Omaha daily bee., 1906-02-28
NEW YORK STOCKS AND BONDS
Market is Narrow and Dealings Are Highly
Professional,
HILL SHARES CONSCIOUSLY WEAK
wabash Issues Are strong on Rumors
of Refunding Bond Issue and
Plan for Building Into
New York.

NEW YORK. Feb. S.-The reversal in
the direction OF prices today from that OF
Yesterday did not alter 'he fact that the
stock market was closely similar in charac-
ter to that of yesterda,. Dealings were
highly professional aud limited in scope
and developments having any actual bear
ing on values had very little to do with the
operations. Those developments, in fact,
were not changed IN any essential partic-
ular from those OF yesterday, when prices
moved upward with some aggressiveness.
The retracing today of the course OF yes
terday seemed due largely to the fact that
the available limits of the upward move.
r,cnt were reached SO far as professional
Operators dared to Gerry them. There was
some further advances in the early deal
ings today, but this was taken advantage
of by yesterdays buyers to sell stocks
Sentiment showed itself more affected
the New York Public Utilities. The news
regarding prospects for the settlement OF
the labor controversy in the coal trade was
even more hopeful than that of yesterday.
Heading, however, failed to hold its ad-
vantage on that score and shared in the
general decline. Hill stocks we're conspic-
uCusly weak anl moved very widely on the
decline. as "a usual with these closely held
stocks whether the movement is upward or
downward. Their notable inf uence on SEN
timent, which has been on the side of ad-
vanctng prices for long time, was cor
responding effect on the side of depression
today. Many rumors circulated of an al
legged hitch in the much discussed plan for
the sale of ore lands to the United states
Steel corporation. No authentic intorma-
ton on this alleged plan has been forth
coming at cny time and todays rumors of
Its failure were equally without authori-
tative warrant. The price of copper was
raised another fraction in this market with
out availing to hold ANA lgamated Copper
against the downward tide of the market.
This may have been due I'm part to the fact
that the price of copper yielded In London
IL spite OF the marking UP of the price
here. The continued liquidation OF Kafir
stocks in the London market had dis
turbing effect in various foreign markets
which was aggravated by the continued
anxiety over the outcome of the Algeciras
conference.
The course of affairs in the money mar
ket offered more substantial basis for the
abandonment of yesterdays attempt to re-
wise the speculation in stocks. Subtreasury
| absorption for the week rose to 1855, 600
and the government institution again
| showed a credit balance at the clearing
| house. Some of the interior cities are said
| to be Withdrawing funds from New York
| and the continued advance in silver makes
| shipments of gold to Mexico for the pur-
! chase of silver coins profitable operation.
| Time loans were reported firm and quotably
| higher, but the foreign exchange market
yielded. The continued strength of the
| Wabash issues in face OF the general weak
ness was due to runors OF a refundine
| bond issue and Of an alleged plan for an
| outlet to New York The closing tone was
weak and at conspicuous losses for the
! day.
Bonds were irregular Total sales. paI
| value. S.510000. United States Is and Odds
| AZ advanced Il per cent on call and the new
As declined Il per cent on call.
| The following was the range of prices
| on the New York Stock exchange: