Omaha daily bee., 1903-03-13
NEW YORK STOCKS BONDS.
Market Oscillations Halt and Semi
~agnnti Follows.

NEW YORK, March 12.-The stock mar
ket today started out with its recent
tendency to reverse its position of tire
day before. This vaclllating course is
usual towards the termination of a wide
price movement, but the oscillation fell
to such small proportions today that the
room traders became discouraged In their
EFFORTS to. scalp a proht and in the end
abandoned the market to semi-stagnation.
Speculative attention reverted to special
causes affecting Individual stocks and to-
days large street dealings and widest
movements were in this class. There was
no evidence of further urgent pressure Of
liquidation and call loans were made on
IN inc .ex sESGk exchange at "a rs per cs cent r ana
was partly due to the release OF funds
by the liquidation of stocks and partly to
the decreased demand in view Of the spec
funds as have come to New York have
been attracted by higher interest rates
been drawn show the effect in a tighten
ing OF their own money rates, as in the
S Sss S of Chicago: 1,en.S volume me- of rs credits e
Wall street was obliged to accept the in
tlmation received today in that the secre-
tary of the treasury had decided that the
present money situation in New York did
not require action for relief by his de-
partment. The fact is beginning to be
treasury holdings now will Increase the
necessity Of drawing upon government
deposits with, the banks to make the
payment shall be made by drawing on
funds actually in the treasury 1t will go
to increase the available cash. AS to
wether this cash goes abroad in the shape
of gold exports or remains here, must de-
pend upon the international exchange sit
uation at the time. II is clear that these
payments will be available to foreigners,
but they will nevertheless increase the
supply of oanable funds and may be an
actual relief to the New York money
market by borrowing. Today's report OF
the exports of domestic products for Feb
ruary gave a good Indication OF the growth
of the trade balance in our favor, show
February of last year OF over SEQ Coz, 900.
Corn exports play a considerable part in
this showing, but the increase in value OF
of last year amounts to the substantial
figure of S12, 654,565. The elimination of
the speculative rise in cotton and the
heavy selling at the reaction give promise
credits by the outgo of cotton. As for the
immediate money situation, the subtreas-
ury yesterday took another half a million
deposit of $500, 900 today for transfers to
New Orleans and a small sub-treasury
debit balance at the clearing house fore
tomorrow's statement. There Is some
anxiety lest the payment IN Monday of
$40, 0OO,O 900 of Standard Oil dividend may dis
been shown that the funds collected for
this purpose have been out In loans and
Will have to be recalled. The stock mar
special movements the rise in AmaIga-
mated copper was due to the excited jump
In the copper market. st. Paul was lifted
apparently on the declaration of the reg
that the Cuban treaty would be defeated.
Union Pacific declined on the call by the
Southern Pacific minority,
par value, $l.705,0 United. States bonds
were all unchanged on the last call.
The following are the closing prices on