Omaha daily bee., 1909-04-02
NEW YORK. STOCKS AND BONDS
Movement of Market is Mixed, but
Absorptive Power is Demonstrated.
CLOSE is ACTIVE AND STRONG
Crop Prospects, Railroad Earnings
and Opposition 20 Certsin Tariff
Schedules the
Spectators.

NEW YORK. April 1.-Price. movements
in the stock market developed gains ana
losses showing irresulsrity during Inc
mixed movement aid not, however. OBJ
scure the absorptive power of the market
ana the effective character OF new demand
which has come into the market In the
last few q
The high level at which prices were
scored yesterday and combined with the
material broadening OF the participation
from Miscellaneous outside sources, Offer
vert paper profits into cash that 1t was
taken advantage of on g large scale by
previous purchasers. The action OF the
in bringing in some increase of buying or
ders at the outset, but the concentrated
character OF the, dealings and the conesrted
operations OF the advance gave evidence
OF any organized speculative party at work
Names we're freely banded about in the
days discussion of the probable Identity
of the organization. superstition pointing to
wealthy capitalists associated with great
market of the past. These
rumors. lacking entirely In authority as
they were. were of great effect In shaping
speculative sentiment nevertheless. Some
of the days news confirmed the views OF
an upward trend of business. The public
profession of confidence by f. III, Harri-
man to this effect was one of the items of
this news, so also was the announcement
that the Ensley steel plant of the Tennessee
Coal and Iron company had not been shut
down on Aprtl ], as haQ Deen previously
determined, owing to the receipt Of enough
new orders to extend the active period of
operations. The large business booked in
March for structural steel was noted as a
consequence of the lower prices in that
trade. Notice of wage reductions failed TO
cause disturbance, owing to the apparent
acceptance by orkmen of the situation
created by lower prices for products The
action OF United States steel common in the
latter market in its aggressive advance
through enormous sales made at 50 to a
top price OF 81 was of material sentimental
effect on the whole market. News from
washington of formidable opposition form
ing to sorne Of the proposed tariff reduc-
tons seemed to be accepted with equanim-
ity IL not with satisfaction.
February earnings reports of railroads
are regarded as satisfactory evidence OF
improving traffic conditions. The reduc-
tions In the Bank of England discount rate,
although expected, gave the initial i'm
petus 10 the rise and was an influence in
inducing continued purchases Of stocks by
foreigners. Use was made by the specu-
lAtive element of words and phrases from
the numerous interviews emitted by r. II,
Hartman to push upvard movements in
special stocks, Encouraging reports of the
condition of the winter wheat crop made
a substantial basis for much of the hope
fulness over business prospects. The mar
ket was strongest and the most active al
tine close of the day.
Bonds were firm. Total sales, par value
S. 1865, O0o. United states bonds were un
changed on call.
Number OF sales and leading quotations
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