Omaha daily bee., 1901-03-08

| stock Market Makes quite vigorous
| Mc.istmnce Agmimsi near nriNc.

NEW YORK, March THE market made
quite a vigorous resistance this morning to
an early bear drive. BY means Of the sus-
tanning influence OF individual stocks early
losses we're largely wiped out and the ieyel
of prices generally carried over last night.
but during the latter part of the daN the
market suCcumbed to depression and specu-
lattve liquidation came into force, The re-
suit Is n predominanCc of net losses on the
day \ few stocks maintained marked
net gain. but they were rather palpablN
under manipulation for their sustaining in
huenco on the rest of the market while
proiit taking was going on. Tho narrow
ing supply Of available credits and the call
tug of loans by some of the longs was the
most important influence in the reaCnon.
In addition the reaction had grown strong
under the influence of the manipulativc
pools and the selling to take profits by TINS
class Of operators In . market where th"
public is not taking a large part had the CT
fcCt of turning prices downwarG:
There has grown up some feeling that tho
recent ease OF the money market has been
In some sort due to artittCial causes
prompted by the desire OF large capitalists
to insure smooth sailing for some of the i'm
portant financial operations recently set
atodt. Such artificial ease must necessarily
be limited I'm duration. the natural course of
events having their inevitable results in due
time. Besides the absorption of over S3,5W,
coo by the subtreasury from the money mar
ket and the scasonable turn I'm the tide of
the interior movement to New York. the
money market has felt the effect this week
Of the payment by the Union Pacific OF halt
the purchase piiCc of It's controlling interest
in Southern Pacific. The PENNSYLVANIA rail-
road is also reported to have paid over sew
cral million dollars on account of the Long
Island railroad purchase.
Money rates have consequently closed and
some of the holders of the stocks on margin
have been prompted to liduidate. This sell
ing was particularly marked today in Penn
sylVania, Union Pacific and burlington,
which were made the subject OF Joint opera
tions for "a rise during the last few days.
An effort was made to continue pool opera
tions for the advance by "A revival OF re-
ports of the absorption by Great Northern
and Northern Pacific interests. This had the
effect of lifting St Paul IA. An advance in
Chesapeake & Ohio of IA on talk of large
earnings and an increased dividend was "A
strengthening factor and there was quite
an active specula ton for the rise In People S
Gas and Sugar. With the exception OF
Chesapeake ~ Ohio, which saved net gain
of Ia, these stocks lost practically all their
gains and the selling movement carried the
principal active railroad stocks from l TO :
points under yesterday
Among the less important stocks which
were pushed up at times during the after
noon were: Brooklyn Union and Conson-
dated, with advances of and 6la; Pullman,
6la: General Electric. 9 and number OF
others from to- .. There was a turn against
the shorts In some steel stocks not In
cluded IN the United States steel corpora
ton which resulted In advances from "a to
6ts in the Republic Steel stocks, colorado
Fue! and Tennessee Coal All OF these
stocks fell back after the demand from the
shorts had been satisfied The pressure
against Amagamated Copper carried II of
at one time rs and II closed with a net loss
The steel stocks continued very dull and
generally heavy, Provision had been made
for trading on the Stock exchange in the
certificates issued by the trust company in
return for the stocks deposited in assent TO
the merger but there was not IL single
transaction in these certificates except i'll
American Sheet Steel certificates, which
stock has not heretofore been traded in on
the Stock exchange. Some confusion was
ca fused by ill-informed announcements that
provision had been made for trading in GER
tificates of the stocks of the United Steel
corporation. Options In these securities are
still confined to the curb, in the shape OF
contracts to deliver when issued.
The bond market was quiet and irregular
today Sales, par value, S5,4OO,GH United
States refunding 2s declined Is per cent on
the last call
The new Frankfort municipal bond, is
sued in the recent 100000 marks loan, will
be listed shortly on the New York Stock
exchange. This statement was authorized
by Speyer * Co., who have already placed
nearly the entire issue in this country.
The bonds yield about 3is per cent interest
They are to be prepared in denominations
81 COS Application probably will be made
TO list other foreign government loans on
the New York Stock exchange before long
since fnanCiers agree that such arrange
ments would do more to secure a perma-
nent market tor such offerings in New
York than anything else.
The following are the closing prices on
the New York Stock exchange