Omaha daily bee., 1903-03-11
NEW YORK STOCKS AM BONDS.
Market ReIapses Into Gloom when
Loosened Money e. snapped Up.

NEW YORK. March 1O.-wall street made
another sudden reversal of sentiment to-
day and relapsed into gloom. After yes
terday's strong recovery there was a feel
ing OF great relief and a disposition to take
roseate views Of the facilities at hand for
the money market, but 1t began TO appear
again today that the sweeping up of the
new resources brought within reach of the
local market by the rise in interest rates
was going on at a rapid rate and could
not be extended. The very large reduction
In the outstanding short interest effected
Dy yesterdays enormous buying to cover
short contracts also deprived the market
of a very important sustaining force. SEN
tlment accordingly shifted TO the bear side
again, The conditions were not materially
altered from those of yesterday, but ex-
IRENE sensitiveness was apparent to all
suggestions Of possible difficulties. The
shifting rumors regarding the alleged con-
test between the speculative pool In South
ern Pacific and the Union Pacific holdings
OF that stock were made the instrument OF
extensive operations. Last night rumors
that an agreement had been made between
the two parties we're contradicted and vague
intimations were thrown out Of coming hos
Titles which would threaten demoraliza-
ton to the stock market. The affair Of;
fers very little In the way Of substantial
information and does not reach beyond the
calm of speculation. OF more substantial
character was the resumption by the banks
OF the calling OF loans. The violent break
here and there amongst some obscure
stocks suggested also a process Of weed
slump in the American Ice stocks was ex-
planned by the differences developed at the
annual meeting, The break in the common
lies OF rs and 3a respectively. This in
cident and the raiding down OF Metropol-
itan Street railway three points caused an
unfavorable impression and led to the first
violent decline after the market had fallen
into a dull and heavy condition. The mar
ket then became quite uniform throughout
the list, except that Southern Pacific and
Union Pacific continued very conspicuous
BY the bears led to a substantial rally,
reaching between l and 2 points In the
last hour for the active speculative lead
ers when they covered their shorts: The
exhaustion of the demand at the higher
level, however. prompted renewed selllns.
st: Paul dropped abruptly to iSS7s' me
lowest of the day and the closing was
very active and weak, New York Central
was also notable vulnerable to the at
tack made upon 1t. The call loan rate at
the opening was s per cent and some loans
were made above that rate, but the ruling
The drop to below that rate after the
principal demand had been satisfied was
without special Significance. The recovery
in foreign exchange and the rise in dis
counts at London were highly significant
and conveyed an intimation Of the effects
to follow an undue report to foreign credit
facilities. Another evidence of the domi-
nance of the money situation was the
sensitiveness OF speculation TO rumots re.
to be made TO the Panama canal stock
holders. A formulated report, OF the IN
To draw on government deposits will banks
10 the extent of $40, 100000 to $20,OOO,OOO Tor
Tits nayment aggravated the markets
weakness. The su6-treasury took from the
money market 100000 yesterday and 800
600 was deposited at the sub-treasury Tor
transfer to New Orleans. Amalgamated
and American Smelling showed some
| strength on the advance In copper ana
lead, and Reading made a temporary ad-
vance on a denial of rumors that the min
ers were to be put on short time.
Bonds weakened in sympatny Win stocks'
Total sales. par value,' $z,525, 900.
The advance in government gave rise
IN unconfrmed rumors of an intention by
The secretary Of the treasury to buy trans
FER bonds for the sinking fund and. thus
release funds to the money market United
aSs Is and as registered u per cent on
'n T,,e souowing are the closing prices on
~ New York Stock exchange: