Omaha daily bee., 1903-04-07
NEW YORK STOCKS AND BONDS
Early Activity ia Lost Before Holders
Disposition to Realize.


NEW YORK. April 6.-The stock market
showed a considerable degree of strength
this morning. but prices ran off on the
good news Of the day. showing the con-
a good market. From the Stock exchange
standpoint the dissolution of the tenn
goraTy Injunction against the voting Of the
Pacific was regarded as good news, in
the sense that 1t was favorable to higher
prices. Speculative Wall street has en-
tered little into the merits of the respec-
tive contentious of the two sides to the
Southern Pacific quarrel regarding corpora
ton ole In the disposition of earnings,
but there had been an uneasy sense that
the questions raised I'm the dispute carried
far-reaching arrangements by railroad
corporations. The question of the right Of
a railroad corporation to own stock of a
competing line is one that involves some
of the most important arguments made
during the recent area of building up of
community, of interests amongst railroads.
The judicial decision refusing to make
permanent the injunction against the
Union Pacifc's interests was accepted as
disposition to realize was emphasized by
the granting of an appea, to a higher court
and the indefinite postponement of the
after the announcement of the decision
Union Pacific rose 2s over Saturday. Most
of the active list at that time showed
gains of between l and 2 points, with
Pennsylvania. st. Pau and Canadian Pa
ci1c conspicuously selling. AS a result of
the Selli1B movement nOInInR DuI IrdCt1OnS
were left of these advances and the tone
of the closing was easy and intensely dull.
The decidedly easier tone OF the call
money market was also an influence in
the early strength of the market. Money
rates were lower In London and there
was a temperance In the exchange market
here of bankers loan bills. Brokers in
the time money market report that possibly
the only funds offered in that department
are by foreign houses. Rates for time
money and mercantile paper do not show
the relaxing tendency yet. Although the
call money market reflected a passing
sentiment was left by the large unex-
planned decrease In the cash reserves of
the banks reported in the Saturday bank
statement. There was some disposition to
blame this upon large operators for a de-
cline in the stock market, and who were
sums from the banks with the deliberate
purpose of increasing the pressure for
money. but the pending reserve require
ments OF the trust companies offer the
more likely explanation OF the large with
drawals of cash.
month Of March had an encouraging in
huence. The increase by the Missouri
last year amounted to 26 per cent, that of
Norfolk & Western to q per cent. South
ern Railway and Central of Georgia to q
per cent, Chesapeake & Ohio to 16 per cent,
while for the mouth of March Mobile q
Ohio gross earnings rose 20 per cent and
standing the high level Of the operating ex-
penses, such increases in gross earnings
make a striking showing of railroad pros
perity.
The reported settlement of the Wabash
labor dispute had a soothing effect upon
the prevalent apprehension over the labor
outlook.
There was heavy selling Of Sugar re.
ported for Boston account, supposed to be
In The pursuit of a bear campaign.
The bond market was dull and irregular
Total sales, par value, Sl,S6o'OO. Old Is
advanced Y on the last cah
The folio wing are me quotations on the
-, WnrL GforL aWahanua.