Omaha daily bee., 1903-02-17
Exchange on London. 2om sslsprgs. 70
NEw YoRK sToCKs Am BoNps.
Market shifts from Railways TO spe-
ciaIties and InduatriaIs Rise.

NEW YORK. Feb. 16-There was a
notaole shifting Of speculative interest to-
day from the railroad list into the spe-
~cialties. Most of the stocks embraced In
the days movement were indIstrials. but
there were a few railroad and other stocks
included which do not figure In the usual
activity of the market. Tit standard rail-
road stocks were quite firm but this was
evidently due TO sympathy with the adj
vances in the industrials. There was some
special strength in Wabash preferred,
which was due to buying by the interests
which have recently sustained that stock.
The railroad list as a whole was conspicu-
Gus for the small volume Of transactions
In II and for the sluggishness OF its move
ment. The several industrials which rose
today did not move In concert and In most
cases separate eNplanauons were offered for
the strength OF each. But 1t was evident
that their movement in general was due to
a speculative theory on the part of profess
sional operators that the futlity of oper-
demonstrated by last weeks events, and
the industrials offered the only hopeful
field for higher prices as the result of the
continued favorable business advices from
all quarters. So far as the news was re-
was due to the advance in the price of the
graduated product; in A~malgamated to
the continued rise in copper I'm London;
in United States Steel to reports OF heavy
orders on hand; in Leather preferred to
revived rumors of a plan for funding the
accumulated dividends. and so on for ether
stocks. Call loan rates continued easy, but
time loans were quoted a fraction higher
and there Is a disinclination on the part of
ilAtA W pun uul IuUuS OH llilt III present
rates. II Is expected that heavy corporate
requirements, Including railroad bond and
stock Issues, will make early acquisitions
upon the money supply. The advance in
sterling was checked here. but the rate de-
clined In Paris and private discount rate
there rose to 3 per cent, which was per-
haps the most significant development In
the money situation. 1t could not be
learned, however. that any definite step
could be taken toward the export of gold
this week. Opinions at first were somewhat
mixed oyer the effect of the severe weather
in the west, but the decline which devel-
oped in the wheat market indicated the
conviction that the NOW covering provided
for the crop afforded security for it's safety.
The weekly statistics of railroad traffic
showed some improvement in the conditions
for moving freight, although much OBJ
struction is still reported. The foreign
trade statement for January attracted
some attention on account of the high
level of TIE value of our Imports which is
disclosed. The Increase In i'm ports contin-
ues to more than offset the renewed in
crease In exports on account of the revival
of the export of corn compared with last
year. The net result is a continued de-
cline In the value of the foreign trade bal
ance in our favor as compared with last
year. The market closed dull and steady.
The market for bonds maintained a steady
tone. Total sales, par value, $6S5,O00. United
States bonds were all unchanged On the
last call.
The following are the closing prices on
the New Work. Gtnpl ayphaV0a.