Omaha daily bee., 1903-02-06
NEW YORK STOCKS AND BONDS.
Market is Broad and mt Times Most
Active, Though Prices Rike LittIe.

NEW YORK, Feb. 5.-The aggregate
dealings in stocks rose to above three
quarters OF million shares. The market
was broad ana at times very active and
also gave a general impression of strength
and advancing prices. That this impress
sion was to some extent lllusory is mani
rest from the small and ragged showing of
net gains for the day. Whereas at one
time large number of leading active
stocks were a point or more above last
night s closing, IL will be seen that the last
prices for the day were in all cases ma
terlally below the best, while in many in
stances the earlier gains were wiped out
and nnal prices mace lower than those of
last night. The skilled leadership of the
market may safely be inferred from this
showing, and II Is not rash assumption
that professional manipulation also played
part In the price movement 1t is evident,
however, that operators in stocks with
large resources and with an extensive or
ganization for the purpose, have ventured
upon a stock market campaign for an ad-
vance In prices. There is no evidence yet
that the leadership thus undertaken has
side buying movement. There was some in
crease in commission house buying and the
later downward course of prices was under
the impression that the professional opera
tors were taking advantage OF this demand
to realize profits. The prevailing ease of
money Is the dominant motive for the re-
viewing of speculation. although the low
rates to which call loans have fallen are in
part result of the recent stagnation of
the speculative demand. The leading fea-
ture of today market was the announce
ment of the decision of the New Jersey
SOuIt III IdNor OF lne rlBnl OF tne united
States Steel corporation to convert a part
OF its preferred stocks into bonds. The
preferred steel advanced strongly after the
decision became known, Earlier the Read
ings were the leaders and their upward
movement was said to be due to the eX-
pectaton that the first preferred stock
viii be restored to the per cent dividend
list and the voting trust dissolved, now that
the control is definitely lodged in the hands
OF the Lake Shore and the Baltimore a.
ohio. 1t was thought possible. however,
tnat the heavy liquidation of the minority
interest which followed this figure of con-
troll had resulted in the creation of a large
short interest, which was driven to cover
yesterday ana today. 1t was very notice
able that the large concurrent buying of
Erie and Ontario Z Western resulted ina
very slight price movement The Pacifics,
Changers and Southwesterns moved up,
lief that the agreement arrived at between
the Rock island and the Union Pacific au-
thorities would be benefit to the whole
railroad situation In that part of the coun-
try. Wabash had the special benefit of the
perfectinS of its franchise to enter Pitts
burg. The strength of Brooklyn Rapid
Transit was due to hopes of advantage
from the new movement Prott-taxing was
in spite CT the reported strength of other
coppers in the Boston market, and Sugar
was carried down sharply as a result OF the
cut in the refined market Rock Island
seemed to be under pressure most OF the
time and did not share In the early strength
in the Changers. The profit-taking became
quite general at the last under cover of the
late strength in Steel and the closing was
easy.
The bond market was active and quite
broad, but there was some irregularity i'm
the price movement Total sales, par
value, $3.0I0,0OO.
United nit as STATES tfs bonds were all unchanged
The Following are the closing prices on