Omaha daily bee., 1901-02-20
MOVEMENTS OF STOCKS AND BONDS.
business Falls Away 10 Point of Semi
Stagnation nt Times

NEW YORK Feb 1g-There was an ele-
ment among the professional operators on
the stock exchange which worked for a
rally today, on the theory that yesterdays
selling was largely due to operations for
the bear account and that the vigorous sup
port OF the market would drive these bears
TO cover. The maneuVer was entirely with
out success, especially in the early dealings.
but all of the markets strength was con-
fined to "A very few stocks and was not
long manipulated. Business fell away to
the point of semi designation at times dur
ing the day, showing no signs OF the recent
large general demand or OF the operations
by large banking and financial interests,
which was the backbone of the market for
a Ions time. Obviously none but profess
sional operators were interested to any
great extent In the days transactions.
There are too many dubious considerations
I'm the immediate future to have a depres-
sing influence ON speculation, which has
been busy for long time past In discount
ing all the most favorable considerations
that could be imagined and many of which
have entirely failed to occur thus far. The
suspense of the protractcd negotiations over
the steel merger is trying to the nerves of
all spectators. All the ramihcatlons of the
plan extend SO far and there Is such a mass
OF details pertaining to the various com
panies to be considered, which in the aggre.
gate may make vast difference In the
status OF the whole matter that conjec-
lure halts In Its attempt to grasp all OF
the outlines For instance, II was rumored
today that 1t was proposed to divide the
cash assets of one, of the principal com
panies contemplated In the merger before
1t shall be taken in. The preferred stock
OF the company would have prior claim,
thus Offering u very abstruse problem of
the relation of the present value of stock
to the value of their share of their new Sc
curities after such division of assets has
been made. Expectations continue on tip
toe of an official announcement of the terms
of the steel merger, which are almost
hourly expected. and yet 1t Is evident that
the cumbersome deal may drag for Il long
time. The steel stocks were all feverish
and unsettled, but generally weakened dur
ing the course of the day. The money mar
ha
tone continues to harden. check for over
S23,WOOO on account of the Jersey Central
railroad purchase went through the clear
ing Eouse today and was Il reminder of the
continuing influence on the money market
of the recent deals. a development which
may have serious consequences was re-
covery of discount in London, in spite of
the general suppostion that the bank rate
Will be reduced this week. Sterling ex-
mittance to Europe 1t seems to be the
expectation In London that the low point
has been reached for discount rates, which
would have an important bearing on any tu-
ture needs OF the New York money mar
ket. The decision TO close the Stock eX-
change from Thursday afternon until Mon
day morning was an influence toward dull
ness. There was some uneasinesS due to
the reopening of the wage question in he
anthracite region, the present agreement
extending only to April ]. The coalers were
In consequence especially weak. Delaware
q Hudson was erratic. breaking violently
5i4 from the top and closing with net loss
of 2la. The southwesterns We're all notably
weak declining from J to 29s, and there
were severe losses in Great Northern pre-
ferrcd General Electric and the smelling
stocks, besides those in the steel stocks.
There was an upward turn In Sugar, but 1t
did not hold. Comparative firmness was
shown by Union Pacific. Illinois Central and
for time st. Paul, though that stock gave
way at the last.
There was large buying again in Southern
Pacific bonds, but they lost most of their
gain before the close and the general bond
list was reactionary. Total sales, par value,
$i.6S5, 900, United States bonds were all un-
changed on the last call.
The board of governors of the stock cx-
change have voted to close the eXcnlnge
on Saturday, February %.
The following are the closing prices on
the New York Stock exchange: