Omaha daily bee., 1903-03-18
NEW YORK STOCKS AND BONDS.
Southern Pacific AbsOrbs All Interest
of LetharEic

NEW YORK, March 17.-Today's stock
market. was entirely in the hands of the
professional operators and these for the
market was dominated by Southern Pacific.
The manifest support for that stock and
the cessation of yesterdays pressure
against Union Pacific caused a check to
the early selling here, and a gradual recov-
Late in the day Southern Pacific, Union
Pacific, st. Paul and one or two other spec
ulative stocks were a point above last
top off prices and the closing was easy.
During the unsettled period of the mornins
there was continued pressure to sell New
York Central, carrying that stock down
almost a point. The persistent slow liqui-
dation in this stock has a very depressing
sentimental effect on the whole market. 1t
against expected privileges to subscribe to
new stock or to the general conviction that
road stocks are on too high a price basis.
New York Central recovered with the rest
Of the list and there were some sharp raj
lies from recent depression in Northwest
ern, the local gas stocks and a number of
specialties. Reading was a center of some
positive strength, which was attributed to
the expectation of a favorable showing in
February net earnings. The renewed adj
vance in the London copper market led to
Copper. The recovery i'm the Pacitics was
followed by the announcement that the
speculative pool in Southern Pacific has
been extended from April l, the original
date of its maturity, to April 10. Specula-
tive sentiment seemed TO be as much con-
fused by this announcement as by the pre-
Vious moves on the part of the pool. 1t has
been feared that the dissolution of the pool
would lead to the throwing over of some
other. on the other hand II will involve
further tying up of large credits. The eX-
tension also has the tendency to increase
the weight from a stock market standpoint
of the litigation instituted on behalf of the
pool against the Union Pacific control OF
Southern Pacific. Some favorable effect
was produced by the conference undertaken
between the officials and employees of the
New Haven system for an adjustment Of
the labor dispute. Money was somewhat
easier, with 6 per cent the maximum rate
for call loans, and a decided softening of
the market after the principal demand had
Deen met. The subtreasury established a
gain OF something over 100000 from the
banks on the operations since Friday, thus
wiping out its contribution of yesterday to
| the local money supply, but the rate of alb
s~orption by the government Is much less
than It was last week. On the other hand
there was a very substantial rise In the
| foreign exchange rate. With the relaxation
of the money pressure here and a harden
ing of money rates in Berlin and Parts
there is said to be less inducement for the
placing of foreign funds here, For what
ever reason the foreign exchange market
is now practically bare of loan bills. so that
the demand for remittances has been suti-
Client to cause a material advance In the eX-
change rate.
The bond market was dull and irregular.
Sales. par value, 81, 104, 900. United States
bonds registered IS declined y on the last
call.