Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-02-21
NEW YORK STOCKS AND BONDS
Market is Irregular, Generally Lower
and Dull.
READING THE FEATURE OF THE DAY
Extensive Buying by shorts and Prob
able Eject of Court Decision
send Prices ID and
Down.

NEW YORK, Feb. 20-The evidence that
urgent pressure TO sell was completed for
the time being, which made itself man
ifest In yesterdays stock market, was con-
hrmed by the early action Of prices today.
There was some wavertng during the nrst
hour of trading which carried the level
below last nights close for a brief time.
The latter action OF the market. however,
demonstrated that this selling was mostly
for bear account In an effort to renew the
decline. The demand to cover short sales
then made, helped the general strength Of
yielded abruptly before the close on the
per cent loan rate. There were some OUT
standing shorter accounts to be covered,
which were OF longer standing, especially
represented more substantial speculative
obvious in Reading. This stock was the
feature of the day and its furious activity
caused by the enormous blocks absorbed
market. In spite OF this congestion OF
activity in Reading. and to less extent
nn, rev n other PTSinent s1ess Ine H9l
bly,.
The yielding tendency of the market dur
ing the first hour, in which Reading fully
shared. was due in large part to the de-
auctions drawn by speculative operators
from the decision OF the supreme court
ter of transportation charges for coal sold
for its own account. 1t was inferred that
the present status of the anthracite COM
panies would bring them within the scope
of the decision with wde-reaching effect
on the business OF the combined anthra-
fed upon closer study OF the decision by
the court and clauses were found even to
be interpreted as giving legal sanction 70
the present conditions of operating in the
anthracite trade. The vigorous recovery
in Reading owed something to this con-
sideration. With the relaxation of the
pressure to liquidate demonstrated there
was some natural turn among professional
operators to take the long side of the
market again. The buying was fitful and
irregular however and inclined to make
itself most felt in the stocks which have
long moved under the control of market
! combinations. The Hill stocks were again
conspicuous, and there was a very large
proportion of the less prominent industrial
specialtes in the list of gains.
The time money market reflected the sub
sidenoe of the rush among speculative bor-
rowers which aggravated the scarcity last
week. Bankers report also large influx
of funds to the local money market for
account Of out-of-town institutions. The
rates for call loans, however, jumped late
in the day. The effect was pronounced in
the stock market. coming at a time when
the room traders were tempted to take
profits on the days rise anyhow. The late
! selling due in part also to the mod
crate proportions Of the demand attracted
of the market. Hopes that a very large
| waiting demand would come forward when
the limits of the decline seemed to be
reached were disappointed. The furry in
| call loans 10 s per cent due to the
| shifting Of accounts incident to the pay
ment of subscriptions to the sN.OoO,GO of
/ New York City bonds sold last week. The
example OF the sensitiveness of the money
| market and the future payments of a sim
| liar character in prospect on other bond
| subscriptions were not relished by the
| speculative sentiment and prices yielded
| so sharply as to carry the level generally
back to below last night and make the
| closing tone easy.
Bonds were steady Total sales par value
s20s5,0 United States bonds were all
| unchanged on call.
The following was the range of prices on the
|