Omaha daily bee., 1903-03-06
NEW YORK STOCKS AND BOND.
HI-Dehned RumOrs Embarrass Mar
ket, which IL Consequently Weak,


NEW YORK. March b.-There was an air
OF mystery about the weakness of the stock
market today. Rumors of financial embar-
cuiated, but nothing dennite was an
nounced. The direction of the rumors
shifted several times during the day, now
feeling OF distrust and apprehension. This
vague feeling was the most effectual fac
tor in the days weakness of stocks. But
had their positive influence by the with
drawal of credits from the stock market in
the shape of calling of loans. The prevail
source for replacing OF loans that are
called. The consequence was a dribble of
practically uninterrupted throughout the
day. The downward course of prices was
constant, but did not make wide jumps in
the active stocks, the recession, on the con-
trary, being by successive small fractions.
But the net results upon prices Tor the day
were serious, reaching from 2 to 4 points
for some dormant stocks. A more notable
example of the latter was Wells-Fargo,
months sale. The professional bears COW
cred their short contracts at different in
tervals during the day, with the effect of
rallies were slight and the market seemed
to have no stamina whatever. The last
covering movement of the day was no more
effective than the previous ones and the
closing was active, with some of the lead
ing stocks at the lowest of the day. Even
liit announcement OI tile extra ulNlQGnQ on
Manhattan. and the advance in the yearly
rate from 6 to Z per cent was only momen-
tarily effective either on that stock or on
the market at large, the selling coming
from all quarters, including London, which
sold 10000 or $4,000 shares in this market
during the day. The special weakness of
the tr~anscontinental group led to a. sup
position that fears were aroused by the an
nouncement of the Incorporation of a COM
pany alleged to be under the Gould aus
pieces for the construction or a new line to
the Pacific coast. The heavy decrease an
nounced yesterday in January earnings of
Union Pacific was also assigned as an in
fiuence. The Wabash labor dispute and
strike troubles on the Canadian Pacific
gave vitality to the fears of coming labor
troubles, which were influences or the
market. The report OF. the organization of
the structural steel manufacturers to con-
test the demands for a rise in wages in
creased the apprehension on this score. The
further break in cotton had a disturbing
sentimental effect on stocks and the calls
fer additional margins In that mCrket had
the effect of increasing the pressure for
change ran up to 6 per cent In the late
dealings. Time loans were practically I'M
changed, but there was increasing disin-
clination TO put out funds at present rates.
from the market, bringing the loss to that
institution since Friday over s5,OOO,OO0, but
the treasury repor from Washington
showed a revenue deficit on the days total
operations of S2,225, $50, due to very heavy
disbursements. There was continued re-
sort 10 foreign lenders OF money, as indi-
In the foreign exchange market. A feature
OF the day was the further break in United
States Steel 5 per cent bonds when issued
on the curb to below SO.
Bonds were weak In sympathy with
stocks. Total sales, par value, 81, sos, 900.
United States bonds were all unchanged on
The following are the closing prices on
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