Omaha daily bee., 1903-03-07
NEW YORK sToCN AND BONDS.
Unsettled, F~IuctuatIng Market Hard
ems somevhat Mt Close.

NEW YORK March The stock market
continued unsettled today and traversed
hnal result showed that the urgent pressure
OF INCUBATION had spent Itself and that the
bear party telt themselves at the limit OF
SAFETY on the short side. Probably the
demand from this element TO cover their
short contracts was the principal factor in
me late strong rally In prices. There was,
however, some indication OF Investment de-
mand on the decline.
support was evident at the opening and
had an important effect in relieving the
anxiety caused by yesterdays many rumors
OF financial embarrassment. which were
considerably cleared this morning, with a
reassuring erect upon the sentiment. The
money situation, however, showed no sensi-
BILE relaxation, the call loan rate running
up to 8 per cent early I'm the day. This was
the occasion Of the first break In stocks.
After a period OF dullness at about the
level of last nights prices. a drive was
maze at the market, which carried many
prominent stocks a point or more below
last nights level. The leaders had been
as much above on the opening rise. The
~standstill on this drive and made an ir-
regular recovery until. near the close, the
leaders rose again from 1 to 2 points over
last night. There were slight recessions
before The close, which was IRE gular.
Much attention was paid in the s%pecula-
possible legal contest against the Union
Pacihc's right to vote its holdings of South
ern Pacific stock at the latter company's
annual meeting. The existence of a long
standing pool in Southern Pacific is com
monty accepted in Wal street. its opera
tons and commitments being based upon
the assumption of an early refundlng opera
ton for Southern Pacinc, accompanied by
the Inauguration of dividends on the stock.
The policy of the Union Pacific control in
deferring dividends on Southern Pacific and
making heavy OUTLAWS out of earnings had
come in for bitter criticisms from the pool
interests. These are apparently identified
with the movement TO contest Union Pa
cine s control. 1t is said the leader of the
pool has assumed the leadership of an
aggressive hear movement In the general
market during the operation OF the week.
The vigorous rally at the close today was
accompanied by rumors that a truce had
been patched up between the c%ontending
interests. in this dispute.
The quieter cotton market had an in
fluence in the recovery In stocks. The
estimates of the bank statement based on
the known of currency also
seemed to have a calming effect.
The subtreasury yesterday took more
than $1,OO0.OO0 from the market. again bring
ing its absorption for the week up to
the loss Of the banks on all accounts, as
the interior movement was about evenly
balanced; But last weeks bank siatement
81, 10000 so thai the average this week
may have to make up the discrepancy.
The large liquidation I'm the stock market
points to extensive loan contraction. The
late recovery in stocks, however, pointed
to some recovered confidence In the money
situation. German banking houses In the
city were large lenders today and sterling
exchange was weak under good offerings
of loan bills. .
Wheat exports for the week increased
$4,000 blu. and corn exports increased
LAS, 600 blu.
Dry goods imports fell 81, 2O4, 61S below
those of last week.
United States bonds sold as lew as S1A,
when issued, or within a fraction Of parity
with the preferred stock. Northern Sc
curities also was largely sold. Inactive
stocks continued to show wide declines be-
fore a market was found.
Ponds moved in sympathy with stocks.
Total sales, par value, 81, 10000.
United States 2s advanced Il per cent on
the last call. s
The following are the closing prices on