Omaha daily bee., 1903-03-10
NEW YORK sT0CKs AND BONDS.
Expected Decline Does Not Come on,
as Market Hnrdens mt outset.

NEW YORK, March 9-The action of the
stock market today verified a Wall street
aphorism that the expected does not hap
pen. A disorganized market and vio.ent
declines were looked for today The events
proved that the opening prices where there
were declines were the lowest. The fac
tors that made for recovery were at work
from the outset There was a vigorous
contest of the elements for reaction and
recovery during an hour of furious ac-
tiVity. BY that time the reactionary ten
dency had been arrested and recovery
gathered force for the rest of the day.
The closing was rather unsteady. but not
far from the top level
1t was clear enough from the weakened
position of the banks, as shown by Satur-
days bank statement, that liquidation of
stocks must be resorted to. This eXpecta-
tion proved correct today and the banks
tent and stocks were thus dislodged and
forced upon the market. But the keen fore
sight % the bear party had evidently been
anticipating the coming OF this forced liq-
uidation by their large selling of last week,
so that they were ready to bay stocks in
order to cover their short contracts and
CHARACTER forced fractional advances n
Union Pacific and Southern Pacific in the
very race Of the opening tide OF liquidation,
which was aggravated by the accumulat tion
over Sunday of selling orders by mail, tele-
graph and cable from all quarters. 1t also
developed during the day that while the
local banking houses were calling loans
the foreign banking houses in the city
were In abundant funds. They were able to
change market was resorted to to replen-
ish the fund for this lending. so that the
call loan rate was forced down to per
cent even while the active borrowing of
the day was still in progress and money
rates broke to nominal figures after the de-
mand had been satisfied. The sterling rate
broke so to 65 points under the flood OF loan
pllls onered Posted rites were twice re-
duced NC at a time. AT the same time
sterling declined at London and Paris. in
dlcatlng the extension OF the New York
pressure over wider. field New York ex-
change at Chicago also recovered to par,
compared with 20c discount on Saturday.
with the immediate apprehension regard
Ing the money supply thus relieved the
pressure from the shorts became more
Southern Pacific AZ over Saturdays level
The rise in Union Pacific reached over
points, and In St Paul, Manhattan and
Amalgamated Copper over a point. Man
haitian was strong feature all day, said
TO be on pool buying, the opening rise in
the stock being IL. The violent advance
In the price of copper both here and in
London helped the rise in Amalgamated
In the active lists the earlier losses, which
ran from to points in many cases. were
gradually wiped out and the net gains
teached as much as point in quite num-
ber OF leading railroads and specialties
The influence of the failure in the dry
goods trade announced on Saturday af err
noon, which had been much dreaded, proved
TO be very slight owing to the time af-
failure and the evidence that the trouble
had been strictly localized
The bond market, which had been quite
weak during the morning, recovered in
sympathy with stocks. Total sales, paT
value. s3,1S0,OOO. United States bonds were
all unchanged on the last call.
The following are the closing prices on
the New York Stock exchange: