Omaha daily bee., 1906-11-20
NEW YORK STOCKS AND BONDS
Market Opens Steady Under Influence Of
Improved Tone developed Last Week.
ST. Paul is FEATURE Of THE DAY
RumOr OF Heavy BuyinE for Hiu
Interests sends Price Upward
other FavOrites Under Pres
sure and close H. Easy.

NEW YORK, Nov. 19.-The market was
steady under the influence Of the improved
tone which developed last week. The first
hours business was the largest for that
interval OF time OF any that mas been done
for many months past Prices were affected
by the invariable custom Of professional
operators TO distribute stocks TO meet new
outside demand and profit-taking made It's
usual impression, but the breadth and
strength OF the new outside demand and the
effective absorption which resulted had
very encouraging effect on sentiment. The
speculative forces behind the market there
fore came In with renewed accumulation
and resumed operations for the advance
with more appearance of substantial
strength than at any time last week. As
the day progressed, however, there appeared
to be some distaste for the feveTish senti-
ment in St. Paul and the excessive buoy
ancy displayed by the stock other stocks
which shared with 81. Paul strength last
week were notably backward in the move
ment and seemed to he freely supplied on
all advances
The new candidates for speculative favor
were not as influential In their sympathetic
effect on other stocks as the prime favor
ties. Union Pacific and Reading were only
occasionally strong and were continually
Southern Pacihc and fIill stocks, United
States Steel, Amalgamated Copper and
American Smelling were under pressure
that was almost uninterrupted While not
sufficient to cause weakness in the stocks
until the general decline, when money went
to per cent. this pressure was sufficient
10 prevent lnetu from SnaEinB W lnt
strength prevailing elsewhere in the mar
ket. Many low priced non-dvidend paying
stocks also we're made active at advancing
prices and this suggested an EFFORT to bring
about a process OF rotation in demand
which affords better facilities for digestion
of profits. Perhaps as a result of the in
crease in the speculative demands, rates
for fall loans rose higher than on Friday
last and thus caused some misgivings over
the adequacy OF the augmented supplies in
the money market to carry on a successful
speculation. Nothing authentic was obtain
able to account for the heavy accumulation
of ST. Paul. Variety was given to last
weeks rumors on the subject by assigning
q possible part TO buying in the Hill in
terests while last weeks rumors were all
agreed in destination for the property in
the Hartman combination. The suggestion
OF possible competition to secure the prop
erty thus conveyed, served to jar upon
speculative suRCeptibilities to some extent
Other upward movements were without
specific explanation. Reports from abroa
pointed to some clearing up OF doubtful feel
Ing over the money outlook there as well az
here London discount rates were allowed
to sag to below the banks official rate and
sterling exchange on the continent declined
Sub-treasury operations were in favor OF
the money market the banks having galnet
since the bank statement was compiled
Further release OF gold by the Bank OF
France for London was factor In favor OF
the money market But the rise in cal
/ loans to per cent OFFSET other considera'
| tions and was RESPONSIBLE for the free sell
! Ing which, in the final hour. carried MANY
stocks TO a level below Saturday. The mar
ket closed easy.
Bonds were easy Total sales par value
} 81 $4,000. United States % declined e pei
cent on call
The following was the range OF prices or
In NpNrgV RI aNrRk