the whole market. The reauzins
movement was under control and was facii-
itated by the sustaining effect or strength
In anaofa1 qtOpkE without any SDeClai eN-
PLANTATION in the news. The covering OF
shorts effected a considerable rally at che
end Of the day.
Bonds were irregular. Total sales. par
value. $685.. coo. United states bonds were
unchanged on call.
Number OF sales and leading quotations