Omaha daily bee., 1903-03-17
NEW YORK STOCKS AND BONDS.
stocks slump when Brokers Find
Money Tighter Thnn Anticipated.

NEW YORK, March 16-The feeling of
encouragement professed on Saturday over
bank statement was dissipated today. When
call money rose to Z per cent the dis
couraged bulls began TO throw over stocks
and there was evidence of considerable
liquidation by tired holders. Prices went
down easily and there was no appearance
of effective support until there came
the last half hour. The marking up of this
stock to 6S wac so characteristic of the
drastic speculative motive of the manager
OF the pool in Southern Pacific that the
shorts took fright and covered hastily in
various parts of the market. Union Pacific
shared In the late rally as Southern Pacific
had done in the early weakness. There
was a manifest embarrassment In the sup
posed efforts, which were making all day to
depress Union Pacific and support South
ern Pacific. Spectators assumed this pur-
pose on the part of the pool in connection
Southern Pacific earnings away from di-
version The possible incidental conse-
quences of this suit are an unsettling In
fiuence on the speculation, on account OF
the important questions that may arise re-
garding the control of competing lines by
ownership of stocks held In the treasury OF
the voting on the strike question on the
part of the employees OF the New haven
system served TO keep alive the labor ques-
tion in the mind of the speculative public.
The progress of the spring season gives
constantly new occasion for the considera-
tion of this subject by reason of new de-
mands for higher wages and disputes grow
ing out Of them. This is a wide reaching
influence for depression in the present
temper of speculation. The proposition for
New York to provide its own street light
ing plant caused further sharp losses in
the local gas stocks. The selling pressure
seemed particularly severe against New
York Central, for what reason was not dis
closed A decline of IL points in New York,
Chicago & st. Louis preferred from the
preceding marked the continued difficulty
Of finding a market for dormant securities.
1t was hoped that the success of the banks
last week in keeping within their legal
reserve requirement would lead to quieter
of violent disturbance in stocks last week
In spite of the 900 loan contraction
effected seemed to be regarded as en-
couraging There was a momentary ef-
fort, In fact to pull up prices and some
progress was made in the case of Reading.
Wabash preferred, Louisville and a few
other stocks The disbursement of the
be without effect IN relieving the money
market London sold stock here and sterl-
ing exchange advanced, both of which
were factors in the weakness OF the mar
ket. 80
The fact that the week starts with a
weak gain for the banks on sub-treas-
ury operations affected but mild specula-
! arrival at this Office of a leading indlv-
| idual in the financial world after vacation
| absence although the motive which
prompted the professionals to pursue TINS
| course was not disclosed
The bond market was weak In sympathy
| with stocks Total sales, par value, 81
! $1,000 United States new 4s. registered
| advanced y per cent on the last call.
! The following are the closing prices on
,ha NaW York Stock exchange: