Omaha daily bee., 1903-02-25
NEW YORK sroCKs AND bonds.
Weaker Money Keeps Market Back
Til senate News Helps RnIIy.

NEW YORK, Feb. 24.-The minds Of OPP
orators in stocAs today were martfestly
The significant upward movement in ST.
Louis ~ San Francisco and In Wabash
preferred hao very little sympathetic effect
upon the general tone of the market. Inc
influence OF the weak bank statement on
Saturday ana Of the developments Of today
In money proved more than sufficient TO
overcome any sympathetic effect from
these manifestations of strength. But In
the afternoon, when 1t was announced that
the senate had taken up the consideration
of the Aldricn hnaEciai bill, a substantial
recovery set in and a large proportion OF
the early losses was recovered. The whole
movement was largely professional, but II
was but a fair demonstration of the i'm
portance attached in the financial COM
munity to everything that promises relief
OF the coming fall. In this connection any
assurance, such as provided by the Al
drich bill, against Withdrawals from the
money market by the government in the
collection of surplus revenue is considered
OF prime Importance. TIL Saturday bank
statement, since which there was no ses-
sion of the Stock exchange until today,
was regarded as rather formidable evidence
of the rapid inroads being made upon bank
ing resources by large corporation require
ments. The very large decrease In cash
gives rise to the supposition that the local
trust companies are also beginning to an
tiCipate their needs in the enlargement OF
cash reserve to conform with clearing
house requirements. Much significance was
attached 20 the developments TO-DAY of quite
III oNdNt pANSooAt u oAAh SAANo6cs
transfer of $4,000 to that center
through the subtreasury is known to have
been largely supplemented with direct
shipments by express. 1t is believed that
large payments coming due on March ! on
real estate operations In western towns
are responsible for this unexpected de-
mand. The extent of commitments in west
ern land speculation has been a subject of
puzzled conjecture in New York for many
months. Large ventures were known to
have been made In preliminary payments,
with the idea that future payments would
be provided for by a resale OF property, but
that market lost its activity, as 1t has In
so many other lines. The extent Of the
requirements for these supplementary pay
ments for real estate becomes of greater
funds. The local money market hardened
on account of these developments and
caused a reaction in sterling exchange
away from the gold export point. The eN-
change market was not affected by heavy
sales here of stocks for London account,
the light seaboardg grain clearances or by
the decline in the export demand for cot
ton. 1t was evident that exchange was af-
fected rather by a cessation of the demand
turing loans owing. to hrmer money. The
movements in st. Louis g. San Francisco
and in Wabash preferred were shrouded in
mystery, but spectators supposed the two
movements were $connected. The stock
market hypothesisywa was that a newly Sc
cured control of st Eouis 4 San Francisco
Gould southwestern system and that the
pennsylvania railpoad was a~vailing itself
OF, this to press for substantial property
holdings in the Wabash system on account
of the ~latter's trunk line aspirations. The
strength of Amalgamated was attributed
TO the further rise. in the metal and sugar
rises seemed to be connected with an ad-
vance dn the price of coffee. The market
closed quite active and firm. There was
some breadth to the bond market, but the
largest activity was in st. Louis & San
Francisco funding As and Wabash deben-
ture BIS. The general tone was irregular
Total sales, par value, $,612, 900. United
states coupon IS advanced 4 per cent on
the last call.
The following are the closing prices on
the New York Stock exchange: