Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-03-01
NEW YORK STOCKS AND BONDS
Market Leaders Slump from Ten to Twelve
Points on Heavy Liquidation.
SHARP ADVANCE IN MONEY RATES
DiscrcditinR of RumOrs that Have
Been Used to Boost Certain
shares Almost Causes
Panic.

NEW YORK. Feb. S-There were no de-
velopments in conditions or affairs today to
account in any measure for the heavy
liquidation and the violent declines In
prices which occurred in the stock market
An active demand developed for money and
there were considerable Withdrawals OF
credits from the stock market, but II Is not
probable that restrictions on credits were
large enough to force liquidation in any
proportion to the actual selling which &C.
Cured. The rise in money rates, however,
and the selling which was induced proved
amply sufficient to topple over market
which had become top heavy and easily
vulnerable by a progressive growth OF dis.
trust over the level of prices ruling ana
the means which have been employed to
accomplish that level
A number of the projects which have
been subject to industrious rumors In the
stock market and the motives for some of
the most active advances and the largest
speculative buying have come into distrust.
and in some cases actual disCredit, within
the last few days. An important instance
Is the project for the purchase OF the ore
lands held by the Great Northern Railroad
company in the interest Of the United
States Steel corporation. Reports in the
last two days OF n hitch in the negotiations
have aroused a fear that the project might
fall through. But the effect of these re-
ports on the prices of stocks concerned In
the project disClOses a realization on the
part of the speculative operators that the
price movements In them have been eN-
travagant and beyond anything warranted
by the promise Of the actual accomplish
ment of the proposed projects. The action
of the copper and metal stocks shows the
results OF similar conditions I'm the specua-
ton
The banking situation in New York Of
fered ample explanation for the action of
the money market. the absorption OF funds
by subtreasury operations alone since the
last bank statement amounting to more
than the surplus reserves OF the banks as
II stood last saturday, which was $,1S, Us.
Interior Centers are also withdrawing
from New York. The requirements for the
March | settlements necessitate some large
borrowing and the centering of this de-
mand on the restricted banking supplies
left the stock market SPECTATORS without
means to hold their stocks. The only re-
lief to be had was by liquidation. The
sharp yielding in the foreign exchange
market showed that some resort was max
ing to foreign money centers for accom-
mediation. That 1t was not sufficient to
carry through the situation was amply
evident from the result. The liquidation
seemed to have spent much of its force in
the late dealings, but the nervous huctua-
lions at the last were not far from the low
level of the day. Losses in some of the
stocks most severely affected ran to 10 and
IL points, while the declines ranged very
generally between and points.
Bonds were weak Total sales, par value
s.. $4,000. United States Is registered adj
vanced u per cent on call
The following were the quotations ON the
New York Stock exchange: