Omaha daily bee., 1903-02-27
NEW YORK STOCKS AND BONDS.
Market Closes Lower, with Active
Selling Movement I'm Force.

NEW YORK, Feb. 2e.-After a day Of in
difference and neglect, today's stock mar
ket closed with an active selling movement
in force and with the majority OF active
stocks from l TO 2 points below last night.
The only manifest new Developments to
cause this sudden weakness was the ad-
journment of the St. Paul directors with
out taking action on the issue of new
stocks. AS such action had not been eX-
pected and as there had been no extensive
speculation based on the stock issue, the
late weakness is more plausibly explained
as due to a speculative WEAKNESS with the
persistent hanging back of prices. The
sense of disappointment was In evidence
at the opening, when II was seen that the
authorized reports Of the practical CONSOLE
dalton of Rock Island and st. Louis & San
Francisco were without stimulating effect
on speculation. st. Louis g. San Francisco.
in fact. relapsed sharply to "a below last
night on comparatively light offerings and
Rock Island after an advance became
heavy and ruled below last night for the
rest OF the day. This reception accorded
to the most far-reaching project of railroad
consolidation since the Louisville deal
demonstration that nothing was to be hoped
for in the way of active speculation for the
present. The relief from the pressure of
selling in Metz opolitan Street Railway ale
Waited for a time the depressing effect Of
this conviction. There was a demonstration
also in Wabash preferred, which carried
that stock up a point in face of rumors Of
the issue of al order for a strike and or
the unfavorable showing Of January net
stocks made some show Of resistance to
the prevailing depression, owing to favUra-
BILE trade reports, but the whole market
gave way at the last and sold down rapidly
until the weak closing. The uneasiness
over the rapid depletion of New York bank
ing reserves was slightly relieved by to-
days news of the receipt Of 600 In gold
from San Francisco. But the market had
to face as an offset the news Of the ship
ment of $3.50 in gold to Buenos Ayres. In
the international exchange markets there
was a relaxation of pressure all around,
the private discount rate both at LONDON
and Paris going quickly lower and giving
ton in the Bank of England's rate Is DE.
ferred for only a week. But II is feared
that further shipments will be made TO
Argentine from here and that Chicago Will
make further demand for currency. opera
tors in the market also were inclined to be
discouraged about the prospect OF acton
at this session on the Aldrtch financial bill.
The stock market, which is the true index
OF the money market. hardened further to-
day and practically no business was done
at less than for periods longer than three
months. Opinion was inclined to settle
down into conviction that extremely con-
servative banking must be the rule Tor the
rest of the year, and until some new rae
tor develops to relieve the situation. one
Of the features of today's market was the
wide concessions necessary to IND a market
for small offerings of some of the expensive
high grade goods. Chicago &
was a notable example, the price declining
s points on quite feverish fluctuations. The
subscription rights to the new stock sold
at 1915. compared with 15k on the hrBt DAY
they were dealt in last week. Wabash de-
benture b.. bonds were made a sharp re-
covery and gave an rregula tone TO the
bond market, which was otherwise rather
easy. Total sales, par value, N,sto,OVO.
United States bonds were unchanged on
The following are the closing prices on
the New York Stock exchange: