Omaha daily bee., 1903-02-14
NEW YORK STOCKS AND BONDS.
Large offerings Cause Prices TO slump
stiII Further.

NEW YORK. Feb. 13--The increase In
business on the STOCK exchange today was
mostly on the selling side and caused a
further recession i'm the level OF prices.
The marketing of stock was pretty con-
slant until a supporting movement in the
Eries set In during the final hour Sup
port was evident at the same time In some
OF the other Morgan stocks, notably Atead-
Ing and Southern Railway, the latter rising
a fraction over Wednesday. The senti-
me ntal effect of this was little more than
to check the selling elsewhere. The buying
of the Eries themselves was not followed
up. and the closing was dull and heavy.
The selling of the Fries was on a very
heavy scale from the outset. London join
ing IN tie movement. Extreme declines
were effected in the common stock of "a
in the first preferred Of 2ss and I'm she sec
new issue of bonds were disappointing, but
there was also selling by speculative hold
crs who had bought with the idea that some
involved Some sort of new capital issue
by the Erie has been understood to be on
the program for several years past. The
prospect of increased earnings by reason
of the outlay and the possible rights to
subscription by stockholders at the issue
price of S7ls did not prove sufficiently at
tractive to prevent very heavy realizing on
every advance. The stocks were practically
unsupported until the last noIr The SYM
siderable, and the active speculative lead
ers were very generally point below
day. The concentrated selling Of some of
the recent speculative favorites pointed to
enormous realizing on the part OF some
speculative pools.
There were some evidences also of bear
| ish manipulation, especially in the circu-
| lation of rumors of the serious illnecs of a
| prominent operator, who Is said to have
| important market interests committed to
/ his guardianship. The rally in the last
| hour was helped by the preliminary fig
/ ures of the weeks currency movement,
| which indicate a net gain in cash by the
| night of over 81 100000. Earlier in the day
| the money situation was dominated by the
| tnconsiderable rise in sterling exchange
! practically to the gold export point, allow
| ing for yesterdays reaction in Paris. Ex-
| change authorities affirm that II a fast
/ steamship were sailing to Europe II would
! carry consignment of gold. There would
| be no fast ship to sail until next week, but
| a probability of gold exports is indicated
Money is growing tighter in London ant
I the selling of stocks here today for thai
| account was large and not a material fac
| tor In the strengthening of exchange
| The weeks exports both of wheat anC
| corn also fell of materially from those OF
! last week, while the weeks imports OF
dry goods show the inward movement OF
merchandise still maintained at a higt
| showed the increase by a large outward
movement of cotton, buc a decrease in cot
| ton was disappointing, and the high price
of that staple, 1t is feared, will discourage
the demand.
The Central of Georgia income bond
rose sharply, but the decrease OF bonds II
the market was irregular. Total sales, pa
| value, $2,25OOOO.
United States 2s declined Il and the OLE
As II per cent on the last call.
| The following are the closing prices or
the New York Stock exchange: