Omaha daily bee., 1903-02-04
NEW YORK STOCKS AND BONDS.
Professional Impnrt strength
to Market

NEW YORK, Feb. 3.-The professional
element contested the apathetic condition
OF the market today and developed some
chow of strength and activity before the
close of the day. There was a very meager
outside demand and very httIe news on
which to base the movement. Reactionary
tendency during the morning became domi-
nant and the professionals apparently re
signed. themselves to the neglected condi-
ton OF the market.
The Wabash securities made a slight adj
vance at the opening on the strength OF
the news from P~tttsburg that the tranchlse
for. the companys entrance TO the CITY
had been tavorably acted upon by the city
council, but the stocks fell back again and
from realizing. One Of the depressing
factors early in the day was the eakne
of New York Central This movement was
the result of a characteristic traders cam
paign. Yesterdays selling of Pennsylvania
on the score of the conversion privilege for
stock below that Of New York Central.
whereas IL has ruled constantly above that
stock for a long time past. For this reason
traders sold New York Central and bought
Pennsylvania today. The news of the III
ness Of the king of England was an IN
huence in the early dullness, as also was
the renewed hitch in the proceedings Tor
d settlement of the Venezuelan difficulties.
The December statement or the Pennsyl-
vania lines. both east and west of Pitts
burg, was SO clear a demonstration OF the
prevailing tendency of railroad expenses TO
encroach on net earnings that the erect
was rather depressing.
Sterling exchange was ominously strong
and it was said the freight blockades and
cutting down OF the grain movement had
resulted In a scarcity of grain bills In the
exchange market. At the same time the
prevailing ease of money is an inducement
to borrowers from foreigners to pay on
maturing obligations abroad. The exchange
market eased slightly at the close. The
growing plenty of loanable funds was prob
ably the basis for the attempt to advance
prices of stocks. The rate for call loans
fell below 9 per cent during the day. This
state of ease is due in large part to the
determined quietude of speculation. II is
| manifest also that the powers in the money
world have in view to build up their re-
sources and to guard against any such eX-
tended credits as those which disquieted the
country last fall.
A number of the metal stocks were con-
spicuously strong in today's market. The
advancing tendency Of the copper market,
the measures to consolidate the lead In
terests, the governmental measures which
| are discussed for the Improvement of the
silver situation and the extraordinary iron
trade combined TO form the basis for this
movement which included Anaconda, Amer
la Smelling, National Lead and later in
the day United States Steel and the indie
nendent iron and steel companies. st. Louis
! Shefield Steel made an unexplained dip OF
2X with a substantial recovery. The mar
ket closed irregular.
Wabash debenture BIS ~overshadowed the
bond market, which was otherwise irregu,
lar. Total sales, par value S,SS5,OO. United
States bonds we're all unchanged on the las'
call. an
a. Nauy York Stock exchange: