Omaha daily bee., 1906-05-23
NEW YORK. STOCKSAND BONDS
Market is so Profoundly Apathstio that
Only Negative Deductions Are Possible,
APPREHENSION OVER MONEY CONDITIONS
Formation of Speculative Sentiment
Excites Initiative of New Events
Anthracite COaiers Are
Higher.

NEW YORK. May $50 profoundly
spathetic was the trading In the stock
market today there was little room lett
for any but negative deductions. That the
formation Of speculative sentiment awaits
an initiative from new events is the one
safe conclusion TO infer The problem OF
most considered and the day to day events
In Wall street at present offer little assist
ance in forming an opinion.
The reopehing of the San Francisco banks
for business is expected tomorrow and with
banking resumed there II Is expected that
o1rlv lPht will be thrown on the extent
20 which the large cash reinforcemeuts
sent there for use in the first strain on
the BANKS will have TO be retained.
There were further remittances to San
Francisco through the subtreasury today
in continuation OF yesterdays considerable
movement II is assumed that these later
Consignments are due In part to remit
tances for account Of insurance companies
in preparation for the payment of claims
upon them for fire losses, rather than for
purely banking necessities. The strength
OF the San Francisco banks and confidence
in the position is inferred from the fact
the offer of the United States Treasury
department to place on deposit with them
100000 OF government funds 70 strengthen
their position. with their ability to meet
claims Of depositors promptly demonstrated
a return to New York OF some of the cash
forwarded to San Francisco is expected.
The money outlook abroad seems not ell
tirely clear either. London and Paris mar
kets both were lethargic today on pros
poets OF tight money, although the Berun
market was cheerful, in the hope that the
German Imperial bank would reduce its
official discount rate tomorrow. Money
brokers reported some diminution in the
supply of funds offering on time in this
market and rates for the longer period
were firm.
The weekly bulletin of crop conditions
issued by the weather bureau, with its
showing of insufficient moisture in the
winter wheat region of the southwest, was
not helpful to stocks although the wheat
market was inclined to react from its re-
cent strong advances on immediate reports
of showers today. The price OF copper IN
London made a recovery from yesterdays
group in this market. The one incident OF
Interest in the market was the further rise
in the high-priced coalers. Lackawanna
added 10 points to its record price and sold
at $50, thus measurably reducing the dis
lance necessary to the fulhllment OF the
! prospective prediction of 1000 for this stock,
| for which the movement In the group Is
| associated in public estimation. Reports
| were current however, OF an intention on
| the part of these companies to divest them
! selves of ownership of coal mining prop
/ critics to comply with the tendency Of recent
/ judicial decisions and of the shaping or
] legislation This would involve, II was
inferred, a distribution Of these assets to
! stockholders. II was pointed out also that
/ the rise in these stocks made an additional
/ attraction for convertible bonds of some OF
/ the companies which are now in the mar
/ ket. The stiffness of the coalers served
] only partly to sustain the market against
/ the drop OF prices inevitable in market
/ where the buying demand Is torpid. Prices
gave way rather generally at the last and
| the closing was easy.
value. H,96O,000 L. 5. new As declined z
per cent on call.
The following was the range of prices on
the New York Stock exchange:
Ga1a IIlah IaAu