Omaha daily bee., 1903-02-28
Sharp Attack Breaks Prices, Forcing
Them Below Thursdays Level.

hGm DGAON =
NEW YORK, Feb. 27.-Prices of stock
yielded to sharp attack late today. and
were carried between ] and 2 points below
last night for the principal leaders, 1t was
reported that the banks were calling and
prematurely forcing some LIQUIDATION, but
the active demand from the shorts TO
selling had played a considerable part in
the. break. The serious inroads upon bank
reserves resulting from the weeks cur
rency movement was. the cause of the de-
cline. Previous to that the market had
been neglected and sluggish, with a sag
ging tendency rather than actively weak.
The vigorous support of the Wabash is
sues, some early recovery from yesterdays
weakness by 81. Paul and an upward tend
other stocks Iserved as help to the early
tendency to the decline. professionals
were waiting on the formal announcement
of the Rock Island and st. Louis g. San
Francisco project and upon definite infor-
nation to indicate the fate of the Aldrich
financial bill for this session, An attempt
was made to connect the Wabash move
ms mt with the evidently. far-reaching plan
In the southwestern railroad world work
Island, but the dealings in Wabash were
by a few room traders, who deal with each
other on a very large scale. With the sur
plus reserves of the banks down to about
100000 last week and a loss for this week
indicated In cash reserves within half a
million of that amount 1t would be seen
that a serious condition will confront the
New York money market unless sCme con-
siderable offset to the reserve shrinkage
mas Deen erected by loan contraction.
Until his afternoon there has been moth
ing to show that there was any liquidation
GCing on in the stock market of an impor-
tant character. But the action of the for
e,gn exchange market and the reported
offerings of loan bills give promise that
foreign capital has been resorted to to
take up some credits paid OF to the New
York banks. 1t Is considered probable also
that the local trust companies have taken
over some loans from the accounts of the
March settlement increased the pressure
today, so that call loans were forced up to
4 per cent before the close. Time money
is firmly held at 8 per cent for all periods.
There is nothing to indicate early cessa-
ton of the interior demand for currency
nor Of the subtreasury requirements upon
the money market. Payments of internal
revenue at Interior points are being made
to the New York subtreeSTry by draft
upon New York correspondents of interior
81. $685. in excess of those of last week.
explain the large customs collections, and
also in part the demand for foreign eX-
change. Corn exports for the week have
last week. The relaxation in the exchange
market is clearly due, therefore, to the
offerings Of bankers loan bills.
Discount hardened In London again to-
day and Paris seems to be the available
point for extension of further credits heI 3
II desired. 1t was of interest, therefore,
that the French chamber has authorized
the issue of S5O.OOO,OO short term treasury
bonds and a provisional credit for March
expenses and deficits in previous budgets.
TIL market closed irregular at the rally
on covering by shorts
The bond market weakened In sympathy
with stocks. Total sales, par value,
s. ,38O,O0. United States bonds were all un-
changed on the last call.
The following are the closing prices on
the New York Stock exchange.