Omaha daily bee., 1903-03-20
NEW YORK STOCKS AND BONDS.
Southern Pacific Deal Throws Mar
ket into Uncertain Frame of Mind.

NEW YORK, March 19.-Uncommon in
terest attached to todays stock market
movements by reason of the previous days
advance in South Pacific. There were fears
of a corner" or some other awkward de-
Velopment and trading in the first hour
was irregular and very cautious. southern
Pacific shares fluctuated wildly at the out
set, selling up to 6SA, the highest point
recorded In some months, and almost as
suddenly sold down to sc. Later, when it
became apparent that there was no occa-
sion for alarm, the list steadted all around
and showed general Improvement up to
the last hour, when realizing forced prices
in the more active issues down to a low
level. Covering by the short interest was
on an extensive scale, especially in South
ern Pacific and other pool issues. Louis
vile q Nashville exhibited consid cradle
strength in the early dealings on buying
that was attributed to the western contin-
gent. There was also good buying of
Atchison during the early session. With
the exception of st. Paul and Union Pa
ciic, which reflected pressure, the inter-
national stocks opened generally above the
late London quotations.
Higher prices were reflected in Sugar,
Tennessee Coal, corn products and Rock
Island, but attempt to advance Amalga-
mated Copper met with little success. On
the whole a much better feeling was
shown In speculative circles, due to the
Improvement in the financial situation.
The undertone of the market was fairly
firm, though trading was in moderate
volume. No material change was shown
the market was lower In spots as a result
of profit-taking. The strength of Missouri
Pacific seemed to come from buying by
Gould brokers. The rise I'm Pacinc Mail
appeared to be based on the belief that
that property must benefit by the activity
in Southern Pacific. There was a slightly
Wider distribution of business in the late
session and the westerners were again ac-
tive In some of their speculative favorites.
ThroI ghout the day interest continued TO
center in Southern Pacific, which was
traded in to the extent of over $50
shares, closing at almost the lowest price
OF the day, with a net loss of "a points,
Union BaClnC was next to Southern Pa
cihc In point of activity, but made a net
gain of l point. In the late afternoon ru-
mors had 1t that Union Pacific had turned
its holdings of Southern Pacific stock over
to the Oregon Short Line a. number OF
stocks made material gains IN the day,
these including the 500 issues, North
RADIO Fuel and New York, New Haven &
Hartford. Following the reaction the
market closed comparatlYeiy dull and easy
The local financial situation shows I'M
p~rovement, the banks losing thus far this
week only about $4,000, as against 50, 60
90 in the same period of last week. There
was another advance in sterling exchange
because OF the easier money conditions
and increased demand for remittance
from importers. The rise amounted TO lC
! points, as compared with yesterdays clos
Ing rate, most Of the business being done
at $.S725 for demand. The supply of bills
was small and the general outlook for the
exchange market was stronger, this con
alton being modified, however, nv tle
possibility of occasional weakness caused
Dy the Sudden rise in the money rate
Time money was offered In abundance al
~ per cent for all dates, but the demand
was light. The prevailing rate for cal
loans was 5s per cent, though In the lat,
afternoon there was a furry which car,
ried the price to 7 per cert, closing at 6i5
The bond market responded sharply il
spots TO the improved speculative temper
Total sales, par value, H.S50,OJ0. United
States bonds were all unchanged at tho
The following are the closing prices or
the New York Stock exchange: