Omaha daily bee., 1903-01-31
NEW YORK STOCKS AND BONDS.
Hitch in L. p. strike Negotiations Un-
settles Railway Securities.

NEW YORK, Jan 3O.-After ruling dull
and somewhat irregular during the greater
part of the day the stock market in the
later trading developed pronounced reac-
tionary tendency. There was no special
features OF interest I'm the early dealings.
The professional element tried to make
capital out Of the reported setback OF. the
Venezuelan negotiations, but the greater
ease and abundance of money and some
moderately sharp advances In a few spc-
Cialties tended to Offset the effect OF the
traders selling. Liberal offerings by the
banks carried the cash rate to the lowest
level In some time. According to trust
worthy reports fully S2),0OOOlO was loaned
at $ila per cent and perhaps half that sum
at 3 per cent. u was stated that the
greater part of this money was put out by
the Pennsylvania railroad, which receipt
made a large and advantageous loan I'm this
market. This, however, was denied, and it
was elsewhere reported that money which
the trust companies had been lending re-
turned and bank money loaned at the lower
figure. The rate for deEland money fell
to 2lA per cent later In the day. ne note
worthy feature of the forenoon was. the
sharp advance In st. Louis & San Fran
cisco on reports of an alliance with the
Sol thcrn Railway Much OF the buying
of those issues was said to be for Pitts
burg account Considerable weakness was
shown by the traction stocks, particularly
Metropolitan securities, on talk that an
other installment of the subscription was
to be called for. Metropolitan Street Rail
way suffered in sympathy and Brooklyn
Rapid Transit, in which there Will be soon
change of management, was also weak.
In the afternoon the entire list became un-
settled under the leadership of Union Pa
cifc and allied stocks, which were sold on
the news from Omaha of a serious hitch
In the negotiations between Union Pacific
officials and the labor representatives. The
closing was weak. Forecast of the week
money movement indicated a gain of some
$1,000 900 by the local banks. This is less
than was looked for by students of the
financial situation. The rate for exchange
advanced 10 points to Si.s6S0, giving rise to
some discussion concerning the future
movement of the market at the time when
the gold outflow ordinarily sets in Those
in touch with the movement have indl-
Gated that 1t was of no unusual significance,
the volume of business being very much
restricted. twithstanding the departure
tomorrow of the fast steamer which was
expected some days ago to take out con-
siderable gold. Today's rate, however, was
several points below the export level. and
experts declared that there was very slight
probability of early engagements. At the
same time il was said that next weeks
foreign exchange would depend entirely
upon London trading and the London stock
market. Another large batch of railroad
returns was issued showing for the most
part marked increases in gross, but some
OF the net returns were regarded as un-
satisfactory.
Business in bonds increased slightly. but
ii also lacked a definite tendency. Total
sales, par value, $2,225,OO0.
The following are the closing prices on
the New York Stock exchange: