Omaha daily bee., 1903-01-13
NEW YORK STOCKS AND BONDS.
Heavy Sales Halt Speculation and
Induce semi-staRnatfon.

NEW YORK, Jan. 2.-Thc large selling
which developed on Saturday, ana which
was renewed after the opening today,
served to take the vgor out oil speculation
and the stock market sank into a condition
OF semi-stagnation .durtng the. afternoon,
with an occasional dip In prices
The market closed with one of those selling
movements in force, making the last prices
about the lowest Of the Gay. There was
PLANTATION OF the decline unless 1t might be
a rather less liberal disposition on the
part OF the banks and trust companies IN
the matter Of placing short time loans. The
movements OF cash, so far as known TO the
public, continued to increase the reserves
OF the banks. The subtreaSury operations
nave yielded rather more than $~l,VJD,VOo To
the banks since Friday, and the bank state
ment OF Saturday is believed to have I'M
derstated the reserve item at that time by
several million dollars, owing to the fact
mat the heaviest movement last week
came late, and so figured for less than Il
should have in the weekly average. Some
Importance is attached, however, to the
sustained upward movement OF sterling ex-
change In connection with the correspond
ing rise in London discounts, which made
a greater advance today, 1t Is believed
that unless money rates here are allowed
TO advance again the demand from London
Will result in an Outgo OF gold. This wound
interfere with the plans OF the managers
OF me present speculative campaign IN
easy money. The call Tor a 10 per cent In
stallment of the $oU,OOO,0W subscription 10
the International Marine syndicate, which
other factor in the situation. Recent in
creases in bank and trust company stock
Will call for some SS,OOO,OO to take up new
stock, and in the more remote future are
the proposed Pennsylvania stock issue and
the presumption that the purchase for con-
troll of Reading will be followed by the
Issue of some new security against the
holdings. Rumors continue busy also with
alleged plans for retiring the Atchison he
bentures with a new bond issue. The quick
multiplication of these possible new offer
Ings in the stock market had a rather
A.IIF@ e. III L. AA-N a AAn
German loan as an early prospect. The
numerous rumors of further railroad COM
binations which were circulate6- failed to
nave a reviving effect upon speculation,
either because OF this new solicitude or the
effect on money supplies, or because the
rumors showed some lack of inventive
power.
A combination of Atchison and Rock
Island, a Rock Island outlet to tide-N alter
by way of Erie, a purchase of Chicago
Great Western by Rock Island, a purchase
of Atchison by Pennsylvania and an abb
sorption of Southern Railway by. Pennsyl-
vania were some OF the rumors which were
formulated during the day without pro-
uucing much effect. There was some early
strength in Atchison and Sugar, and later
advance in specialties, including the Chi
cago Union Traction stocks, the Iowa Cen
| trail stocks, the Rubber goods stocks, Kan
sas City Southern and one or two others,
news.
Speculative bonds were weak In sym
| pathy with stocks, but the investment Is
sues were firm. Total sales, par value, g.
10000.
United States bonds were unchanged on
the last call.
The following are the closing prices on
the New York Stock exchange: