Omaha daily bee., 1903-02-07
Market RegNins Old Dizziness and
Price Level Yields

NEW YORK, Feb. 6.-Today's stock mar
ket fell back into dullness and the price
level yielded. There were some professions
of depressed feeling over the prospect of a
weak bank return and over the upward
course OF sternng eXchange: me hltch IN
veAed Venezuelan question induced some
selling here for London account and added
another nominal reason for the reaction
But the obvious fact was that the activity
and apparent strength of yesterday COW
cred large realizing operations by the pro-
fessional leaders of the market who have
conducted this weeks campaign for a rise.
Their buying and their more demonstrative
ploulns tor STOCKS, when nave been a tea-
ture of this week, were. lacking today.
When 1t was perceived that this support
was relaxed rom traders offered prices
down and found vulnerable spots. The
selling was not urgent, but long continued,
and the buying to cover by room shorts
caused some recovery from the lowest. The
closing, however, was heavy and very dull.
The weeks subtreaSury requirements,
which amounted to $780, O0, have been
seem to be less than 5000, so that tbs
banks have lost cash during the week to
the extent of upward of $3,O0O,O00. The loss
to the suhtreasury was more than half ac-
counted for by last Saturdays payment to
the government of a Central Pacific note,
but the government operations have taken
a sum daily from the money market. The
condition of the money market has been
nevertheless one of growing ease and the
falling of at the rates asked by the banks.
The growing ease of money Is probably
the truly real ground for the upward course
OF sterling exchange.
With the increasing accommodations in
New York there is every inducement for
those who have borrowed abroad to pay off
their maturing obligationJ.
Export authorities in the foreign ex-
change market affirm that the extent to
which this process has been carried since
the first of the year is far beyond any
public comprehension. There Is excellent
authority for asserting also that a growing
disposition is manifest, especially I'm
France, to invest in American securities.
This process n not. perceived In the stock
market and probably does not involve the
the International markets and which are
at a price level to increase selling, rather
than buying by foreigners. IL is said in
possible explanation of the French buying
OF securities that 1t represents reinyest-
ment in anticipation of the payment which
is to be made to Panama canal sharehold-
ers by the United States government. There
were few features I'm tcday's market, The
Wisconsin Contra, stocks were bought on
rumOrs of changing control. Amalgamated
Copper showed strength in face of the re-
| dictionary market and there were advances
in a number of low-prtced Industrial stocks.
The rise In Hooking Valley was supposed
to be connected with the undisclosed plan
for the disposition of that property. other
wise the leading active stocks move pretty
uniformly with the reactionary tendency.
The bond market was quite broad and ac-
tive, but irregular in tone, Total sales, pal
value. 49, 0.O0O.
United States bonds were all unchanged
on the last call.