Omaha daily bee., 1903-02-21
NEW YORK STOCKS AND BONDS.
Unconnrmed RumOrs Lead to sharl
Rally. Aided by London Cables.

NEW YORK, Feb. 2O.-Th failure. Of the
confirmation of the rumors concerning tne
SnIste9 Yesterday led to a prompt recovery
OF prices of stocks this morning. The DE,
NAL by w. c. Whitney that ne mao SOLO
any OF the stock within six months con-
WINGED the operators that yesterdays mar
ket had been subject to a raid by the dis-
semination OF inventors, Inc sn0rt SSeinaSS
the rally. The recovery In Metropolitan
Street Railway was especially pronounced.
The strength In Amalgamated copper
pointed to some uncovered short interest:
This stock was helped by the strength OF
the metal market. which was marked IN
London. 1t was notable also that the re-
covery in futures there exceeded that for
spot copper, thus establishing a premium
e eeeSnt for o some tine past. New York Cen
trail seemed to feel the benefit OF the, add,
tional subway projects. for New YORK and
also the authorized denial of recent rumors
that the company is selling treasury stock
in the market against a future issue. But
the feature of the early market was rhe
common rose 4, the first preferred 6A, the
second preferred AZ and Kansas City, Fort
Scott & Memphis preferred "a. The fund
ing bonds were also In demand at advanc-
ing prices. Many reports have been clrcu-
lated recently Of a'coming consoldaton OF
this property with some other large railroad
system. the most recent story pointing TO
the Southern Railway. Nothing authentic
on the development In the property was
During the afternoon the Wabash stocks
came into prominence, the preferred 40
vancing 2& after an announcement that
wages had been advanced on the system
west of the Mississippi. II seemed TO be
which has been dreaded recently. Other
Gould stocks and southwesterns generally
advanced in sympathy. Missouri Pacific
5000 600 in December net earnings. Reports
of railroad gross earnings for the second
week S,Sob in February a XS mere good S.S without yts sTs
helped American Sugar, and special de-
velopments were responsible for advances
in other individual stocks. Tn market
closed quite active and at about the best.
There seemed to be a general conviction
that tomorrow's bank statement will be a
poor one. The movement OF currency has
been away from New York, especially to
New Orleans so that a net loss In cash of
movements of money II is intimated also
that there may have peen some withdraw
ais OF deposits by trust companies. possibly
reserves as required by the clearing house
rule. The loan Item will also be watched
with interest, as the volume Of loans last
the high record OF the clearing house banks
on March l, 1902; Time money continued
to advance and the reaction in sterling al
Paris made the export OF gold next week
more probable.
The bond market was irregular. Tota-
The principal feature OF the stock mar.
ket this week has been the continued in
difference and neglect on the part Of tht
general investment and a specult tive pub
lie. Attempts were made TO contest thi:
condition early this week by undertaking
a campaign for a rise In the industrials
Quite a number OF this c'ass of securitie,
we're successfully advanced on Monday
without any definite news to account FOL
their rise.
But the attempt to move the iudustriali
or to attract outside interest in then
proved abortive and was abandoned by
Tuesday. A dropping tendency of prices
due to the nanimation of the market fol
lowed and gave way to a sharp decline OF
Thursday, when clear indication of raidinl
tactics by an undiscloSed bear party be
came manifest. Support was developed by
the raid. The clear demonstration tina
selling to realize brought out an advance
while sharp declines induced support, tend.
TO the stability of the market and dis
cOurages speculative ventures, The ap
preach of the three-day holiday was al
additions, influence In deterring operator
from making new ventures IN stocks. Tn
course of the exchange market was atten
lively watched and its fluctuations towar'
or away from the gold export point had al
the market. Exchange has reached tn
gold export level during the week and tn
fact that no exports were made was attrtb
uted TO the lack of quick t~ransportatio
charges involved in the movement of gold
Money has been stringent In London, eu
the advance In sterling at Paris and Berli
in response shows that capital from thes
! centers is attracted to London. thus reliev
ms the pressure upon New York. TIL
Problem OF gold exports from New YOrl
seems to depend upon the continued re
Spouse of the continental .centers 10 tn
for money In New York have advanced ap
preciably for time loans. The demand 10
New Orleans on account of the cotton spec
j. account have been factors.
, fhc rise In money rates tends TO en-
! courage the renewal Of loans, the repay