Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-03-02
NEW YORK STOCKS And BONDS
Market Starts on Recovery from Violent
Decline Of Wednesday,
MONEY CONDITIONS CHECK ADVANCE
Demand for Funds from Many Sources
AroIses Fear That Bank
Reserve VIII he
Depicted.

NEW YORK. March Stocks started
toward recovery today after signs appeared
its force But the continued evidence of
stringency in the money market dlscour-
aged any ventures on the long side of the
market and checked the recovery with re-
current show of weakness from time to
time. Everything indicated a continuing
inroad upon the reserves of the clearing
house banks and Increased the superstition
that the coming bank statement might
show the disappearance of the surplus and
the establishment Of deficit in the legal
reserves. The subtreasury statement for
the day showed an addition of nearly
half million of dollars to the weeks loss
by the banks bringing the total up to
S,B3,OOO IL was reported that interior
banking instructions were withdrawing
movement also. There was deposited at
the subtreasury during the day S2OO,O,O for
Geographic transfer to Cincinnati. The fall
in the New York exchange rate at Chi
cago for the day from 10 cents discount
to 25 cents discount indicated the pressure
upon New York for funds from that center
Part of the drain to the subtreasury rep
resents requirements of interior instruc-
tons internal revenue payments being
paid in New York by drafts on the local
deposits of interior banks
The report from Albany Of an agreement
upon the proposed laws establishing trust
company reserves at Is per cent, of which
. per cent should be cash in hand, 3 per
cent cash on deposit and per cent in
designated securities pointed to an early
| requirement FOR additional accumulation
| OF cash in order to comply with this new
ditional decline in response to the rising
! rate for money here and recedlng rates
abroad. Discount rates were appreciably
easier today both in London, Berlin and
/ Paris
! Yesterdays violent declines in stocks
| brought in the usual orders this morning
| to sell from holders who received notice
! to furnish additional margin on specula tive
! holdings. The conclusion of this selling
! showed an overwhelmed short interest in
! the Hin railroads and local fractions The
/ refusal OF an application to the state au-
/ thorities to proceed against the proposed
! traction merger helped to brighten the
| shorts in the local fractions, Lively re
| bounds in those two groups helped to pull
| the general level of the market up to
about last nights closing. But the re-
covery was poorly held. The Canadian Pa
| cific reported net earnings for January
| three times as large as for the same month
| in the previous year. the Fries and the
! Central Railway of Georgia twice as large
! and the Chesapeake & Ohio an increase to
the extent Of rs per cent. These showings
| were unavailing. however. to induce any
extra demand for these stocks. The fiuc-
tuating tendency of the market continued
| up to the closing, which was irregular.
| Bonds were heavy; total sales par value.
s.. SO 0O0. United States bonds were all I'M
changed on call for the day.
The following were the quotations on the
New York Stock exchange;
Sales High. Low Close