Omaha daily bee., 1909-04-14
NEW YORK STOCKS AND BONDS
Market Has Wavering Tendency
Due to Want Of Confidence Abroad.
TWO VIEWS OF SITUATION
One Party REGARDS Rise a. Dne to
Chesper Money, AttrIbutes
~ to Demands Caused by
ut Prices,

NEW YORK, April 12-There was q
WaVef1ng tendency In the stock market to-
Gay which changed its recent semblance
OF Stability. The resumption OF activities
abroad after the Easter holiday interval
was partly responsible FOR this, the selling
OF stocks here for foreign account arguing
some distrust of this markets rate of adj
vance. An element in the home speculation
that feels the same listrust Is not lacking
and its activities were Joined to the de-
pressing influence from abroad to affect
OF news bearing on events to account for
the rising tendency of prices and points out
features in the trade and crop situation
that are claimed as making for decline
rather than advance. The plethoric condi-
ton Of the money market is alleged to be
solely responsible for the freedom with
which speculative purchases OF stocks are
mode and II is pointed out hat the specu-
IatiVe activity Is common to stocks. wheat
and cotton. although causes which raise
the prices of those articles might be re-
gsrded as making against values of rail-
road stocks. Sole reliance on cheap money
20 lift the prices OF stocks is feared as
leading to Initiation OF values.
The other party to the speculation urges
that cheap money IL an inevitable after
effect OF the financial crisis of 1907, which
Is as certain to stimulate renewed employ
ment OF capital III business as are the cuts
in prices of material TO invite the renewal
OF consumptive demand. While the low
money rates are accepted, therefore, as a
result OF present stagnation OF mercantile
demand. the condition there is claimed as
promising betterment and therefore calling
for speculative anticipation.
Foreign markets were reported 10 be dis
duieted to Some extent by the disturbances
in Constantinople and traders in the home
market sold stocks in the late dealings on
the assumption that there may be further
uneasiness abroad on that account in fu-
ture.
A feature Of the situation is the renewed
activity In the bond market, which is a
reflection also OF the abundant state OF the
money market. II is noted that the sales
OF municipal bonds effected during March
were larger for that class than for any
other month OF record. This evidence OF
the abundance OF capital and the chcapness
at which 1t can be had are calculated to
incite a revival of enterprises and are
claimed by the advocates Of higher prices
as a substantial factor in favor of that
course. Some Of the operations for lower
prices today came from spectators who
had sold their holdings yesterday to meet
the new demand from outside sources and
having realized their profits in that way
hoped to see lower prices at which to re
buy. .
The market was not lacking In points oil
strength and at times during the day the
snow OF fdrmness extended generally
through the list. A conspicuous feature
was Denver & Rio Grande, regarding which
rUmors circulated of an active Interest by
e. II. Hartman in its affairs. The Goulc
group as q whole had some benefit by
sympathy from this movement. On th(
other hand, some of the other stocks whict
have been foremost in the recent rise werC
pressed for sale to take profits and thi'
radisted a depressing influence throughout
the list. United States Realty differed from
the keeping of the dividend unchanged, al
there had been some rumors Of an in
tended advance. Quotations for copper
were raised at the New York Metal eX
change and in London. The market closet
under considerable pressure and with prices
running off.
Bonds were irregular. Total sales, pa
value, se,542.0oO. United States bonds wer'
unchanged on call.
Number OF sales ana leading quotations
on stocks vera as follows: