Omaha daily bee., 1903-05-09
DesultOry Decline Continues, with
Partial sharp Rally at Close.

NEW YORK, May 8.-The stock market
continued the desultory decline which de-
special explanation beyond the disposition
OF the professional traders to sell stocks.
The sharp rally at the close in some stocks
indicated hat the selling had been partly
for short account. Another professional
party, when they perceived that the shorts
were attempting to cover ~endeavored. to
mark up prices upon them. This seemed to
be the motive for the rapid advance of 3s
in National Railroad of Mexico preferred
which was without explanation, Amalgs-
stocks went upward at the last and there
was a sudden recovery in Delaware & Hud-
son. The hardening in the market brought
some prices slightly above last night and
reduced the net changes in all cases to
small proporttonC. The heavy tone of the
market In the early part of the day was
partly due 20 the sympathetic effect of the
relapse OF 2h in st. Loul g. San Francisco
and the weakness of Rock Island in the
face OF reiterated assertions that the ANAL
gamation of the companies had been COM
pleted. The of the stocks might
be v~ariCusly attributed to the failure of
the expected official announcement of the
deal, to disappointment over its alleged
terms, to proht-taking on the completion
OF the deal or to surviving doubt whether
the project would be completed at all. The
Wall street public has been much bewil-
dered over all the successive developments
In this matter. Some of the independent
iron and steel stocks were weak, supported
on the soft tone of pig iron market. Amert-
can Grass Irvine was offered down from Is,
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chaser, owing to the reports of the con-
fused state of the company's accounts.
Denver Southwestern preferred sold at 10.
This stock has never been dealt In ac-
lively. and recent sales of small lots have
been made at today's price, but the last
previous sale of a full share lot on the
Stock exchange, which is the basis Of the
official quotation, was at 60. There was also
a sale of United States ~Shipbuilding at 2,
whereas the recent quotations have ruled
at 2 bid and 10 asked. The indication in
these violent declines among dormant
stocks OF the un~marketable condition OF
some securities in the market had a bad
effect on sentiment. There was some
ground for surprising that the transaction
were forced for this purpose. The foreign
exchange market continued very strong ow-
ing to the continued demand for money in
London in connection with the Transvaal
loan subscription, and IT is believed that
some gold may go from here to London d.
rect next week. The movement of cash in
favor of New York on balance during the
week seems to have been nearly $500, 000,
which is rather less than the recent aver
age, as was indicated by the weakness of
New York exchange during the week at
some of the interior points. The large re-
mittances abroad are believed to fore
shadow another large loan increase by the
banks. 1t Is possible that some syndicate
transactions may also figure in this item.
The market closed firm at the rally, but
very dull.
Bonds were irregular. Total sales. par
value, 81, 450, 900. United States 3s, coupon,
declined II on the last call.
The following are the quotations on the
a. - 0A~ANW