Omaha daily bee., 1901-02-14
MOVEMENTS IN STOCKS AND BONDS.
Speculative Liquidntions Are the Or
der of the Dnr-slizht Decline.


NEW YORK, Feb. 13.-Speculative liqui-
dalton was the order of the day today on
the stock market and toward the close of
the day the selling became urgent in some
of the stocks which have been highly ma
nipulated In the progress of the extended
advance. The depletion of margins and
the covering of stoploss orders were EVIL
IDENTIFY responsible for some of the heavy
offerings of stock which were tumbled upon
he market ar IN growing onme m the
Ing there was feeling in speculative cir
cles that "the good news was all out" to
use favorite Wall street phrase. The fact
that the days news did not bring any an
nouncement of new gigantic combination
in prospect or in course of achievement
probably had much to do with this feeling
The highly seasoned fare to which the Wall
street palate has been accustomed leaves
the speculation rather fiat without It's ac-
customed ''bracer' of a financial Consolida-
tlon running UP into the millions. The
disnclination to look for further important
developments in the immediate future was
emphasized by the current reports of con-
templated winter vacation trips by several
of the capitalists who have been foremost
figures In the great financial projects which
have recently dazzled the speculative world
There has been daily and even hourly ex-
pectation that the details of the financial
plan for effecting a merger of the steel
combinations would be officially given to
the public. The delay in giving out this
Information has been trying to the nerves
OF some OF the spectators long of the steel
stocks and they sought relief today more
than on previous occasions since the pro-
1ected merger became known by unloading
their holdings. The repeated rebuffs which
the bears have received have made them
very timid and there was not much evil
dence of a demand to cover short accounts
even at considerable declines. There was
undoubtedly large short selling today, how
ever. In the belief that an extended period
OF reaction had been fairly inaugurated,
belief which has been INDUCED In many
times before In the course of the recent eX-
traordinary market
The course OF affairs in the money market
gave substantial ground for apprehension
on the part of the spectators dependent
on loans for carrying their holdings. IT is
evident that the recent enormous extension
of credits for financing railroad combina-
tions has much curtailed the future re-
of funds from circulation is distinctly less
with the growing activity of business re-
auirements incident to the spring trade;
The absence of American subscriptions of
any important volume to the new British
loan excites comment. 1t Is due In part to
the easier conditions of the foreign money
loan unattractive to American investors,
but there can be no doubt that the mar
rowed surplus resources of the New York
market also had to do with preventing
American bids for the loan. The rate of
sterling exchange makes II evident that
any considerable subscriptions for Ameri-
can account to the exchequer bonds would
have necessitatcd gold exports. The Janu-
airy figures of exports of agricultural prod
ucts. showing an increase of nearly $4,000
900 over those OF the preceding January,
make this condition the more eXtraordi-
nary. 1t is believed that the return of Sc
curities during the last few months has
been In much larger volume than any OF
the usually accepted statistics indicate.
London was n large speculative buyer OF
stocks here this morning. especially or
Atchison and Norfolk & Western. but the
heavy profit taking overcame the London
buying and swept nearly everything In the
market below Mondays level Western
Union and st. Louis a. San Francisco sec
ond preferred were conspicuousy strong
and retained small gains. The most acute
weakness shown by Sugar. missouri
Pacific. the steel stocks, Tobacco and the
grangers and Pacifcs generally. The mar
ket closed under pressure and near the
lowest.
Bonds were weak in sympathy with
stocks. Total sales. par value, $685. 900.
The Commercial Advertisers London
financial cablegram says: The, stock mar
ket showed brisk trading today, with a
very cheerful tone With this went the
expression of rather vague anticipations OF
some sort of favorable announcement I'm
the kings speech of tomorrow, but so far
as i could learn II apparently was only
case of the wish fathering the thought.
The American demand was much buster
again. In the early hours prices were
strong on the demand for Atchison and
Reading issues but a lot of selling orders
from New York fell like a wet blanket on
ports of gold yesterday amounted to 10000,
all in bars. The bank bought $4,000 in
Lisbon today and took from the open mar
ket G22,0O0 in bars. Besides these additions
G12O,OOO arrived from Egypt, The imports
for the week amount to E42600O. There is
very sharp demand for money, the bank
Call money ranged from to per cent;
time loans per cent. while the bank lent
largely at per cent The exchequer bond
allotments are regarded as very disap-
pointing. The applications for them at the
rate of G97 rs received So per cent of the
amount they asked for. The average rea-
The following are the closing prices on
the New York Stock exchange: