Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-03-28
NEW YORK STOCKS AND BONDS
Market Opens Inactive and Soon Becomes
Weak Under Heavy Offerings,
READING RAILWAY LEADS THE DECLINE
Disagreement Between Miners and
Operators the Assigned Cause
of the selling Move
ment.

NEW YORK, March 27.-Yesterday's up
ward movement OF prices was reversed IN
the stock market TO-DAY. The nominal
ground for the change In the course OF the
market was todays disagreement between
the coal miners and operators az indian
apolis The outcome OF the conference mas
been closely foretold, however, that II Is
doubtful whether stodays action left any
important steps to be taken by the holders
of stocks as a consequence OF the coal SIT
uation. The more probable explanation OF
the price movement and the one generally
accepted was that yesterdays purely pro-
fessionai operations had failed to induce
any following outside the circle OF traders,
as signally as the less important operations
OF last weeks drifting market. The large
traders who dipped into the market yes
terday, while they gave more force 10 the
movement than has been recently seen,
ment in the entire absence OF any outside
participation of the market.
A large majority of the first transact
lions this morning were at prices I'M
changed from last night. With the demon
stration of this inertia of the market II was
not long before the stock purchased yes
terday began to come back TOR sale. When
the board room traders thought that they
detected the source OF this selling as iden-
teal with the buying of yesterday, the
bullish sentiment quickly fiattened out. The
general list merely followed In the wake of
heavy from the outset but its decided
break on the announcement OF the rupture
of negotiations at Indianapolis gave de-
cisive course to the whole list. The selling
was not pressed urgently beyond the real
izng on yesterdays purchases and the
market showed symptoms OF dropping back
| into its state of semi-stagnation. The an
| nouncement of the increase in the dividend
rate of Anaconda induced some buying Of
! Amalgamated Copper ana caused quite a
| brisk rally in which the metal stocks
| shared largely.
| Buying for London account was a feature
/ of the early dealing and served as drag
| on the fall in price. This was factor in
| the further decline I'm foreign exchange.
| Discussion continued of the likelihood OF
| further gold engagements, but no definite
| announcement was made. The call money
market was tranquil today and rates for
time loans were quotably lower i'm spite Of
| the approach of the April l requirements.
! Dividend and interest disbursements for
| that period this year are very heavy and
| much in excess of the same period in pre-
| vious years. The banks also appear to be
| losing cash, the loss to the subtreasury
| since Friday having risen to H,S46,OOO,
| against a gain for the same time last week
! of 1926, 900. The subtreasury was also a
| creditor at the clearing house again this
| morning. Shipments of money by the local
banks to outside money centers in prepare
ton for the April / settlements are said to
be on q liberal scale. New York exchange
at Chicago slipped back to a discount to-
day, against par yesterday Last prices
| of stock were above the lowest of the day,
| but the closing tone was easy.
Bonds were steady; total sales, par value
| $2170, 600. United states bonds were all I'M
changed on call
Quotations on the New York Stock eX-
/ change today were: