Omaha daily bee., 1903-04-13

the year; but loanable funds will certainly
be more abundant after the middle of April.
and good borrowers with satisfactory col
lateral will have no dificulty in securing
reasonable aCCCmmudat alton. This me ms
nat one important source 81 ol presi,Hrs o, on
and prices should respond Correspondlngly,
Another source Of disturbance. the Union
southern Pacific controversy. has been par
tiahy relieved by liquidation OF the South
ern PacihC pool as we'll as by the lcga de .
cision that Union Pacific may vote its ma
Even the appeal against this uecision was
construed taVurably, as II poS,pones hos
I'll. ties and will DOUBTLESS result iG SIS
tanning the present decision. \ good deal
of uneasiness has been felt over the North.
ern Securities case. As this will be ap-
peaied, its effect will not be so serious as
feared; besides, the decision comes when
prices are down and will consequently havs
less effect than II pr.ces were a. top L, ,el
AppTehensiOns of an untaVorable ueCi,io !
nave been current for many months, aud
had much to do with the late decline.
a great deal has been said about uu-
digested securities. Some OF the estimates
spi cad abroad are undoubtedly eXagger-
ated; yet IL is true that the amount OF Sc
Curities held at first hands for sale is un-
usually heavy. il Is also true that large
amounts of new capital are awaiting issue
for imperative improvements that will
prove SOUND invt s,ments. These fac $,
however, need cause no real. concern, te'
cause the great bulk OF the 'undigestcd'
securities are in the hands Of strong men,
who are abundantiy ALL to hold tn IN
under all circumstances. Were these Sc
CuIllleS SCdtteIeu among Sp6CuluUnN puO-
lie, carrying them on weak margins they
might be considered menace; but such is
not the case, aud whi the security market
has undoubtedly been suffering from con-
gCst,on, or Indigestion, as tnlt setmS the
popular term just now, there is no e-ii-
mate cause for conc rn In III q ter.
Many OF these securities are fairly sou nd
and may gradually, ~ some price or other
tind their way into strCng boxes II na;iona.
prosperity is mRintalne1 at anything near
present level. As for new Issues II is prob
able that these will be confined 10 n
strongest concerns, for the simple reason
tnat onl" such caa find a mark { u lder
present conditions lt Is ale TO gay that
we will see no repetition or the Teck ess
financing that characterized the operation
of the last three or iour Years fot m
time to come. The public has fortunately
refused to he taken in by visionary PROPOSE
tions, ha Ing shown much Kte-e, dis
elimination than in previous "booms
1t is reasonable to suppose hat alt of
these dfawba ks have LeAn amply d.s-
counted by the last three mon,hs decline.
Prices are now II to 80 points b low the top
level; some gIlt-edGe stocks hIV, even fal-
len more Loans have contracted. re r.y
$50 OOC,OO0 during the same penUu. Thi, is
pretty severe liquidation; the remarkable
fact being that II has been accompl he'd
without any important financial trouble or
even rumOrs OF such. The losses, some OF
which were largely on paper. have fallen
chiefly up1n strong interests upon thoss
best abe to bear them.