Omaha daily bee., 1909-04-22
NEW YORE STOCKS and BONDS
Alternating Advances and Declines
Early in Day Excite Suspicion.
TRADERS BECOME CAUTIOUS
Union Pacific and New york. Central
sell on ON Announcement 81 E. n.
Harriman's Coming visit to
EurOpe.

NBW YORK, April 2t-Extreme coz
iesion OF the speculative temper was caused
oy the action OF the stock market during
ne earlier part Of today and the result
vas a declining precipitation in the deal
ings with professional traders and the adop-
ton OF a waiting attitude to see what the
mysterious movement might portend.
suspicion OF manipuiatlve purposes i'm
some OF the most obvious movements in.
creased the feeling Of doubt and uncer-
talnty. Alternating declines and advances
as Is rarely witnessed. Some Of the early
selling of stocks was reported as coming
openly from sources that have been credited
with the leadership OF the advancing move.
ment The suspicious trading element saw
In this selling q device Of the bulls to take
the market away from tine bears and ia
force the latter to sell short at-low figures
with the malign purpose of forcing them
to cover at corresponding loss. The pears,
instead OF taking courage from this appear
ance OF liquidation of long stocks, there
fore took alarm and bought to cover their
short contracts. At the periods when prices
we're advancing there was equally suspi.
cious scrutiny of the selling and signs tina
long stock was coming out would be fol-
lowed by quick reactions. The task OF
detecting motives Of such assumed sub.
tility proved so puzzling as to lead to nc
definite conclusions and simply repressed
the activity Of the market.
Two items of the days news were OF posi-
tive Influence and these were OF contrary
effect. announcement of plans for a sum
mer trip abroad by e. H. Hartman and
the modified restrictions on the Erie bono
issue by the New York Public Service conn
mission were ~unexpecte ed developments The
runors regarding Mr.. Harrlmsn's health,
which were given renewed force by this
report. caused some selling Of shares I'm The
companies In which he Is most closely as
ISOLATED. The effect on Union Pacific was
pronounced and the especial weakness OF
New York Central also was traceable "a
the large expectations that have beer
formed of the effects that have been looked
for from Mr.. HaTrIman's future activities
IN the management of that railroad. The
relaxed requirements on the Erie to be
complied with to secure permission for The
proposed bond Issue were considered suffi-
financial plan. The Erie stocks responded
and there was some sympathetic effect In
other parts OF the list. A special source
of speculative confusion was the erratic
fluctuations in Reading. This stock might
have decided the waverng course of the
market at any time, but its constant shift
inss left tho balance undecided.
There was considerable comment on tht
taking Of gold here for shipment to Hol
land. which is a very unusual proceedings
oxchange operations with Holland beint
conducted usually through the medium Of
London banks. 1t was inferred from thii
gold movement that Dutch investors II
American securities had been sending theil
holdings to market In New York. attracted
by the high level OF existing prices. Th'
incident made a decided impression or
speculative sentiment, owing to the sub
stantial character attributed to the Dutci
financial insight. The firmer tone of thu
local money market for call loans give
| warming that uninterrupted absorption o.
banking, resources will bring to an enc
the period of plethoric ease on money
markets A decline in sterling exchang,
rates at Paris was towards the point CAL
ing for gold exports from New York, bu
the sterling exchange rate here made
were more favorable on grain crop pros
poets and anxiety was less acute over TN
| fate Of the winter wheat crop. The nurner
Gus variations during the day resulted II
| only small net changes in prices az the enc
of the ~.
Bonds were irregular. Total sales, pa
value, S7,1l2,000. United States bonds Wer'
unchanged on CALI
Number OF sales ana leading quotations