Omaha daily bee., 1903-01-21
NEW YORK STOCKS AND BONDS.
Opening Activity by Sellers Is Met by
orders, Preventing slump.

NEW YORK. Jan. 2O.-The opening ac-
tivity in stocks today was on the selling
room traders. based on the weakness de-
veloped at the close yesterday, but sup
porting oruers were encountered Whlcn put
a stop to the efforts OF professionals to
force prices lower by Offering stocks which
In case. of sale they would have to borrow
for delivery. On the other hand the buy
ing orders were placed on a scale down
ward for the most part, and the recovery
came to a stop for lack OF motive power.
A squirt I'm stocks In New York public
utilities helped the recovery, The decision
of the appellate division of the court at
Albany against the constitutiOnality of the
New York franchise tax being the reason
for the buying of these stocks. 1t has been
clearly expected that the decision would be
against the tax and the effect mad been
discounted for two weeks past by buying
on the confident assumption that the re
suit would be as announced today. This
movement consequently spent its force al
most Immediately. The market fell back
into a deeper rut of idleness than at any
time SINCE the first of. the year. Yester-
days few strong spots were lacking.
There was realizing in Chesapeake & Ohio
owing to denials of yesterdays rumor that
the company would take over Hooking VAL
ley. The latter stock showed some strength
on account Of consultations known to be
in progress by its officials, presumably
Looking to the disposition of the road. ac-
cording to the authority vested in the de-
pcsitories of the stock. A"malgamatel
the ground of a rather vague confidence
that conditions in the trade were much
improved. Great northern preferred SUI
fered in common with Northern Securities
on the curb from distrust of yesterdays
rumbrs of a coming increase in the divi-
dend rate. There was much discussion Of
the action of the secretary of the treasury
looking to the resubmission of government
bonds for the state and municipal bonds
accepted as security for government de
posits for the money strlngency last fall.
Bankers were inclined to view 1T as a
suggestion rather than as an order and as
designed to facilitate the contraction Of
currency, now that funds are flowing back
to the reserve centers, just as his avowed
purpose last fall was to encourage eNpan-
sion of bank note circulation while the de-
mand for circulation was growing. Thu adj
vance in prices of government bonds was
evidence OF a purpose in some quarters at
feast to procure bonds from the open mar
ket I'm order to be able to keep out note
issues and to retain government deposits.
The prospect Of gold exports was a con-
tinuing influence in speculation in stocks.
The persistent apathy of the demand for
stocks led to a late selling movement, as
was the case yesterday, and the market
closed weak and at the lowest in the midst
of the largest activity of the day.
Bonds were dull and irregular. Total
sales, par value. $2,O45,O0 o United States
2s. registered, the IS, registered, and the
old As, registered, advanced * Fer cent, and
the old As, common, and the 5s a per cent
on call.
The following are the closing prices on