Omaha daily bee., 1909-04-23
new YORK STOCKS and BONDS
Speculative Mood is More Cheerful
and Values Move Upward.
NEWS GENERALLY FAVORABLE
Trades Are Somewhat Cautious
Because OF Firmer Tone of the
Call Money Market-Bonds
Are strong.

NEW YORK. April n.-The speculative
mood in the stock market today took on a
more cheerful hue, although In somewhat
subdued fashion. Stocks which were sold
yesterday were purchased today and the
upward movement became more uniform
and consistent than the hating and irregu-
lar decline Of yesterday. The subdued tone
OF the speculation may be justly attrlbu-
table to the nrner tone of the market for
call loans, rates for that form OF credit
ranging above 2 per cent again today. The
money market situation exacts no arduous
terms from borrowers and there is no ap-
parent expectation that Il will Immediately.
The situation is distinctly altered. never
tneless, from the recent plethora or funds
seeking employment and experiencing diff
Guilty In finding Judgment. Gold continues
to go out In small parcels and the inflow
from other sources does not more than
offset II. Foreign exchange rates we're
lower today, however. Meantime the loan
account continues to expand and additional
Issues OF new securities are still I'm pros
pect. Yesterdays payment OF an INSTALL
ment OF subscriptions on the new Southern
Pacific convertible bonds is given credit
for some OF the absorption OF available
credits which Is influencing the call money
market. With less urgency on the part
Of the lenders in placing funds. there is
not being Injected into the speculation so
much artificial stimulant. Bankers are
disposed to look more to conserving funds
for future corporation loans. Leaders of
finance counsel some caution about extend
ing expansion Of values to q point where
a pinch for credits might cause a collapse
that might work harm to the extension Of
projects Of financing still to be concluded.
The intention to refund high interest bear
ing bonds OF the Chicago. Burlington &
Quincy was announced today. The i'm
proved financial position of many railroad
companies as / result OF loans already
placed makes a strong sustaining Influence
for values.
Another substantial support to confidence
Is found in the subsistence of apprehension
over the grain crop position. This is partly
due to the deflation OF the speculative ele-
ment in the price OF wheat, which was
continued today. Cheering advices OF tho
condition of the growing winter wheat crop
and OF the spring wheat seeding were added
to this symptom. The impression made by
extravagant claims of depleted stocks. OF
grain in the interest OF speculation Is thus
diminished. The revivinR demand for pig
iron Is considered Of the most Importance
as a barometer OF basic conditions, and re-
ports were In circulation today In the finan-
cial district that the earnings of the United
States Steel corporation. for the first quar-
ter, which are to be reported next tues
day, would be found much better than has
been estimated In current rumor. Favor
able reports pointing to a rising scale OF
consumption are said to give promise OF
o%vertaking the rate Of production during
New York traction stocks was traceable 70
the reports of earnings coming from the
receivers in whose hands those properties
are held. The expectation was expressed
of an early agreement on a wage settle
ment between the anthracite miners and
operators growing out of consultations stll
in progress.
The collection of ~favoring influences over
bore those of a. less promising aspect. Nc
more was heard of K. II. H~arriman's post
poned trip to Europe and the fears regard
Ing his health, which we're professed yes
tcrday. The adjournment OF the Chesa'
peake & Ohio directors without the hoped
for Increase in the dividend did not cause
serious reduction In the price OF the stock
The announcement that the Pennsylvania
had repuTchased the Norfolk q Western
during the height of the anti-corporatior
agitation was considered highly significan
OF the Increased assurance felt by corpora
ton managers regarding the tone OF public
sentiment towards them. 49,.
The pond market showed notable breadth
and strength. Total sales, par value, 49,
1000 United States IS, coupon advances
a per cent on call. r.
Number of sales and leading quotations