Omaha daily bee., 1903-03-03
NEW YORK STOCKS AND BONDS.
Saturdays Closing Rally Is Lost In
Slow Downward Movement.

NEW. YORK, March 2.-The closing rally
IN stocks on Saturday had some slight i'm
huenGe upon the opening dealings today.
market soon relapsed into dullness and neg
lect and a slow downward movement. The
ported by st. Paul was an unfavorabie in
huence, although ii was sought to explain
II by the high price for fuel which had to
be paid. A"malgamated Copper showed
some strength, owing to the further
strength, in the metal both here and Lon
don, and Pennsylvania made some resist
ance 10 ire depression. Late in the day
again the unexplained advance i'm Manhat-
tan induced some recovery in prices, but
the closing was unsteady and very dull.
Tit money situation continues to weigh
upon the market and the professional trad
ers made the varying rumors regarding
the chances of the Aldrich financial bin the
nominal motive of their operations. The
weight of the days rumors inclined against
as the cause of the declines. There was
no money to loan on time in Wall street
at less than . per cent today. and many
any but their regular customers. The rul-
ing rate, for call money was S4 per cent.
Some relief was afforded by large sales Of
bankers bills In the exchange market in
the process OF borrowing foreign funds.
Discounts were easier in London and there
was reported an expectation that the bank
rate would be reduced there this week.
But there was a suggestive break of l
centtme in the sterling rate Of Paris, which
may mean mat cheaper money In London
Will lead to Withdrawals of French capital.
Inc New York banks have already lost
8, 1861 coo to the subtreasury since Friday,
and that institution had a credit balance
al the clearing house this morning of
SS44,SO5, showing the continued drain of
funds there.
There was rather less pressure. however,
upon New York from the interior, ex-
change at Chicago recovering to 20 cents
discount compared with 40 cents discount
last week. A contraction of bank re-
serves is normal to this season and is
expected to go further. But the surplus
reserve of IS, 96l 800 of the associated banks,
disclosed by Saturdays bank statement, is
the lowest for this season since 1890. Last
weeks Insignificant contraction in loans
caves that item of the clearing house
banks still practically at the highest record
In their history. 1t is estimated also that
securities lately authorized, but rather
mere remotely in prospect, run up to over
500, 100000. Meantime underwriting syndi-
Gates carrying over from last year are
being dissolved and the securities distrih-
uteu, forcing members of the syndicates 10
resort to the banks for credit to carry them
as individuals or to sacrifice their holdings
by forced sale in the market. Sales of
bUnds for February this year in the stock
market decreased nearly $40. 900 In par
value, or over % per cent from the sales of
February of last year. These are the con-
ditions that keep speculation from the
stock market and discourage investment
demand.
Bonds were dull and inclined to be easy.
Total sales, par value, S1,S95,0O0 United
States bonds were all unchanged on the
last call.
The following are the closing prices on
the NeW York Stool axnhanOa.